Silverfin false 31/03/2022 31/03/2022 01/04/2021 Lord Ramsay The Honourable Simon David Ramsay 18/06/2013 Lord Dalhousie The Right Honourable James Hubert Ramsay 18/06/2013 01 September 2022 The principal activity of the Company during the financial year continued to be that of the operation of hydro schemes SC452602 2022-03-31 SC452602 bus:Director1 2022-03-31 SC452602 bus:Director2 2022-03-31 SC452602 2021-03-31 SC452602 core:CurrentFinancialInstruments 2022-03-31 SC452602 core:CurrentFinancialInstruments 2021-03-31 SC452602 core:Non-currentFinancialInstruments 2022-03-31 SC452602 core:Non-currentFinancialInstruments 2021-03-31 SC452602 core:ShareCapital 2022-03-31 SC452602 core:ShareCapital 2021-03-31 SC452602 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC452602 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC452602 core:OtherPropertyPlantEquipment 2021-03-31 SC452602 core:OtherPropertyPlantEquipment 2022-03-31 SC452602 core:CurrentFinancialInstruments core:Secured 2022-03-31 SC452602 core:MoreThanFiveYears 2022-03-31 SC452602 core:MoreThanFiveYears 2021-03-31 SC452602 bus:OrdinaryShareClass1 2022-03-31 SC452602 2021-04-01 2022-03-31 SC452602 bus:FullAccounts 2021-04-01 2022-03-31 SC452602 bus:SmallEntities 2021-04-01 2022-03-31 SC452602 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 SC452602 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC452602 bus:Director1 2021-04-01 2022-03-31 SC452602 bus:Director2 2021-04-01 2022-03-31 SC452602 core:OtherPropertyPlantEquipment core:TopRangeValue 2021-04-01 2022-03-31 SC452602 2020-04-01 2021-03-31 SC452602 core:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 SC452602 core:CurrentFinancialInstruments 2021-04-01 2022-03-31 SC452602 core:Non-currentFinancialInstruments 2021-04-01 2022-03-31 SC452602 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 SC452602 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC452602 (Scotland)

INVERMARK HYDRO LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH THE REGISTRAR

INVERMARK HYDRO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022

Contents

INVERMARK HYDRO LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022
INVERMARK HYDRO LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 3 1,402,813 1,497,586
1,402,813 1,497,586
Current assets
Debtors 4 80,687 62,492
Cash at bank and in hand 107,655 61,405
188,342 123,897
Creditors
Amounts falling due within one year 5 ( 270,994) ( 214,287)
Net current liabilities (82,652) (90,390)
Total assets less current liabilities 1,320,161 1,407,196
Creditors
Amounts falling due after more than one year 6 ( 1,086,480) ( 1,183,239)
Provision for liabilities ( 62,873) ( 52,624)
Net assets 170,808 171,333
Capital and reserves
Called-up share capital 7 138,001 138,001
Profit and loss account 32,807 33,332
Total shareholder's funds 170,808 171,333

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Invermark Hydro Limited (registered number: SC452602) were approved and authorised for issue by the Director on 01 September 2022. They were signed on its behalf by:

Lord Ramsay The Honourable Simon David Ramsay
Director
INVERMARK HYDRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
INVERMARK HYDRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Invermark Hydro Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Dalhousie Estate Office, West Lodge, Brechin, DD9 6RL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company has net current liabilities of £43,337. The directors' consider it appropriate to prepare the accounts on a going concern basis. Incoming to this conclusion they confirm that they will not seek repayment of their loan account and will support the company for at least twelve months from the approval of these financial statements.

Turnover

Turnover represents amounts receivable for renewable energy production net of VAT and trade discounts.

Turnover is recognised when the hydro schemes generate electricity.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2021 1,895,462 1,895,462
At 31 March 2022 1,895,462 1,895,462
Accumulated depreciation
At 01 April 2021 397,876 397,876
Charge for the financial year 94,773 94,773
At 31 March 2022 492,649 492,649
Net book value
At 31 March 2022 1,402,813 1,402,813
At 31 March 2021 1,497,586 1,497,586

4. Debtors

2022 2021
£ £
Trade debtors 72,422 50,800
Other debtors 8,265 11,692
80,687 62,492

5. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans (secured) 95,597 91,790
Trade creditors 1,702 9,952
Other creditors 159,174 110,450
Corporation tax 14,306 516
Other taxation and social security 215 1,579
270,994 214,287

Bank borrowings are secured by a floating charge over all the property or undertaking of the company.

6. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans (secured) 1,086,480 1,183,239

The bank loans are secured by a floating charge over all the property or undertaking of the Company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2022 2021
£ £
Bank loans (secured £- / repayable by instalments) 152,125 265,928

7. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
138,001 Ordinary shares of £ 1.00 each 138,001 138,001

8. Related party transactions

Included in other creditors is an interest free loan of £107,000 (2021 - £107,000) from Brechin Castle Centre Limited, a company in which the Earl of Dalhousie is a director. The balance shall become repayable in whole or part on the directors giving the company six months' notice in writing.