Crockbaravally Wind Farm Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI608279 (Northern Ireland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

CROCKBARAVALLY WIND FARM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr N A Forster

Mr D M Reid

SECRETARY:

FLB Company Secretarial Services Ltd

REGISTERED OFFICE:

6b Upper Water Street

Newry

United Kingdom

Co. Down

BT34 1DJ

REGISTERED NUMBER:

NI608279 (Northern Ireland)

INDEPENDENT AUDITORS:

Shipleys LLP, Statutory Auditor

10 Orange Street

Haymarket

London

WC2H 7DQ

FIXED ASSETS

Tangible assets

5

10,353,913

10,844,849

CURRENT ASSETS

Debtors

6

851,478

1,126,025

Cash at bank

1,380,648

967,017

2,232,126

2,093,042

CREDITORS

Amounts falling due within one year

7

(5,767,601

)

(5,167,985

)

NET CURRENT LIABILITIES

(3,535,475

)

(3,074,943

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,818,438

7,769,906

CREDITORS

Amounts falling due after more than one year

8

(7,684,578

)

(7,862,248

)

PROVISIONS FOR LIABILITIES

(149,841

)

-

NET LIABILITIES

(1,015,981

)

(92,342

)

CAPITAL AND RESERVES

Called up share capital

10

2

2

Other reserves

11

(591,093

)

(218,862

)

Retained earnings

11

(424,890

)

126,518

SHAREHOLDERS' FUNDS

(1,015,981

)

(92,342

)

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 23 September 2021 and were signed on its behalf by:

Mr D M Reid - Director

1.	STATUTORY INFORMATION

Crockbaravally Wind Farm Ltd is a private company, limited by shares , registered in Northern Ireland. 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

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.

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 period of £551,408 (2019: profit £144,789) and at 31st December 2020 held net current liabilities of £3,535,475 (2019: £3,074,943). The net current 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.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

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

Plant and machinery etc

-

Straight line over 25 years

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.

Foreign currencies

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non­ monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

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 (2019 - NIL).

4.	AUDITORS' REMUNERATION

2020

2019

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

5,448

2,552

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 January 2020

and 31 December 2020

12,239,857

Depreciation

At 1 January 2020

1,395,008

Charge for year

490,936

At 31 December 2020

1,885,944

Net book value

At 31 December 2020

10,353,913

At 31 December 2019

10,844,849

Borrowing costs amounting to £564,797 (2019: £564,797) have been included in the cost of the tangible assets.

6.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Trade debtors

70,450

-

Other debtors

781,028

1,033,255

851,478

1,033,255

Amounts falling due after more than one year:

Other debtors

-

92,770

Aggregate amounts

851,478

1,126,025

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

29,628

33,622

Amounts owed to group undertakings

4,497,375

4,131,253

Taxation and social security

-

121,890

Other creditors

1,240,598

881,220

5,767,601

5,167,985

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

7,684,578

7,862,248

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

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

2020

2019

value:

£

£

2

Ordinary

£1.00

2

2

11.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 January 2020

126,518

(218,862

)

(92,344

)

Deficit for the year

(551,408

)

(551,408

)

Cash flow hedge reserve

-

(372,231

)

(372,231

)

At 31 December 2020

(424,890

)

(591,093

)

(1,015,983

)

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.

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

The Report of the Auditors was unqualified.

Joseph Kinton (Senior Statutory Auditor)

for and on behalf of Shipleys LLP, Statutory Auditor

13.	IMMEDIATE CONTROLLING PARTY

At 31 December 2020, Crockbaravally Wind Holdco Limited, registered at 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, United Kingdom, RG41 5TP, was the immediate parent company.