Newton Down Wind Holdco Limited - Accounts to registrar (filleted) - small 18.2
Newton Down Wind Holdco Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
FOR |
NEWTON DOWN WIND HOLDCO LIMITED |
NEWTON DOWN WIND HOLDCO LIMITED (REGISTERED NUMBER: 10786281) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NEWTON DOWN WIND HOLDCO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
10 Orange Street |
Haymarket |
London |
WC2H 7DQ |
NEWTON DOWN WIND HOLDCO LIMITED (REGISTERED NUMBER: 10786281) |
BALANCE SHEET |
31 DECEMBER 2020 |
2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) | ( |
) |
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 |
NEWTON DOWN WIND HOLDCO LIMITED (REGISTERED NUMBER: 10786281) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
1. | STATUTORY INFORMATION |
Newton Down Wind Holdco Limited is a |
The principal activity of the company is holding investments that operate renewable energy installations ("Renewable Projects") to generate renewable electricity. |
The functional and presentational currency is considered to be pound sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are rounded to the nearest £. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2016 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group. |
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. |
The company incurred a loss for the year of £575,473 (2019: £561,824). At 31st December 2020, the company held net current liabilities of £11,043,233 (2019: £10,467,760). The net liability position at 31st December 2020 is the result of a shareholder loan, which is not expected to be repaid in the foreseeable future. |
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. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
NEWTON DOWN WIND HOLDCO LIMITED (REGISTERED NUMBER: 10786281) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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. |
NEWTON DOWN WIND HOLDCO LIMITED (REGISTERED NUMBER: 10786281) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
4. | AUDITORS' REMUNERATION |
2020 | 2019 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,250 |
2,250 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
Cost |
At 1 January 2020 |
and 31 December 2020 |
Net book value |
At 31 December 2020 |
At 31 December 2019 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
NEWTON DOWN WIND HOLDCO LIMITED (REGISTERED NUMBER: 10786281) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
Ordinary | £1.00 | 1 | 1 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2020 | ( |
) |
Deficit for the year | ( |
) |
At 31 December 2020 | ( |
) |
Profit and Loss Account |
The Profit and Loss Account represents the cumulative profit or losses, net of dividends paid and other adjustments. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | IMMEDIATE CONTROLLING PARTY |
At 31 December 2020, Ingenious Renewable Energy Limited, a company registered at 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TP, was the immediate parent company. |