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REGISTERED NUMBER: SC434320 (Scotland)















Orkney Energy Limited

Financial Statements For The Year Ended 31 October 2023






Orkney Energy Limited (Registered number: SC434320)






Contents of the Financial Statements
For The Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Orkney Energy Limited

Company Information
For The Year Ended 31 October 2023







DIRECTORS: Mrs K A Mainland
L Tait
E J Tait
A J Kerins



REGISTERED OFFICE: Cott Farm
Rousay
Orkney
KW17 2PT



REGISTERED NUMBER: SC434320 (Scotland)



ACCOUNTANTS: The Long Partnership
Chartered Accountants
Chartered Tax Advisers
1 Castle Street
Kirkwall
Orkney
KW15 1HD



BANKERS: The Royal Bank of Scotland
1 Victoria Street
Kirkwall
Orkney
KW15 1DP

Orkney Energy Limited (Registered number: SC434320)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 662,734 720,056

CURRENT ASSETS
Debtors 5 151,251 244,863
Cash at bank 52,568 19,130
203,819 263,993
CREDITORS
Amounts falling due within one year 6 85,471 50,280
NET CURRENT ASSETS 118,348 213,713
TOTAL ASSETS LESS CURRENT
LIABILITIES

781,082

933,769

PROVISIONS FOR LIABILITIES 7 163,250 175,700
NET ASSETS 617,832 758,069

CAPITAL AND RESERVES
Called up share capital 8 701,005 701,005
Retained earnings 9 (83,173 ) 57,064
SHAREHOLDERS' FUNDS 617,832 758,069

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Orkney Energy Limited (Registered number: SC434320)

Balance Sheet - continued
31 October 2023


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 19 July 2024 and were signed on its behalf by:





Mrs K A Mainland - Director


Orkney Energy Limited (Registered number: SC434320)

Notes to the Financial Statements
For The Year Ended 31 October 2023

1. STATUTORY INFORMATION

Orkney Energy 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Turbines - 5% on 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.

3. EMPLOYEES AND DIRECTORS

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

Orkney Energy Limited (Registered number: SC434320)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Computer
Turbines equipment Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 1,145,963 474 1,146,437
DEPRECIATION
At 1 November 2022 426,005 376 426,381
Charge for year 57,298 24 57,322
At 31 October 2023 483,303 400 483,703
NET BOOK VALUE
At 31 October 2023 662,660 74 662,734
At 31 October 2022 719,958 98 720,056

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 7,345 2,725
Other debtors 143,906 242,138
151,251 244,863

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 10,492 440
Taxation and social security 35,222 6,205
Other creditors 39,757 43,635
85,471 50,280

7. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 163,250 175,700

Deferred
tax
£   
Balance at 1 November 2022 175,700
Credit to Income Statement during year (12,450 )
Balance at 31 October 2023 163,250

Orkney Energy Limited (Registered number: SC434320)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
701,005 Ordinary 1 701,005 701,005

9. RESERVES
Retained
earnings
£   

At 1 November 2022 57,064
Profit for the year 69,763
Dividends (210,000 )
At 31 October 2023 (83,173 )