REGISTERED NUMBER: |
Cairnhill Windfarm Limited |
Directors' Report and |
Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Cairnhill Windfarm Limited |
Directors' Report and |
Financial Statements |
for the Year Ended 31 March 2023 |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Directors' Report | 2 |
Income Statement | 3 |
Other Comprehensive Income | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 7 |
Notes to the Financial Statements | 8 |
Cairnhill Windfarm Limited |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Directors' Report |
for the year ended 31 March 2023 |
The directors present their report with the financial statements of the Company for the year ended 31 March 2023. |
Directors |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
On behalf of the board: |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Income Statement |
for the year ended 31 March 2023 |
Period |
1/5/21 |
Year ended | to |
31/3/23 | 31/3/22 |
Notes | £ | £ |
Turnover |
Administrative expenses | ( |
) | ( |
) |
Operating profit |
Income from shares in group undertakings |
Profit before taxation | 4 |
Tax on profit | ( |
) | ( |
) |
Profit/(loss) for the financial year | ( |
) |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Other Comprehensive Income |
for the year ended 31 March 2023 |
Period |
1/5/21 |
Year ended | to |
31/3/23 | 31/3/22 |
Notes | £ | £ |
Profit/(loss) for the year | ( |
) |
Other comprehensive income | - | - |
Total comprehensive income for the year | ( |
) |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | 10 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Balance Sheet - continued |
31 March 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Statement of Changes in Equity |
for the year ended 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 May 2021 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Cairnhill Renewable Energy Ltd is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. |
The financial statements are presented in Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable from the sale of electricity generated by the wind turbines, net of VAT. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and machinery - 20% reducing balance |
Wind turbines and associated infrastructure - 4% straight line |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Investments in subsidiaries |
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets / liabilities - classified as basic financial instruments |
(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the Income Statement. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the directors consider that the company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the company's assets are assessed for recoverability on a regular basis, and the directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Profit before taxation |
The profit is stated after charging: |
Period |
1/5/21 |
Year ended | to |
31/3/23 | 31/3/22 |
£ | £ |
Depreciation - owned assets |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
5. | Tangible fixed assets |
Wind |
turbines |
and |
associated |
infrastructure |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
Cairnhill Windfarm Limited (Registered number: SC341846) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
VAT | 33,162 | 44,430 |
Accruals and deferred income |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
Ordinary B | £1 | 50 | 50 |
Ordinary C | £1 | 50 | 50 |
10,100 | 10,100 |
10. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
11. | Ultimate controlling party |
The immediate parent is BEGL 5 Limited, a company incorporated in England and Wales, and with a registered office of: 10-12 Bourlet Close, London, W1W 7BR. |
The ultimate parent is Broadview Ventures Limited, a company incorporated in England and Wales, and with |
a registered office of: 10-12 Bourlet Close, London, W1W 7BR. |
The controlling party of Broadview Ventures Limited is Jeffrey Corrigan. |