Culvie Wind Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC504911 (Scotland)

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

31 DECEMBER 2020 TO 31 DECEMBER 2021

FOR

CULVIE WIND LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

O V Hilton

N J Wood

REGISTERED OFFICE:

13 Queens Road

Aberdeen

AB15 4YL

REGISTERED NUMBER:

SC504911 (Scotland)

INDEPENDENT AUDITORS:

KPMG Channel Islands Limited

Glategny Court

Glategny Esplande

St. Peter Port

Guernsey

GY1 1WR

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

5

909,802

975,970

CURRENT ASSETS

Debtors

6

140,179

122,908

Cash at bank

95,771

263,062

235,950

385,970

CREDITORS

Amounts falling due within one year

7

(480,295

)

(891,715

)

NET CURRENT LIABILITIES

(244,345

)

(505,745

)

TOTAL ASSETS LESS CURRENT LIABILITIES

665,457

470,225

PROVISIONS FOR LIABILITIES

8

(148,761

)

(112,466

)

NET ASSETS

516,696

357,759

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Capital redemption reserve

184,000

184,000

Retained earnings

331,696

172,759

SHAREHOLDERS' FUNDS

516,696

357,759

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 September 2022 and were signed on its behalf by:

N J Wood - Director

1.	STATUTORY INFORMATION

Culvie Wind Limited (the "Company") is a private company, limited by shares, registered in Scotland, registration number SC504911. The registered office is 13 Queens Road, Aberdeen, Scotland, AB15 4YL.

The principal activity of the company is the generation of electricity and related services.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by revaluation of certain financial assets (investments are stated at FVTPL).

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going concern

These financial statements have been prepared on the going concern basis despite the fact that Statement of Financial Position is showing net current liability position of the Company. The key driver for this is intercompany loan from ultimate parent entity - Culvie Wind (Holdings) Ltd (the "Lender") as shown in the note 9, which is repayable on demand with no fixed terms of repayment. Given that both the company and the Lender are fully owned subsidiaries of Resonance British Wind Energy Income II Limited it is not expected for that loan to be called within the next 12 months hence going concern basis of the Company is considered to be appropriate.

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Production of electricity

Income is recognised in the period in which the electricity has been generated.

Expenses

Expenses are accounted for on an accruals basis and are recognised in the period in which they are incurred.

Operating leases

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

5% on cost

The carrying value of tangible fixed assets is reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Financial instruments

Classification of financial instruments:

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors

Short term trade 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.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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

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 period 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2020 - NIL).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 31 December 2020

and 31 December 2021

1,323,349

DEPRECIATION

At 31 December 2020

347,379

Charge for period

66,168

At 31 December 2021

413,547

NET BOOK VALUE

At 31 December 2021

909,802

At 30 December 2020

975,970

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

140,179

122,908

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

7,519

17,740

Amounts owed to group undertakings

377,000

795,813

Taxation and social security

53,381

24,293

Other creditors

42,395

53,869

480,295

891,715

Amounts owed to group undertaking, Culvie Wind (Holdings) Ltd, include a loan which is subject to compound interest at a rate of 7% per annum.

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

148,761

112,466

Deferred

tax

£

Balance at 31 December 2020

112,466

Provided during period

36,295

Balance at 31 December 2021

148,761

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

9,000

A Ordinary

£0.10

900

900

1,000

B Ordinary

£0.10

100

100

1,000

1,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rachid Frihmat (Senior Statutory Auditor)

for and on behalf of KPMG Channel Islands Limited

11.	RELATED PARTY DISCLOSURES

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.

12.	POST BALANCE SHEET EVENTS

There are no material post balance sheet events to note.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the Company is Resonance British Wind Energy Income II Limited, registered office PO Box 406, Mill Court, La Charroterie, St Peter Port, Guernsey, Guernsey, GY1 1EJ.