FW NP Holdco Limited - Limited company accounts 20.1

REGISTERED NUMBER: 11237845 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

FW NP HOLDCO LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

6

Notes to the Financial Statements

7

Directors:

Pinecroft Corporate Services Limited

G E Shaw

R J Thompson

C S Wright

Registered office:

C/O Foresight Group Llp

The Shard

32 London Bridge Street

London

SE1 9SG

Registered number:

11237845 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 March 2021.

Principal activity

The principal activity of the company in the year under review was that of a financial services holding company.

Directors

The directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report.

Pinecroft Corporate Services Limited

G E Shaw

R J Thompson

C S Wright

Going concern

These accounts have been prepared on a going concern basis. The directors believe that this basis is appropriate following consideration of cash flow forecasts which show that the Company is able to meet its liabilities as they fall due.

Statement of directors' responsibilities

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

G E Shaw - Director

13 December 2021

Turnover

-

Administrative expenses

(38,087

)

(60,280

)

(38,087

)

(60,280

)

Other operating income

53,446

82,577

Operating profit

15,359

22,297

Income from shares in group undertakings

933,267

910,182

Interest receivable and similar income

-

67,716

948,626

1,000,195

Interest payable and similar expenses

(513,060

)

(544,432

)

Profit before taxation

435,566

455,763

Tax on profit

(103,015

)

-

Profit for the financial year

332,551

455,763

Fixed assets

Investments

5

11,400,814

11,773,692

Current assets

Debtors

6

17,903

132,943

Cash at bank

3,306

-

21,209

132,943

Creditors

Amounts falling due within one year

7

(385,822

)

(519,872

)

Net current liabilities

(364,613

)

(386,929

)

Total assets less current liabilities

11,036,201

11,386,763

Creditors

Amounts falling due after more than one
year

8

(9,788,761

)

(10,471,874

)

Net assets

1,247,440

914,889

Capital and reserves

Called up share capital

1

Retained earnings

1,247,439

914,888

1,247,440

914,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2021 and were signed on its behalf by:

G E Shaw - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 April 2019

1

459,125

459,126

Changes in equity

Profit for the year

-

455,763

Total comprehensive income

-

455,763

Balance at 31 March 2020

1

914,888

914,889

Changes in equity

Profit for the year

-

332,551

Total comprehensive income

-

332,551

Balance at 31 March 2021

1

1,247,439

1,247,440

1.	Statutory information

FW NP Holdco Limited 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.	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.

Related party exemption

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit and loss, with the exception of hedging instruments in designated hedging relationship.

Financial assets that are measured at cost or amortised are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

These accounts have been prepared on a going concern basis. The directors believe that this basis is appropriate following consideration of cash flow forecasts which show that the Company is able to meet its liabilities as they fall due.

Fixed asset investments

FW NP Holdco Ltd is a 50% partner in North Pickenham Wind Farm LLP. The company's share of profits from this partnership form a part of the results of the company and are included in the accounts as single line entries within other operating income.

4.	Employees and directors

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

5.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2020

11,773,692

Share of profit/(loss)

933,267

Dividends received

(1,306,145

)

At 31 March 2021

11,400,814

Net book value

At 31 March 2021

11,400,814

At 31 March 2020

11,773,692

FW NP Holdco Limited is a 50% partner in North Pickenham Wind Farm LLP.

Unaudited Financial Statements prepared by North Pickenham show following shares:

2020/2021

£

Net profit

933,267

This information has been included within the FW NP Holdco with an appropriate increase

(where profit) or deduction (where loss) from the investments in the partnership.

Any repayments of capital and drawings from the LLP are deducted from the investment.

The information from North Pickenham Wind Farm LLP has been obtained from unaudited

financial statements. Nothing has come to our attention that would require adjustments to

these figures.

6.

Debtors: amounts falling due within one year

31.3.21

31.3.20

£

Trade debtors

17,903

-

Other debtors

-

132,943

17,903

132,943

7.

Creditors: amounts falling due within one year

31.3.21

31.3.20

£

Amounts owed to group undertakings

84,993

45,414

Taxation and social security

1,095

-

Other creditors

299,734

474,458

385,822

519,872

8.

Creditors: amounts falling due after more than one year

31.3.21

31.3.20

£

Other creditors

9,788,761

10,471,874

9.	Ultimate controlling party

At 31 March 2020 the company was a wholly owned subsidiary of Blackmead Infrastructure Limited.

Averon Park Limited is the ultimate parent company. Its accounts are available to the public and at the registered office: The Shard, 32 London Bridge Street, London, SE1 9SG.