Crockbaravally Wind Farm Ltd - Accounts to registrar (filleted) - small 18.2
Crockbaravally Wind Farm Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
FOR |
CROCKBARAVALLY WIND FARM LTD |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CROCKBARAVALLY WIND FARM LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
10 Orange Street |
Haymarket |
London |
WC2H 7DQ |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
BALANCE SHEET |
31 DECEMBER 2019 |
2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Other reserves | 11 | ( |
) |
Retained earnings | 11 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on and were signed on its behalf by: |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
1. | STATUTORY INFORMATION |
Crockbaravally Wind Farm Ltd is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The Company's principal is the generation of electricity from renewable energy sources which is |
achieved through the operation of wind turbines. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
We draw attention to the current Covid-19 pandemic and the potential economic impact the virus will |
have in the coming months. The directors have considered the cash balance held by the company, and |
the projected administrative and other costs for the forthcoming 12 months from the date of signing of |
the financial statements, and consider there to be adequate resources in place. On this basis, the |
company is considered to be a going concern. |
Significant judgements and estimates |
In the application of the Company's accounting policies, the directors are required to make judgments, |
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. Actual results may differ from these |
estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision affects only that |
period or in the period of the revision and future periods if the revision affects both current and future |
periods.No significant judgements and estimates have been made in the period. |
Turnover |
Turnover is generated from electricity sold to a third party under a Power Purchase Agreement ("PPA") |
and through the renewable obligation certificate ("ROC") under a UK government scheme associated |
with electricity generated. It is recognised net of VAT when the electricity is physically exported. |
Tangible fixed assets |
Plant and machinery etc | - |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
third parties, loans to related parties and investments in non-puttable ordinary shares. |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic |
financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract |
is entered into and are subsequently re-measured at their fair value. Changes in the fair value of |
derivatives are recognised in profit or loss in finance costs or income as appropriate. The company |
does not currently apply hedge accounting for interest rate and foreign exchange derivatives. |
Short term debtors are measured at transaction price, less any impairment. |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
Taxation |
Tax is recognised in the Income Statement, except that a charge attributable to an item of income and |
expense recognised as other comprehensive income or to an item recognised directly in equity is also |
recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted |
or substantively enacted by the balance sheet date in the countries where the Company operates and |
generates income. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not |
reversed by the Balance sheet date, except that: |
The recognition of deferred tax assets is limited to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
Any deferred tax balances are reversed if and when all conditions for retaining associated tax |
allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of |
business combinations, when deferred tax is recognised on the differences between the fair values of |
assets acquired and the future tax deductions available for them and the differences between the fair |
values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined |
using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
2. | ACCOUNTING POLICIES - continued |
Loans |
Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active |
market are classified as loans. Loans are initially recognised at fair value of the consideration received |
plus directly related transaction costs. They are subsequently measured at amortised cost using the |
effective interest method. Arrangement fees and interest payable on financial liabilities that are |
classified as loans, are charged to the profit and loss account. |
The effective interest method is a method of calculating the amortised cost of a financial liability and of |
allocating the interest payable over the expected life of the liability. The effective interest rate is the rate |
that exactly discounts estimated future cashflows to the instrument's initial carrying amount. |
Calculation of the effective interest rate takes into account fees payable, that are an integral part of the |
instrument yield and transaction costs. All contractual terms of a financial instrument are considered |
when estimating future cash flows. |
A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled, |
or expires. |
Hedge accounting |
The Company uses variable to fixed interest rate swaps to manage its exposure to fair value risk on its |
long term borrowings. These derivatives are measured at fair value at each balance sheet date: |
To the extent the cash flow hedge is effective, movements in fair value are recognised in other |
comprehensive income and represented in a separate cash flow hedge reserve. Any ineffective |
portions of those movements are recognised in profit or loss for the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2018 - NIL). |
4. | AUDITORS' REMUNERATION |
2019 | 2018 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,552 |
2,500 |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
DEPRECIATION |
At 1 January 2019 |
Charge for year |
At 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
Borrowing costs amounting to £564,797 (2018: £564,797) have been included in the cost of the |
tangible assets. |
6. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Tangible fixed assets | 564,797 | 564,797 |
Bayerische Landesbank holds fixed and floating charges dated 18 August 2016 covering all the |
property or undertaking of the Company, the outstanding charge contains a negative pledge. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | £1.00 | 2 | 2 |
11. | RESERVES |
Retained earnings | Other reserves | Totals |
£ | £ | £ |
At 1 January 2019 | (18,271 | ) | 78,733 | 60,462 |
Deficit for the year | (456,251 | ) | - | (456,251 | ) |
Cash flow hedge reserve | - | 297,595 | 297,595 |
At 31 December 2019 | (474,522 | ) | 376,328 | (98,194 | ) |
Profit and Loss Account |
The Profit and Loss Account represents the cumulative profit or losses, net of dividends paid and other |
adjustments. |
Other Reserves |
The Other Reserves account represents the movement in fair value of the interest rate swap. |
CROCKBARAVALLY WIND FARM LTD (REGISTERED NUMBER: NI608279) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. The report drew attention to the following matter: |
The impact of macro-economic uncertainties on our audit |
Our audit of the financial statements requires us to obtain an understanding of all relevant |
uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties |
such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made |
by the directors and the related disclosures and the appropriateness of the going concern basis of |
preparation of the financial statements. All of these depend on assessments of the future economic |
environment and the company's future prospects and performance |
. |
Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and |
at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full |
range of possible outcomes and their impacts unknown. We applied a standardised firm-wide |
approach in response to these uncertainties when assessing the company's future prospects and |
performance. However, no audit should be expected to predict the unknowable factors or all possible |
future implications for a company associated with these particular events. |
Joseph Kinton (Senior Statutory Auditor) |
for and on behalf of Shipleys LLP, Statutory Auditor |
13. | IMMEDIATE CONTROLLING PARTY |
At 31 December 2019, Crockbaravally Wind Holdco Limited, registered at 15 Golden Square, London, |
W1F 9JG, was the immediate parent entity. |