Little Whiterashes Holdings Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC673607 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

LITTLE WHITERASHES HOLDINGS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

O V Hilton

N J Wood

REGISTERED OFFICE:

13 Queen's Road

Aberdeen

United Kingdom

AB15 4YL

REGISTERED NUMBER:

SC673607 (Scotland)

INDEPENDENT AUDITORS:

KPMG Channel Islands Limited

Glategny Court

Glategny Esplande

St. Peter Port

Guernsey

GY1 1WR

ACCOUNTANTS:

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

FIXED ASSETS

Tangible assets

5

3,893,343

4,215,550

CURRENT ASSETS

Debtors

6

219,742

44,647

Cash at bank

65,516

236,928

285,258

281,575

CREDITORS

Amounts falling due within one year

7

(114,556

)

(104,178

)

NET CURRENT ASSETS

170,702

177,397

TOTAL ASSETS LESS CURRENT LIABILITIES

4,064,045

4,392,947

CREDITORS

Amounts falling due after more than one year

8

(2,972,780

)

(3,254,555

)

NET ASSETS

1,091,265

1,138,392

CAPITAL AND RESERVES

Called up share capital

1,385,494

1,385,494

Retained earnings

(294,229

)

(247,102

)

1,091,265

1,138,392

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 2 August 2023 and were signed on its behalf by:

N J Wood - Director

1.	STATUTORY INFORMATION

Little Whiterashes Holdings Limited (the "Company") is a private company, limited by shares, registered in Scotland, registration number SC673607. The registered office is 13 Queens Road, Aberdeen, Scotland, AB15 4YL.

The principal activity of the company is renewable energy.

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 as modified by revaluation of certain financial assets.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going concern

After reviewing the company's forecasts and projections, together with receiving the continued support from shareholders and investors, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Plant and equipment

The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets.

Turnover

Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Production of electricity

Income is recognised in the period in which the electricity has been generated.

Expenses

Expenses are accounted for on an accruals basis and are recognised in the period in which they are incurred.

Operating leases

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Tangible fixed assets

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

Plant and machinery etc

-

7% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Financial instruments

Classification of financial instruments:

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances.

Creditors

Short term trade 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.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Taxation

Taxation for the year comprises current 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 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 statement of financial position date.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

4,618,310

DEPRECIATION

At 1 January 2022

402,760

Charge for year

322,207

At 31 December 2022

724,967

NET BOOK VALUE

At 31 December 2022

3,893,343

At 31 December 2021

4,215,550

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

219,742

44,647

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

3,541

7,228

Amounts owed to associates

-

248

Taxation and social security

79,537

28,283

Other creditors

31,478

68,419

114,556

104,178

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Amounts owed to group undertakings

2,972,780

3,254,555

Amounts owed to group undertaking, Resonance Wind Finance II Ltd, are subject to compound interest at a rate of 7% per annum and are repayable on 30th September 2040.

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

The Report of the Auditors was unqualified.

Rachid Frihmat (Senior Statutory Auditor)

for and on behalf of KPMG Channel Islands Limited

10.	OTHER FINANCIAL COMMITMENTS

At 31 December 2022, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £379,311.

11.	RELATED PARTY DISCLOSURES

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.

12.	POST BALANCE SHEET EVENTS

There are no material post balance sheet events to note.

13.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Resonance British Wind Energy Income II Limited (a company registered in Guernsey). The ultimate controlling party is Resonance British Wind Energy Income II Limited, registered office First Floor, 10 Lefebvre Street, St Peter Port, Guernsey, GY1 2PE.