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Registration number: SC668729

Scot Stability Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Scot Stability Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Scot Stability Limited

(Registration number: SC668729)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

185,775

-

Investments

5

32

31

 

185,807

31

Current assets

 

Debtors

6

1,076,951

553,660

Cash at bank and in hand

 

46,232

60,476

 

1,123,183

614,136

Creditors: Amounts falling due within one year

7

(2,180,020)

(880,533)

Net current liabilities

 

(1,056,837)

(266,397)

Net liabilities

 

(871,030)

(266,366)

Capital and reserves

 

Called up share capital

8

10

10

Profit and loss account

(871,040)

(266,376)

Shareholders' deficit

 

(871,030)

(266,366)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 


Dr Marc Jason Thomas
Director

 

Scot Stability Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
272 Bath Street
Glasgow
G2 4JR

Principal activity

The principal activity of the company is the trade of the provision of management and technical services relating to the production and sale of electricity.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Scot Stability Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than assets under construction, over their estimated useful lives.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Development costs

Capitalisation of origination and development costs

The company expenses all costs incurred on prospective projects except those which can be transferred to other projects. Costs which are capable of being transferred are held on the balance sheet until they are attached to a viable project.

 

Scot Stability Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Scot Stability Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Assets under construction
 £

Total
£

Cost or valuation

Additions

185,775

185,775

At 31 July 2023

185,775

185,775

Depreciation

Carrying amount

At 31 July 2023

185,775

185,775

5

Investments

2023
£

2022
£

Investments in subsidiaries

32

31

Subsidiaries

£

Cost or valuation

At 1 August 2022

31

Additions

1

At 31 July 2023

32

Provision

Carrying amount

At 31 July 2023

32

At 31 July 2022

31

 

Scot Stability Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Investments (continued)

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Rothienorman Flexpower Ltd

Scotland

Ordinary shares

100%

100%

Peterhead Flexpower Ltd

Scotland

Ordinary shares

100%

100%

Kilmarnock Flexpower Ltd

Scotland

Ordinary shares

100%

100%

Rothienorman Flexpower A Ltd

Scotland

Ordinary shares

100%

0%

Blackhillock Flexpower Ltd

Scotland

Ordinary shares

100%

100%

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

10

1,045,278

-

Other debtors

 

31,673

553,660

 

1,076,951

553,660

 

Scot Stability Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

28,858

4,260

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

2,148,911

855,463

Taxation and social security

 

-

18,560

Accruals and deferred income

 

2,250

2,250

Other creditors

 

1

-

 

2,180,020

880,533

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.00001 each

1,000,000

10

1,000,000

10

         

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Scot Stability Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

10

Related party transactions

Transactions with group companies

The company has taken advantage of the exemption provided by FRS 102 s33.1A whereby disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary that is party to the transaction is a wholly owned subsidiary.

Transactions with ultimate parent undertaking

At the balance sheet date the company owed its ultimate parent undertaking, Rainiko Limited, £366,414 (2022: £343,726). There are no fixed repayment terms but interest is charged on the outstanding balance.