Company Registration No. SC399473 (Scotland)
Heathland WF Limited
Unaudited accounts
for the year ended 30 June 2021
Heathland WF Limited
Unaudited accounts
Contents
Heathland WF Limited
Company Information
for the year ended 30 June 2021
Directors
William Laugharne Morgan
Karl Philip Devon-Lowe
Company Number
SC399473 (Scotland)
Registered Office
272 BATH STREET
GLASGOW
G2 4JR
SCOTLAND
Heathland WF Limited
Statement of financial position
as at 30 June 2021
Tangible assets
1,060,842
1,137,246
Cash at bank and in hand
100,367
-
Creditors: amounts falling due within one year
(646,064)
(661,295)
Net current liabilities
(458,744)
(568,273)
Total assets less current liabilities
602,098
568,973
Provisions for liabilities
Deferred tax
(112,936)
(117,134)
Other provisions
-
(18,412)
Net assets
489,162
433,427
Called up share capital
2
2
Share premium
494,191
494,191
Profit and loss account
(5,031)
(60,766)
Shareholders' funds
489,162
433,427
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2022 and were signed on its behalf by
Karl Philip Devon-Lowe
Director
Company Registration No. SC399473
Heathland WF Limited
Notes to the Accounts
for the year ended 30 June 2021
Heathland WF Limited is a private company, limited by shares, registered in Scotland, registration number SC399473. The registered office is 272 BATH STREET, GLASGOW, G2 4JR, SCOTLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Although there is a net current liabilities position at the statement of financial position date, the financial statements have been prepared on a going concern basis as the Directors believe there will be sufficient assets to continue operations for the foreseeable future.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the generation of electricity. Turnover from the generation of electricity is recognised when the electricity generated has been exported to the grid.
Tangible assets comprise directly attributable costs in acquiring assets including finance costs and professional fees where appropriate.
Individual fixed assets costing more than £1,000 are capitalised at cost.
Depreciation has been provided on a systematic basis in order to write off plant and machinery over the estimated useful economic life of 20 years. The directors will also consider whether assets should be subject to an impairment review.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised as transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Heathland WF Limited
Notes to the Accounts
for the year ended 30 June 2021
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities, other future taxable profits or by way of group relief.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
Expenses are recognised in the Statement of Comprehensive Income on an accruals basis in the period in which they are incurred.
The Accounting date of the Company has been changed to 30 June in order to bring it in line with its parent Company.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 July 2020
16,052
1,512,010
1,528,062
At 30 June 2021
16,052
1,512,010
1,528,062
At 1 July 2020
4,613
386,203
390,816
Charge for the year
803
75,601
76,404
At 30 June 2021
5,416
461,804
467,220
At 30 June 2021
10,636
1,050,206
1,060,842
At 30 June 2020
11,439
1,125,807
1,137,246
Heathland WF Limited
Notes to the Accounts
for the year ended 30 June 2021
5
Debtors: amounts falling due within one year
2021
2020
Amounts due from group undertakings etc.
250
-
Accrued income and prepayments
58,881
65,480
Other debtors
27,542
27,542
6
Creditors: amounts falling due within one year
2021
2020
Amounts owed to group undertakings and other participating interests
598,032
614,465
Taxes and social security
-
710
Other creditors
27,542
27,542
7
Transactions with related parties
During the period the Company lent to JJ's Farm WT Ltd, a related party, in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2021 is £250 (2020: £nil).
During the period the Company borrowed from to Climpy WT Ltd, a related party, in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2021 is £12,615 (2020: £nil).
During the period the Company borrowed from to Wind Renewables Income Holdco 2 Ltd, a related party, in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2021 is £560,670 (2020: £609,443).
During the period the Company borrowed from Wind Renewables Income Fund, a related party in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 30 June 2021 is £1,125 (2020: £231).
Amounts owed to group undertakings and other participating interests include intercompany management fees owed to Wind Renewables Income Fund. The management fees for the year total £18,831 (2020: £4,791) with an amount remaining payable at the year end of £23,621 (2020: £4,791).
No adjustment has been made to reflect the value of any interest free loans at present value as, in the opinion of the Directors, this would not have any material affect on the financial statements.
The Directors of the Company have waived their directors fees.
The controlling party is Wind Renewables Income Holdco 2 Ltd.
The ultimate controlling party of the Company is Wind Renewables Income Fund.
9
Average number of employees
During the year the average number of employees was 0 (2020: 0).
