Company Registration No. 09625520 (England and Wales)
Airfield Wind Farm Limited
Unaudited accounts
for the year ended 31 December 2022
Airfield Wind Farm Limited
Unaudited accounts
Contents
Airfield Wind Farm Limited
Company Information
for the year ended 31 December 2022
Directors
Zorica Malesevic
Mohammed Raza Ali
Company Number
09625520 (England and Wales)
Registered Office
338 Euston Road
London
NW1 3BG
England
Airfield Wind Farm Limited
Statement of financial position
as at 31 December 2022
Tangible assets
9,298,452
9,959,098
Cash at bank and in hand
456
244,406
Creditors: amounts falling due within one year
(132,276)
(156,318)
Net current assets
1,900,086
696,050
Total assets less current liabilities
11,198,538
10,655,148
Creditors: amounts falling due after more than one year
-
(10,428,410)
Provisions for liabilities
Deferred tax
(1,051,990)
(533,037)
Other provisions
(374,717)
(367,369)
Net assets/(liabilities)
9,771,831
(673,668)
Called up share capital
3
3
Share premium
10,116,643
6,999
Profit and loss account
(344,815)
(680,670)
Shareholders' funds
9,771,831
(673,668)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by
Mohammed Raza Ali
Director
Company Registration No. 09625520
Airfield Wind Farm Limited
Notes to the Accounts
for the year ended 31 December 2022
Airfield Wind Farm Limited is a private company, limited by shares, registered in England and Wales, registration number 09625520. The registered office is 338 Euston Road, London, NW1 3BG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the generation of electricity. Turnover from the generation of electricity is recognised when the electricity generated has been exported to the grid.
Tangible assets comprise directly attributable costs in acquiring assets including finance costs and professional fees where appropriate.
Individual fixed assets costing more than £1,000 are capitalised at cost.
Depreciation has been provided on a systematic basis in order to write off plant and machinery over the estimated useful economic life of 25 years. The directors will also consider whether assets should be subject to an impairment review.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised as transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Airfield Wind Farm Limited
Notes to the Accounts
for the year ended 31 December 2022
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities, other future taxable profits or by way of group relief.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
Expenses are recognised in the Statement of Comprehensive Income on an accruals basis in the period in which they are incurred.
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that economic resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
Decommissioning provisions are measured at the present value of the management’s best estimate of the expenditure required to settle the present obligation at the balance sheet date, with a corresponding balance held in fixed assets. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as a finance cost.
Airfield Wind Farm Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Plant & machinery
At 1 January 2022
13,150,200
At 31 December 2022
13,150,200
At 1 January 2022
3,191,102
Charge for the year
660,646
At 31 December 2022
3,851,748
At 31 December 2022
9,298,452
At 31 December 2021
9,959,098
Amounts falling due within one year
Amounts due from group undertakings etc.
1,099,188
-
Accrued income and prepayments
919,100
594,098
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
421
49,727
Amounts owed to group undertakings and other participating interests
38,194
51
Taxes and social security
83,143
-
7
Creditors: amounts falling due after more than one year
2022
2021
Amounts owed to group undertakings and other participating interests
-
10,428,410
On 27 September 2017, the Company created a Loan Note instrument constituting the issue of up to £15 million of unsecured loan notes at an interest rate of 7% and a final repayment date of 2036. There were no fixed repayment instalments.
The amount owed to Clean Energy and Infrastructure 3 Limited at 31 December 2021 included unpaid interest of £0.032 million.
The loan note instrument was repaid in full during the year, including interest accrued up to the repayment date.
Airfield Wind Farm Limited
Notes to the Accounts
for the year ended 31 December 2022
8
Provisions for liabilities
£
Increase in existing provisions
7,348
At 31 December 2022
374,717
Upon closure of the wind farm, the Company has a requirement to dismantle and clean up the facility sites. This provision represents an estimated cost to perform this function. The provision is expected to crystallise at the end of the lease period, which has a termination date of 5 May 2042.
9
Transactions with related parties
Netro Energy Limited (formerly known as CD Arevon UK Limited) was related to the Company due to being under common control of the Directors who resigned during the year. Netro Energy Limited charged the Company £0.058 million (2021 - £0.060 million) in respect of asset management services. The amount outstanding as at 31 December 2022 is £nil (2021 - £nil).
During the year the Company lent to WRIF Holdco C 3 Ltd in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 31 December 2022 is £1,099,188 (2021: £nil).
During the year the Company borrowed from Wind Renewables Income Fund in order to provide funding for working capital, on an interest-free basis, unsecured and repayable on demand. The balance outstanding at 31 December 2022 is £267 (2021: £nil).
Amounts owed to group undertakings and other participating interests include intercompany management fees owed to Wind Renewables Income Fund. The management fees for the year total £37,926 (2021: £nil) with a total remaining payable at the year end of £37,926 (2021: £nil).
No adjustment has been made to reflect the value of any interest free loans at present value as, in the opinion of the directors, this would not have any material affect on the financial statements.
The current directors of the Company have waived their directors fees.
Up to 19 December 2022, the immediate parent undertaking was Clean Energy and Infrastructure 3 Limited. The ultimate parent undertaking was Capital Dynamics Clean Energy and Infrastructure III LP.
On 19 December 2022, the entire share capital of the Company was purchased by WRIF Holdco C 3 Limited.
Following this transaction, the ultimate controlling party of the Company is Wind Renewables Income Fund.
11
Average number of employees
During the year the average number of employees was 0 (2021: 0).
