Vattenfall Wind Power Ltd
Private Limited Company · London
ActiveUnited KingdomIncorporated 2007Private Limited Company
Financial position
Accounts to 2024-12-31 · GBP · Company accounts
Net assets
£699,503,000
Cash
£177,203,000
Turnover
£147,846,000
Profit / loss
£364,337,000
Current assets
£519,803,000
Creditors < 1 year
£186,074,000
Equity
£699,503,000
Average employees
Not available
Balance-sheet trend
GBP · companyFinancial statements
Selected figures from the best-ranked available filing for each period. Missing values remain unknown.
Some figures were read by AI from scanned accounts, so small errors are possible. View the filed accounts
| Reported figures | 2024-12-3112 months · Company · AI-read | 2023-12-31Company · AI-read |
|---|---|---|
| Balance sheet | ||
| Net assets | £699,503,000 | £1,662,666,000 |
| Equity | £699,503,000 | £1,662,666,000 |
| Share capital | £787,000,000 | £787,000,000 |
| Retained earnings | −£87,497,000 | £875,666,000 |
| Assets | ||
| Fixed assets | £398,862,000 | £587,342,000 |
| Property, plant & equipment | £119,713,000 | £144,085,000 |
| Investments | £279,149,000 | £443,257,000 |
| Current assets | £519,803,000 | £1,283,146,000 |
| Cash at bank | £177,203,000 | £189,723,000 |
| Stock | £12,118,000 | £10,356,000 |
| Liabilities | ||
| Creditors within one year | £186,074,000 | £66,255,000 |
| Creditors after one year | £15,660,000 | £117,321,000 |
| Provisions | £17,428,000 | £24,246,000 |
| Net current assets | £333,729,000 | £1,216,891,000 |
| Assets less current liabilities | £732,591,000 | £1,804,233,000 |
| Profit & loss | ||
| Turnover | £147,846,000 | £100,599,000 |
| Cost of sales | £67,483,000 | £57,550,000 |
| Gross profit | £80,363,000 | £43,049,000 |
| Administrative expenses | £56,371,000 | £48,821,000 |
| Other operating income | £6,383,000 | £2,339,000 |
| Operating profit | £30,375,000 | −£3,433,000 |
| Interest receivable | £29,762,000 | £34,364,000 |
| Interest payable | £14,927,000 | £1,093,000 |
| Profit before tax | £373,706,000 | £327,394,000 |
| Tax | £9,369,000 | £6,869,000 |
| Profit / loss | £364,337,000 | £320,525,000 |
| Operating costs | ||
| Depreciation | £16,679,000 | £15,635,000 |
| Audit fees | £71,000 | £71,000 |
| People & pay | ||
| Staff costs | £36,868,000 | £32,870,000 |
| Wages & salaries | £30,840,000 | £27,112,000 |
| Social security costs | £3,616,000 | £3,382,000 |
| Pension costs | £2,412,000 | £2,376,000 |
| Directors' remuneration | £32,000 | £29,000 |
| Source evidence | View filing | View filing |
From the accounts
What the accounts for 2024-12-31 say about themselves, read by AI from the scanned filing.
- Comparatives
- Prior-year figures were restated
- Principal activity
- The Company's (Vattenfall Wind Power Ltd) principal activities consist of the holding of investments, the development, construction and operation of wind energy projects in the United Kingdom and provision of services to other companies within the Vattenfall Group.
- What it does
- holding of investments · wind energy projects · wind farm development · wind farm construction · wind farm operation · services to Vattenfall Group companies (AI keywords)
- The year
- The Company made a profit before taxation for the year ended 31 December 2024 of £373,706 thousand (2023: £327,394 thousand) based on turnover of £147,846 thousand (2023: £100,599 thousand).
- Outlook
- The Company is continuously reviewing its business to stay aligned to the challenging and uncertain energy market conditions. Management has sourced its operation & maintenance with a service provider which allows for cost management and stability of cash flow.
- Auditor
- PricewaterhouseCoopers LLP · senior statutory auditor Kevin McGhee
- Audit opinion
- Clean (unmodified)
- Immediate parent
- Vattenfall AB · Sweden
- Ultimate parent
- Vattenfall AB · Sweden
- Ultimate controlling party
- Vattenfall AB
- Accounts
- FRS 101
- Approved
- 2026-08-21, signed by Jonas Van Mansfeld
Subsidiaries (18)
- Aberdeen Offshore Wind Farm Limited · 100% · 4 Jacksons Entry, Holyrood Road, Edinburgh, Scotland, United Kingdom, EH8 8PJ · Power generation
- Clashindarroch Wind Farm Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Power generation
- Kentish Flats Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Power generation
- Muir Mhor Offshore Wind Farm Limited · 50% · 4 Jackson's Entry, Holyrood Road, Edinburgh, Scotland, United Kingdom, EH8 8PJ · Power generation
- Nuon UK Ltd · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Wind farm development
- Ormonde Energy Limited · 51% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Power generation
- Pen Y Cymoedd Wind Farm Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Power generation
- Ray Wind Farm Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Power generation
- Swinford Wind Farm Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Power generation
- Thanet Offshore Wind Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Power generation
- East Anglia Offshore Wind Limited · 50% · Third Floor, 1 Tudor Street, London, England, United Kingdom, EC4Y 0AH · Wind farm development
- Clashindarroch II Wind Farm Limited · 100% · The Tun Building, 4 Jacksons Entry, Holyrood Road, Edinburgh, Scotland, United Kingdom, EH8 8PJ · Dormant
- Clifton Solar Project Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Dormant
- Llanerfyl Access Road Consortium Limited · 50% · Beaufort Court Egg Farm Lane, Off Station Road, Kings Langley, Hertfordshire, United Kingdom, WD4 8LR · Dormant
- Ourack Wind Farm One Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Dormant
- Ourack Wind Farm Two Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Dormant
- Vattenfall Scotland Limited · 100% · 4 Jacksons Entry, Holyrood Road, Edinburgh, Scotland, United Kingdom, EH8 8PJ · Dormant
- Vattenfall Solar Projects Limited · 100% · 5th Floor, 70 St Mary Axe, London, United Kingdom, EC3A 8BE · Dormant
Related parties (11)
- Ormonde Energy Ltd (OEL) · Subsidiary company · Dividends received · 12,750 (000s)
- Ormonde Energy Ltd (OEL) · Subsidiary company · Consulting services provided as part of the MOMA agreement · 25,809 (000s)
- Ormonde Energy Ltd (OEL) · Subsidiary company · Other capital recharges as part of the MOMA agreement · 1,208 (000s)
- Ormonde Energy Ltd (OEL) · Subsidiary company · Recharge of gearboxes acquisition as part of the MOMA agreement · 1,111 (000s)
- Muir Mhor Offshore Wind Farm Limited (MMO) · Subsidiary company · Sale of services · 33 (000s)
- Muir Mhor Offshore Wind Farm Limited (MMO) · Subsidiary company · Sale of capital goods · 3,228 (000s)
- East Anglia Offshore Wind Limited (EAOW) · Joint venture · Purchase of met mast data · (457) (000s)
- Ormonde Energy Ltd (OEL) · Subsidiary company · MOMA payable · (20,141) (000s)
- Ormonde Energy Ltd (OEL) · Subsidiary company · Accrued income from subsidiary companies · 7,486 (000s)
- Muir Mhor Offshore Wind Farm Limited (MMO) · Subsidiary company · Accrued income from subsidiary companies · 938 (000s)
- East Anglia Offshore Wind Limited (EAOW) · Joint venture · Accounts payable to joint ventures · (1,830) (000s)
Borrowings (1)
- New 5 year loan agreement · from Vattenfall AB · £50,000 thousand (000s) · 5.2% · Repayable on 30 June 2031; commencing 1 July 2026
Disposals (1)
- Muir Mhòr Offshore Wind Farm Limited · 50%
Associates & joint ventures (2)
- East Anglia Offshore Wind Limited · joint venture · 50% · Third Floor, 1 Tudor Street, London, England, United Kingdom, EC4Y 0AH
- Llanerfyl Access Road Consortium Limited · other · 50% · Beaufort Court Egg Farm Lane, Off Station Road, Kings Langley, Hertfordshire, United Kingdom, WD4 8LR
Directors' report (4)
- Jonas Van Mansfeld
- Lisa Marie Christie · resigned 2024-09-30
- Claus Wattendrup · appointed 2024-09-30
- Robert Zurawski
Principal risks (4)
- Average wind speeds falling significantly below expectations, having a negative impact on revenues and cash flows
- Significant delays or greater-than-forecast costs in relation to development and construction projects
- A fall in electricity prices due to market changes
- Non-compliance with health and safety regulations
Events after the year end (6)
- In April 2026 Vattenfall Wind Power Ltd and Fred. Olsen Seawind Limited have agreed that Fred. Olsen Seawind Limited will assume 100% of Muir Mhòr Offshore Wind Farm Limited. The change of ownership will take the form of a share sale under which Vattenfall will sell its 50% share in the company to Fred. Olsen Seawind Limited. The finalisation of the sale is subject to approval from Crown Estate Scotland.
- On 24 June 2026 the Company entered into a new 5 year loan agreement with Vattenfall AB for £50,000 thousand, commencing 1 July 2026, which will incur an interest rate of 5.2%. This will be repayable on 30 June 2031.
- On 4 September 2025 the Company rectified the interim dividend declared on 25 September 2024 by reducing the share capital by £300,000 thousand, resulting in a £300,000 thousand increase in distributable reserves.
- Subsequent to the Balance Sheet date, on 8 May 2025, the Company received interim dividends of £10,000 thousand from Kentish Flats Limited and £70,000 thousand from Thanet Offshore Wind Limited.
- Under the current circumstances, where markets are disturbed by unrest in the Middle East, resulting in energy supply uncertainty, the Company benefits from higher prices. At present, the directors believe that the Company is well placed to continue without adverse operational or financial impact. No long term energy price impact is so far being forecast.
- There were no other significant events after 31 December 2024 that required adjustment to or disclosure in the financial statements.
Secured borrowing
Registered charges, lenders and security interests.
Charges and related records
5 outstanding chargesProperty · created 2026-06-15
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OutstandingFixed · created 2026-05-08
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OutstandingProperty · created 2024-11-06
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OutstandingProperty · created 2024-06-26
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OutstandingProperty · created 2024-03-18
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OutstandingShow 1 satisfied / released
Shares · created 2009-12-21 · satisfied 2020-12-01
All monies
Satisfied