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REGISTERED NUMBER: SC417299 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

ALEX FOWLIE LTD

ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 JULY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ALEX FOWLIE LTD

COMPANY INFORMATION
for the year ended 31 JULY 2023







DIRECTOR: A W J Fowlie





REGISTERED OFFICE: Millhill
Longside
Peterhead
Aberdeenshire
AB42 5BJ





REGISTERED NUMBER: SC417299 (Scotland)





ACCOUNTANTS: Thomas Barrie & Co LLP
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 773,199 850,001
Investments 6 5,567,424 4,905,363
6,340,623 5,755,364

CURRENT ASSETS
Debtors 7 1,538,706 1,640,318
Cash at bank 780,825 153,735
2,319,531 1,794,053
CREDITORS
Amounts falling due within one year 8 (3,178,578 ) (2,880,054 )
NET CURRENT LIABILITIES (859,047 ) (1,086,001 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,481,576

4,669,363

CREDITORS
Amounts falling due after more than one year 9 (4,054,104 ) (4,054,104 )

PROVISIONS FOR LIABILITIES (182,549 ) (175,227 )
NET ASSETS 1,244,923 440,032

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 (33,376 ) 415
Retained earnings 1,278,199 439,517
SHAREHOLDERS' FUNDS 1,244,923 440,032

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 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 director and authorised for issue on 30 July 2024 and were signed by:





A W J Fowlie - Director


ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 JULY 2023

1. STATUTORY INFORMATION

Alex Fowlie Ltd is a private company, limited by shares, registered in Scotland, registration number
SC417299. The registered office is Millhill, Longside, Peterhead, Aberdeenshire, AB42 5BJ.

The principal activity of the company is renewable energy.

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 as modified by the revaluation of certain assets.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Significant judgements and estimates
In preparing these financial statements, the director is required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Fixed Assets
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Production of electricity
Income is recognised in the period in which the electricity has been generated.

Government grants
Income from the government's Renewable Heat Incentive is recognised in the profit and loss in the period to which it relates.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a wind turbine in 2014, is being amortised over its estimated useful life of 8 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost, 10% on cost and 5% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable.

Listed Investments
Listed investments are measured at fair value with changes in fair value recognised in profit or loss.

The fair value is the price that would be received if an asset is sold in an orderly transaction between market participants at the measurement date. The fair value of assets traded in an active market is based on quoted market prices at the close of trading on the reporting date. For quoted financial assets the valuation is based on the closing bid price.

Unlisted Investments
Unlisted investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance 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 statement of financial position date.


ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JULY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 3,996,958
AMORTISATION
At 1 August 2022
and 31 July 2023 3,996,958
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 1,371,875
Additions 416
At 31 July 2023 1,372,291
DEPRECIATION
At 1 August 2022 521,874
Charge for year 77,218
At 31 July 2023 599,092
NET BOOK VALUE
At 31 July 2023 773,199
At 31 July 2022 850,001

ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JULY 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 August 2022 4,905,363
Additions 695,852
Revaluations (33,791 )
At 31 July 2023 5,567,424
NET BOOK VALUE
At 31 July 2023 5,567,424
At 31 July 2022 4,905,363

Cost or valuation at 31 July 2023 is represented by:

Other
investments
£   
Valuation in 2022 415
Valuation in 2023 (33,791 )
Cost 5,600,800
5,567,424

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 50,332 7,609
Amounts owed by associates 1,461,262 1,611,262
Other debtors 27,112 21,447
1,538,706 1,640,318

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 67,089 58,087
Amounts owed to associates 170,020 120,000
Taxation and social security 256,548 12,020
Other creditors 2,684,921 2,689,947
3,178,578 2,880,054

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 4,054,104 4,054,104

ALEX FOWLIE LTD (REGISTERED NUMBER: SC417299)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 JULY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 4,054,104 4,054,104

10. RESERVES
Fair
value
reserve
£   
At 1 August 2022 415
Fair value transfer (33,791 )

At 31 July 2023 (33,376 )

11. RELATED PARTY DISCLOSURES

The company has advanced funds to the value of £1,461,262 to Fowlie Farms Ltd and £140k to AWJF Ltd, and received £60k from FF Wind Energy Ltd, all of which are entities in which Mr Fowlie is also a director.