IRIS Accounts Production v23.2.0.158 SC452413 Board of Directors 1.7.22 30.6.23 30.6.23 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4524132022-06-30SC4524132023-06-30SC4524132022-07-012023-06-30SC4524132021-06-30SC4524132021-07-012022-06-30SC4524132022-06-30SC452413ns10:Originalns15:Scotland2022-07-012023-06-30SC452413ns14:PoundSterlingns10:Original2022-07-012023-06-30SC452413ns10:Originalns10:Director12022-07-012023-06-30SC452413ns10:Original2022-07-012023-06-30SC452413ns10:Original2023-06-30SC452413ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-30SC452413ns10:Originalns10:SmallEntities2022-07-012023-06-30SC452413ns10:Originalns10:AuditExempt-NoAccountantsReport2022-07-012023-06-30SC452413ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-30SC452413ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-30SC452413ns10:Originalns10:FullAccounts2022-07-012023-06-30SC452413ns10:Original2021-07-012022-06-30SC452413ns10:Originalns10:Director22022-07-012023-06-30SC452413ns10:CompanySecretary1ns10:Original2022-07-012023-06-30SC452413ns10:Originalns10:RegisteredOffice2022-07-012023-06-30SC452413ns10:Original2022-06-30SC452413ns10:Originalns5:CurrentFinancialInstruments2022-06-30SC452413ns10:Originalns5:CurrentFinancialInstruments2023-06-30SC452413ns5:ShareCapitalns10:Original2022-06-30SC452413ns5:ShareCapitalns10:Original2023-06-30SC452413ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-30SC452413ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-30SC452413ns10:Original2022-06-30SC452413ns10:Originalns5:LandBuildings2022-06-30SC452413ns10:Originalns5:PlantMachinery2022-06-30SC452413ns10:Originalns5:LandBuildings2022-07-012023-06-30SC452413ns10:Originalns5:PlantMachinery2022-07-012023-06-30SC452413ns10:Originalns5:LandBuildings2023-06-30SC452413ns10:Originalns5:PlantMachinery2023-06-30SC452413ns10:Originalns5:LandBuildings2022-06-30SC452413ns10:Originalns5:PlantMachinery2022-06-30SC452413ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-30SC452413ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-30
REGISTERED NUMBER: SC452413 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Grimsetter Limited

Grimsetter Limited (Registered number: SC452413)






Contents of the Financial Statements
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Grimsetter Limited

Company Information
for the year ended 30 June 2023







DIRECTORS: C D Spence
S J Thomson





SECRETARY: R Hadfield





REGISTERED OFFICE: 25 Queen Street
Kirkwall
Orkney
KW15 1JE





REGISTERED NUMBER: SC452413 (Scotland)





ACCOUNTANTS: Foubister & Bain
4 Broad Street
Kirkwall
Orkney
KW15 1NX

Grimsetter Limited (Registered number: SC452413)

Balance Sheet
30 June 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
261,223 Tangible assets 4 243,289

CURRENT ASSETS
31,847 Debtors 5 7,660
87,474 Cash at bank 130,391
119,321 138,051
CREDITORS
9,508 Amounts falling due within one year 6 13,139
109,813 NET CURRENT ASSETS 124,912

371,036
TOTAL ASSETS LESS CURRENT
LIABILITIES

368,201

CAPITAL AND RESERVES
360,000 Called up share capital 360,000
11,036 Retained earnings 8,201
371,036 SHAREHOLDERS' FUNDS 368,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





C D Spence - Director


Grimsetter Limited (Registered number: SC452413)

Notes to the Financial Statements
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Grimsetter Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of renewable electricity, excluding value added tax. Turnover is accrued when the company obtains the right to consideration prior to raising sale invoices.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Wind Turbine - Straight line over 20 years
Land - Not depreciated
Computer Equipment - Straight Line over 3 years

Grimsetter Limited (Registered number: SC452413)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 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. 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Grimsetter Limited (Registered number: SC452413)

Notes to the Financial Statements - continued
for the year ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
Totals buildings etc
£    £    £   
COST
At 1 July 2022
and 30 June 2023 410,906 410,668 238
DEPRECIATION
At 1 July 2022 149,683 149,445 238
Charge for year 17,934 17,934 -
At 30 June 2023 167,617 167,379 238
NET BOOK VALUE
At 30 June 2023 243,289 243,289 -
At 30 June 2022 261,223 261,223 -

Included in cost of land and buildings is freehold land of £ 51,999 (2022 - £ 51,999 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 7,660 31,847

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,246 856
Taxation 5,608 7,314
Other creditors 1,285 1,338
13,139 9,508