REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 April 2023 |
for |
ARGYLL ENERGY SOLUTIONS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended |
30 April 2023 |
for |
ARGYLL ENERGY SOLUTIONS LTD |
ARGYLL ENERGY SOLUTIONS LTD (REGISTERED NUMBER: SC421956) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ARGYLL ENERGY SOLUTIONS LTD |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Oakfield House |
378 Brandon Street |
Motherwell |
ML1 1XA |
ARGYLL ENERGY SOLUTIONS LTD (REGISTERED NUMBER: SC421956) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
ARGYLL ENERGY SOLUTIONS LTD (REGISTERED NUMBER: SC421956) |
Balance Sheet - continued |
30 April 2023 |
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 |
ARGYLL ENERGY SOLUTIONS LTD (REGISTERED NUMBER: SC421956) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Argyll Energy Solutions Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basic financial instruments |
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. |
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. |
Going concern |
The company has net liabilities of £429,796 as at 30 April 2023. The plant is currently in commissioning mode and is expected to become fully operational during 2024. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
ARGYLL ENERGY SOLUTIONS LTD (REGISTERED NUMBER: SC421956) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Included in debtors is £8,894,000 (2022- £8,894,000) paid on account to complete the build of a waste to energy facility in South Africa. The facility is nearing completion with discussions ongoing with the operator regarding getting the plant fully operational and the transfer of the Intellectual Property relating to the facility. |
Also included is an amount of £765,00 (2022 - £765,000) received following the sale of founder shares. The treatment of this amount is the subject of an ongoing dispute among board members. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Share Income | 7,954,500 | 7,954,500 |
Accrued expenses |
Share Income of £7,954,500 (2022 - £7,954,500) represents money received following the sale of shares in the company by founder shareholders. |
6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |