Cwmni Gwynt Teg Cyf - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03545697 (England and Wales)

Financial Statements

for the year ended

31 March 2022

for

Cwmni Gwynt Teg Cyf

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr C J Tanner

Mr M Ma

Mr J P Hardy

SECRETARY:

Moelogan 2 (O&M) Cyfyngedig

REGISTERED OFFICE:

Cae Sgubor

Ffordd Pennant

Eglwysbach

Conwy

LL28 5UN

REGISTERED NUMBER:

03545697 (England and Wales)

AUDITORS:

Azets Audit Services

Statutory Auditors

Chartered Accountants

Brynford House

21 Brynford Street

Holywell

Flintshire

CH8 7RD

ACCOUNTANTS:

Powell Chartered Accountants

Market Street

Ruthin

Denbighshire

LL15 1AU

FIXED ASSETS

Tangible assets

4

4,231,000

4,231,000

CURRENT ASSETS

Debtors

5

105,313

74,058

Cash at bank

146,097

486,408

251,410

560,466

CREDITORS

Amounts falling due within one year

6

240,135

163,754

NET CURRENT ASSETS

11,275

396,712

TOTAL ASSETS LESS CURRENT LIABILITIES

4,242,275

4,627,712

PROVISIONS FOR LIABILITIES

7

800,447

799,691

NET ASSETS

3,441,828

3,828,021

CAPITAL AND RESERVES

Called up share capital

30

30

Retained earnings

3,441,798

3,827,991

SHAREHOLDERS' FUNDS

3,441,828

3,828,021

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 20 September 2022 and were signed on its behalf by:

Mr J P Hardy - Director

1.	STATUTORY INFORMATION

Cwmni Gwynt Teg Cyf 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being a period of twelve months after the date on which the annual report and financial statements are signed. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

On 31 March 2021 the accounting policy for plant and machinery was changed from depreciated cost (straight line over 20 years), to fair value measurement. This change in policy resulted in a £4,084,363 revaluation increase in the carrying value of the plant and machinery. Annual impairment reviews will be carried out in future in lieu of a fixed depreciation charge.

Taxation

Taxation for the year 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

4,231,000

NET BOOK VALUE

At 31 March 2022

4,231,000

At 31 March 2021

4,231,000

Historically, plant and machinery had been recognised at cost less accumulated depreciation (straight line over 20 years). However, it was considered appropriate to carry out a fair value revaluation of the plant and machinery (wind turbines) at 31 March 2021 and to re-state the plant and machinery at its fair value at that date. This created a revaluation adjustment of £4,084,363 and a £776,029 adjustment to deferred tax.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Accrued income

103,978

73,253

Prepayments

1,335

805

105,313

74,058

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

2,652

13,382

Tax

106,523

85,195

VAT

80,000

38,916

Accrued expenses

50,960

26,261

240,135

163,754

7.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

800,447

799,691

Deferred

tax

£

Balance at 1 April 2021

799,691

Provided during year

756

Deferred tax on revaluation

Balance at 31 March 2022

800,447

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

The Report of the Auditors was unqualified.

Melanie Langton-Davies (Senior Statutory Auditor)

for and on behalf of Azets Audit Services

9.	RELATED PARTY DISCLOSURES

CGT Investments Limited (the immediate parent company) surrendered a tax loss to Cwmni Gwynt Teg Cyf during the year. The loss arose from interest payments on a loan to CGT Investments Limited from its immediate parent company, JLEN Environmental Assets Group (UK) Limited.

A retrospective amendment was made to the tax return for the year ending 31 March 2021 to include a tax loss surrendered from group companies to Cwmni Gwynt Teg Cyf. The resulting tax reduction has been included in the current year's figures.

10.	ULTIMATE PARENT COMPANY

Cwmni Gwynt Teg Cyf is a wholly owned subsidiary of CGT Investments Limited, which in turn is a wholly owned subsidiary of JLEN Environmental Assets Group (UK) Limited.

The ultimate parent company is JLEN Environmental Assets Group Limited, a limited corporate entity incorporated in Guernsey, Channel Islands.