Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr A L C Byatt 15/11/2001 Mr H R Wallace 15/11/2001 Mrs K A Wallace 09/01/2018 16 November 2023 The principal activity of the company during the financial year was that of maintenance, development and supply of energy efficiency and renewable energy projects and products to domestic and commercial customers. SC225408 2023-02-28 SC225408 bus:Director1 2023-02-28 SC225408 bus:Director2 2023-02-28 SC225408 bus:Director3 2023-02-28 SC225408 2022-02-28 SC225408 core:CurrentFinancialInstruments 2023-02-28 SC225408 core:CurrentFinancialInstruments 2022-02-28 SC225408 core:Non-currentFinancialInstruments 2023-02-28 SC225408 core:Non-currentFinancialInstruments 2022-02-28 SC225408 core:ShareCapital 2023-02-28 SC225408 core:ShareCapital 2022-02-28 SC225408 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC225408 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC225408 core:LandBuildings 2022-02-28 SC225408 core:OtherPropertyPlantEquipment 2022-02-28 SC225408 core:LandBuildings 2023-02-28 SC225408 core:OtherPropertyPlantEquipment 2023-02-28 SC225408 core:CostValuation 2022-02-28 SC225408 core:CostValuation 2023-02-28 SC225408 core:ProvisionsForImpairmentInvestments 2022-02-28 SC225408 core:ProvisionsForImpairmentInvestments 2023-02-28 SC225408 2021-02-28 SC225408 bus:OrdinaryShareClass1 2023-02-28 SC225408 core:WithinOneYear 2023-02-28 SC225408 core:WithinOneYear 2022-02-28 SC225408 core:BetweenOneFiveYears 2023-02-28 SC225408 core:BetweenOneFiveYears 2022-02-28 SC225408 2022-03-01 2023-02-28 SC225408 bus:FullAccounts 2022-03-01 2023-02-28 SC225408 bus:SmallEntities 2022-03-01 2023-02-28 SC225408 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC225408 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC225408 bus:Director1 2022-03-01 2023-02-28 SC225408 bus:Director2 2022-03-01 2023-02-28 SC225408 bus:Director3 2022-03-01 2023-02-28 SC225408 core:LandBuildings core:TopRangeValue 2022-03-01 2023-02-28 SC225408 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-03-01 2023-02-28 SC225408 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-03-01 2023-02-28 SC225408 2021-03-01 2022-02-28 SC225408 core:LandBuildings 2022-03-01 2023-02-28 SC225408 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 SC225408 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC225408 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC225408 (Scotland)

GLENDEVON ENERGY COMPANY LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

GLENDEVON ENERGY COMPANY LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

GLENDEVON ENERGY COMPANY LTD.

BALANCE SHEET

AS AT 28 FEBRUARY 2023
GLENDEVON ENERGY COMPANY LTD.

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 21,334 25,992
Investments 4 100,000 100,000
121,334 125,992
Current assets
Debtors 5 28,565 23,952
Cash at bank and in hand 6 100,201 56,949
128,766 80,901
Creditors: amounts falling due within one year 7 ( 45,306) ( 29,474)
Net current assets 83,460 51,427
Total assets less current liabilities 204,794 177,419
Creditors: amounts falling due after more than one year 8 ( 1,266) ( 1,266)
Provision for liabilities 9, 10 ( 1,750) ( 2,447)
Net assets 201,778 173,706
Capital and reserves
Called-up share capital 11 14,000 14,000
Profit and loss account 187,778 159,706
Total shareholders' funds 201,778 173,706

For the financial year ending 28 February 2023 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 Glendevon Energy Company Ltd. (registered number: SC225408) were approved and authorised for issue by the Director on 16 November 2023. They were signed on its behalf by:

Mr H R Wallace
Director
GLENDEVON ENERGY COMPANY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
GLENDEVON ENERGY COMPANY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
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

Glendevon Energy Company Ltd. (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 Tullibole Mill Farm, Crook Of Devon, Kinross, KY13 0UL, United Kingdom.

The financial statements have been prepared under the historical cost convention and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.

Revenue is recognised on the accrual basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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, 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:

Land and buildings 25 years straight line
Plant and machinery etc. 3 - 4 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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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).

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

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, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 5

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2022 27,264 95,466 122,730
Additions 0 1,498 1,498
At 28 February 2023 27,264 96,964 124,228
Accumulated depreciation
At 01 March 2022 14,080 82,658 96,738
Charge for the financial year 1,091 5,065 6,156
At 28 February 2023 15,171 87,723 102,894
Net book value
At 28 February 2023 12,093 9,241 21,334
At 28 February 2022 13,184 12,808 25,992

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 March 2022 100,000 100,000
At 28 February 2023 100,000 100,000
Provisions for impairment
At 01 March 2022 0 0
At 28 February 2023 0 0
Carrying value at 28 February 2023 100,000 100,000
Carrying value at 28 February 2022 100,000 100,000

5. Debtors

2023 2022
£ £
Trade debtors 21,496 21,191
Other debtors 7,069 2,761
28,565 23,952

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 100,201 56,949
Less: Bank overdrafts 0 ( 432)
100,201 56,517

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 432
Trade creditors 18,521 8,751
Corporation tax 5,680 1,771
Other taxation and social security 6,821 5,234
Other creditors 14,284 13,286
45,306 29,474

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

2023 2022
£ £
Other creditors 1,266 1,266

9. Provision for liabilities

2023 2022
£ £
Deferred tax 1,750 2,447

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 2,447) 0
Credited/(charged) to the Statement of Income and Retained Earnings 697 ( 2,447)
At the end of financial year ( 1,750) ( 2,447)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
14,000 Ordinary shares of £ 1.00 each 14,000 14,000

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 12,455 8,310
between one and five years 20,276 8,357
32,731 16,667

13. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors loan 1,266 1,266

The directors confirm that they will not seek repayment of the directors loan account for at least 12 months following the Balance Sheet date. The loan account is interest free and unsecured.