Wind Energy Generation Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI623521 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

FOR

WIND ENERGY GENERATION LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

C McClean

J K Barr

REGISTERED OFFICE:

37 Dargan Road

Fortwilliam Business Park

Belfast

BT3 9LZ

REGISTERED NUMBER:

NI623521 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

FIXED ASSETS

Tangible assets

4

8,449,008

8,230,036

CURRENT ASSETS

Debtors

5

706,624

693,498

Cash at bank

851,148

1,348,383

1,557,772

2,041,881

CREDITORS

Amounts falling due within one year

6

847,892

903,493

NET CURRENT ASSETS

709,880

1,138,388

TOTAL ASSETS LESS CURRENT LIABILITIES

9,158,888

9,368,424

CREDITORS

Amounts falling due after more than one year

7

(8,016,127

)

(8,418,918

)

PROVISIONS FOR LIABILITIES

(598,490

)

(408,679

)

NET ASSETS

544,271

540,827

CAPITAL AND RESERVES

Called up share capital

100

100

Other reserves

2,339,900

2,339,900

Retained earnings

(1,795,729

)

(1,799,173

)

SHAREHOLDERS' FUNDS

544,271

540,827

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Comprehensive Income has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 16 December 2021 and were signed on its behalf by:

C McClean - Director

1.	STATUTORY INFORMATION

Wind Energy Generation Limited 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.

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.

Significant judgements and estimates

In preparing these financial statements the director has made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

The director also considers the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover

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

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement.

Bonds issued by the company have been assessed as meeting the criteria of a basic financial instrument and accordingly are recorded at a value equal to the discounted cash flows using a market rate of interest.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 May 2020

9,861,374

Additions

715,000

At 30 April 2021

10,576,374

DEPRECIATION

At 1 May 2020

1,631,338

Charge for year

496,028

At 30 April 2021

2,127,366

NET BOOK VALUE

At 30 April 2021

8,449,008

At 30 April 2020

8,230,036

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Other debtors

706,624

693,498

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.21

30.4.20

£

£

Trade creditors

287,140

53,210

Taxation and social security

109,928

67,013

Other creditors

450,824

783,270

847,892

903,493

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.21

30.4.20

£

£

Other creditors

8,016,127

8,418,918

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bonds issued

8,016,127

8,418,918

8.	ULTIMATE CONTROLLING PARTY

Mr S Bygrave is considered the ultimate controlling party as he holds 100% of the issued share capital