REGISTERED NUMBER: |
Audited Financial Statements For The Year Ended 31 December 2022 |
for |
Edintore Wind Farm Limited |
REGISTERED NUMBER: |
Audited Financial Statements For The Year Ended 31 December 2022 |
for |
Edintore Wind Farm Limited |
Edintore Wind Farm Limited (Registered number: SC432839) |
Contents of the Financial Statements |
For The Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Edintore Wind Farm Limited |
Company Information |
For The Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Edintore Wind Farm Limited (Registered number: SC432839) |
Statement of Financial Position |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Edintore Wind Farm Limited (Registered number: SC432839) |
Notes to the Financial Statements |
For The Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Edintore Wind Farm Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. |
The company recognises revenue when: |
- The amount of the revenue can be reliably measured; |
- It is probable that future economic benefits will flow to the entity; |
- Specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Fixed plant and equipment | - |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Edintore Wind Farm Limited (Registered number: SC432839) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. All exchange differences are included in the profit and loss account. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provison for impairment. A provision for the impairment of the trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using effective interest method. |
Edintore Wind Farm Limited (Registered number: SC432839) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Borrowings |
Interest-bearing borrowing are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Income over the period of the relevant borrowing. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar changes. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Provisions |
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. I payment is deferred at the time value of money is material, the initial measurement is on a present value basis. |
Dividends |
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixed |
plant and |
equipment |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Edintore Wind Farm Limited (Registered number: SC432839) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
5. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Sundry debtors | 992,719 | 1,373,625 |
Prepayments |
Amounts falling due after more than one year: |
Currency swap | 1,543,935 | 1,156,812 |
Interest rate swap | 161,601 | - |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Tax |
VAT | 326,134 | 126,501 |
Inter-group creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 8) |
Interest rate swap | - | 107,941 |
Amounts falling due in more than five years: |
Repayable by instalments |
Nord LB term loan > 5 years | 425,906 | 917,320 |
KfW term loan > 5 years | 2,461,455 | 3,499,109 |
2,887,361 | 4,416,429 |
Edintore Wind Farm Limited (Registered number: SC432839) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
KfW term loan < 1 year |
Nord LB term loan < 1 year | 254,224 | 143,461 |
Amounts falling due between two and five years: |
KfW term loan 1- 5 years | 4,922,932 | 4,665,489 |
Nord LB term loan 1 - 5 years | 1,817,945 | 1,580,754 |
Amounts falling due in more than five years: |
Repayable by instalments |
Nord LB term loan > 5 years | 425,906 | 917,320 |
KfW term loan > 5 years | 2,461,455 | 3,499,109 |
2,887,361 | 4,416,429 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Edintore Wind Farm Limited (Registered number: SC432839) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Nord LB act as security trustee for Kreditandtalt fur Wiederaufbau (KfW). |
Norddeutsche Landesbank Girozentrale (Nord LB) holds a standard security over the tenants interest in the lease of the land at Edintore Wind Farm Limited, Keith, Morayshire, and over the benefit of any insurance claim. |
Nord LB also hold a bond and floating charge over the company assets which includes all rights, title, interest and benefit under the contracts and agreements in place for the supply, construction, maintenance and insurance of the turbines and supply of electricity therefrom, a standard security over bank balances held with Nord LB and a cash collateral account security over bank balances held with RBS. |
11. | FINANCIAL INSTRUMENTS |
Forward contracts and foreign exchange rate swaps |
In 2015, the company entered into currency swaps to manage its currency risks. At inception, the contract in place required the exchange of €17,000,000 for £12,340,300 on a quarterly basis ending 31 December 2029. The quarterly sum exchanged reduces in line with the repayments being made on Euro bank loans. At 31 December 2022, the financial asset recognised at fair value in respect of the derivatives was £1,543,935 (2021: £1,156,812). |
Forward contracts and interest rate swaps |
In 2015, the company had entered into interest rate swaps to manage its risk. The company is contracted to pay fixed interest rate 2.318% instead of variable interest rate (2 + 6 month Libor GBP) every six months, ending 31/12/2029. At 31 December 2022 the financial asset recognised at fair value in respect of the derivatives was £161,601 (2021: £107,941- liability). |
12. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 2,293,680 | 1,928,904 |
Other provisions | 196,814 | 191,360 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2022 |
Provided during year |
Balance at 31 December 2022 |
Edintore Wind Farm Limited (Registered number: SC432839) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2022 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 2,534,710 | 2,534,710 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent is Koehler Renewable Energy GmbH, incorporated in Germany. The ultimate parent undertaking in which the results of the company are consolidated is Koehler Holding SE & Co. KG, Hauptstrasse 2, Oberkirch,77704, Germany. A copy of the accounts are available upon request on handelregister.de. |