Monan Wind Company Limited - Period Ending 2022-12-31
Monan Wind Company Limited - Period Ending 2022-12-31
Registration number:
Monan Wind Company Limited
for the Year Ended 31 December 2022
Monan Wind Company Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Monan Wind Company Limited
Company Information
Directors |
BJA Hutt TP French SJL Myers |
Registered office |
|
Auditor |
|
Monan Wind Company Limited
Directors' Report for the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
Principal activity
The principal activity of the company is that of electricity generation from its wind turbines.
Directors of the company
The directors who held office during the year were as follows:
The following directors were appointed after the year end:
Fair review of the business
The results of the company for the year show a pre-tax profit of £98,454 (2021 - pre-tax loss of £484,468) and turnover of £446,241 (2021 - £126,831). The negative impact of the Skye-Harris cable fault on turnover in 2021 had been significant.
The company has 3 operating turbines.
Going concern
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through cash generated from operations and intercompany facilities. Further details are given in note 2.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the impact on the economy of the current high levels of inflation. In the directors’ assessment they have considered the effectiveness of available measures to assist in mitigating any impact of the effect of cost increases and delays in repairs. A letter of support has also been received from the parent company.
Consequently after making enquiries, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to the auditor
Each of the directors has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Monan Wind Company Limited
Directors' Report for the Year Ended 31 December 2022 (continued)
Reappointment of auditor
The auditor Azets Audit Services will be deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies' provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved and authorised for issue by the
......................................... |
Monan Wind Company Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Monan Wind Company Limited
Independent Auditor's Report to the Members of Monan Wind Company Limited
Opinion
We have audited the financial statements of Monan Wind Company Limited (the 'company') for the year ended 31 December 2022, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Monan Wind Company Limited
Independent Auditor's Report to the Members of Monan Wind Company Limited (continued)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• |
enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud; |
• |
reading any correspondence with regulators including the Health and Safety Executive; |
Monan Wind Company Limited
Independent Auditor's Report to the Members of Monan Wind Company Limited (continued)
• |
reviewing board minutes; |
• |
challenging assumptions and judgements made by management in their significant accounting estimates; and |
• |
auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. |
Due to the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety and compliance with the UK Companies Act and tax legislation.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Newcastle upon Tyne
NE3 3LS
Azets Audit Services is a trading name of Azets Audit Services Limited.
Monan Wind Company Limited
Profit and Loss Account for the Year Ended 31 December 2022
Note |
2022 |
2021 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
|
( |
|
Interest payable and similar expenses |
( |
( |
|
Profit/(loss) before tax |
|
( |
|
Taxation |
( |
|
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no other comprehensive income for the year other than the results above.
Monan Wind Company Limited
(Registration number: SC453209)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders' deficit |
( |
( |
Approved and authorised for issue by the
......................................... |
Monan Wind Company Limited
Statement of Changes in Equity for the Year Ended
31 December 2022
Share capital |
Profit and loss account |
Total |
|
At 1 January 2021 |
|
( |
( |
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2021 |
|
( |
( |
Share capital |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
( |
( |
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2022 |
|
( |
( |
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022
General information |
The company is a private company limited by share capital, incorporated, registered and domiciled in Scotland.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Name of parent of group
These financial statements are consolidated in the financial statements of Constantine Wind Energy Limited, the company's parent undertaking. The financial statements of Constantine Wind Energy Limited may be obtained from Companies House.
Summary of disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
2 |
Accounting policies (continued) |
Going concern
The company is part of a group headed by Constantine Wind Energy Limited.
The company has recorded a profit before tax of £98,454 in the year ended 31 December 2022 and has net current liabilities of £3,924,297 at the year end which includes £4,346,397 due to the company's parent undertaking, CWE WUK Limited, who has indicated that it will not seek repayment of this amount until such time as the company has the funds available to make such repayments and that it will continue to support the company to meet its working capital requirements as necessary. CWE WUK Limited is funded by cash and a group bank loan facility.
The company meets its day to day working capital requirements through cash generated from operations and these intercompany facilities.
The financial statements have been prepared on a going concern basis.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the impact on the economy of the current high levels of inflation. In the directors’ assessment they have considered the effectiveness of available measures to assist in mitigating any impact of the effect of cost increases and delays in repairs. A letter of support has also been received from the parent company.
Consequently after making enquiries, the directors have a reasonable expectation that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The directors do not consider there to be any judgements in the application of these accounting policies that have significant effect on the financial statements. |
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
2 |
Accounting policies (continued) |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Useful economic lives of tangible assets - The directors have applied a useful economic life of 20 years to tangible fixed assets and consider this to be appropriate based upon their expected lives.
Turnover
Turnover comprises the fair value of the consideration received or receivable in the ordinary course of the company’s activities net of value added tax and discounts. Turnover is derived from the sale of electricity generated by the company and provided under fixed price supply contracts. Turnover is recognised as supplied into the distribution network.
Finance income and costs policy
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
|
Plant and machinery |
5% straight line |
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Trade and other debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade and other creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
A provision is recognised in the balance sheet when the company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Fixed payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. Payments made under operating leases whose rental is based either entirely or partially upon turnover generated by a specific asset are recognised in the profit and loss account in the period in which the turnover is earned.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2022 |
2021 |
|
Sale of goods |
|
|
Other revenue |
|
|
|
|
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
Operating profit/(loss) |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
|
Interest payable and similar expenses |
2022 |
2021 |
|
Interest payable on loans from group undertakings |
97,590 |
351,165 |
Directors' remuneration, staff numbers and costs |
The directors received no remuneration for their services to the company during the current or prior year and were the only employees of the company in the year.
2022 |
2021 |
|
Directors |
|
|
|
|
Auditor's remuneration |
2022 |
2021 |
|
Audit of the financial statements |
|
|
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
Taxation |
Tax charged/(credited) in the profit and loss account
2022 |
2021 |
|
Current taxation |
||
UK corporation tax adjustment to prior periods |
- |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Arising from changes in tax rates and laws |
|
( |
Arising from adjustments relating to the previous period |
- |
(91,211) |
Total deferred taxation |
|
( |
Tax expense/(credit) in the profit and loss account |
|
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2022 |
2021 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Deferred tax expense/(credit) relating to changes in tax rates or laws |
|
( |
Increase/(decrease) from tax losses for which no deferred tax asset was recognised |
|
( |
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
Total tax charge/(credit) |
|
( |
In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25% from 19%, as previously enacted. This new law was substantively enacted on 24 May 2021. The deferred tax balances at 31 December 2022 have been calculated based on these enacted tax rates.
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
8 |
Taxation (continued) |
Deferred tax
Deferred tax assets and liabilities
2022 |
Asset |
Tax losses carry-forwards |
|
2021 |
Asset |
Tax losses carry-forwards |
242,754 |
There are £140,445 of unused tax credits (2021 - £139,472) for which no deferred tax asset is recognised in the Balance Sheet.
The unprovided deferred tax asset has not been recognised due to uncertainty surrounding its future recovery.
Tangible assets |
Plant and machinery |
|
Cost or valuation |
|
At 1 January 2022 |
|
At 31 December 2022 |
|
Depreciation |
|
At 1 January 2022 |
|
Charge for the year |
|
At 31 December 2022 |
|
Carrying amount |
|
At 31 December 2022 |
|
At 31 December 2021 |
|
There are charges over certain of the company's plant and machinery and leasehold interests in favour of Lloyds Bank plc acting as security agent for Scottish Widows Limited, a funding provider, for all amounts due to them.
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
Debtors |
Note |
2022 |
2021 |
|
Current |
|||
Amounts due from group undertakings |
- |
|
|
Other debtors |
- |
|
|
Prepayments and accrued income |
|
|
|
Deferred tax assets |
|
|
|
315,105 |
405,176 |
Creditors |
2022 |
2021 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts due to group undertakings |
|
|
Social security and other taxes |
|
- |
Accrued expenses |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
90 |
|
90 |
|
|
10 |
|
10 |
|
|
|
|
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
Obligations under leases and hire purchase contracts |
Operating leases
2022 |
2021 |
|
Not later than one year |
11,301 |
10,000 |
Later than one year and not later than five years |
45,205 |
40,000 |
Later than five years |
135,615 |
130,000 |
|
|
Operating leases whose rental payments are based either entirely or partially upon turnover generated by a specific asset are recognised in the profit and loss account in the period in which the turnover is earned.
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
Monan Wind Company Limited had a creditor of £4,346,397 (2021 - £4,739,008) due to CWE WUK Limited at the year end. This amount is unsecured, repayable on demand and subject to interest at 2.13%.
Monan Wind Company Limited purchased repairs from Natural Generation Limited totalling £82,018 (2021 - £134,002). At the year end £1,194 (2021 - £26,506) was outstanding from Natural Generation Limited.
Monan Wind Company Limited
Notes to the Financial Statements for the Year Ended
31 December 2022 (continued)
Parent and ultimate parent undertaking |
At the year end the company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
The address of Constantine Wind Energy Limited is