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REGISTERED NUMBER: SC612208 (Scotland)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Glen Creran Hydro Limited

Glen Creran Hydro Limited (Registered number: SC612208)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glen Creran Hydro Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R G S Sadler
W D Stewart





REGISTERED OFFICE: Coldoch
Blair Drummond
Stirling
FK9 4XD





REGISTERED NUMBER: SC612208 (Scotland)





ACCOUNTANTS: Nichols & Co ( Accountancy ) Limited
Chartered Accountants
Unit 7
Mulberry Place
Pinnell Road
Eltham
London
SE9 6AR

Glen Creran Hydro Limited (Registered number: SC612208)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £ £
FIXED ASSETS
Tangible assets 4 2,479,267 2,549,168

CURRENT ASSETS
Debtors 5 20,966 21,122
Cash at bank 662,385 170,002
683,351 191,124
CREDITORS
Amounts falling due within one year 6 (420,248 ) (315,000 )
NET CURRENT ASSETS/(LIABILITIES) 263,103 (123,876 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,742,370

2,425,292

CREDITORS
Amounts falling due after more than one
year

7

(2,730,000

)

(2,780,000

)
NET ASSETS/(LIABILITIES) 12,370 (354,708 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 12,368 (354,710 )
SHAREHOLDERS' FUNDS 12,370 (354,708 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Glen Creran Hydro Limited (Registered number: SC612208)

Balance Sheet - continued
31 March 2024


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 10 July 2024 and were signed on its behalf by:





R G S Sadler - Director


Glen Creran Hydro Limited (Registered number: SC612208)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Glen Creran Hydro 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.

Hydro power installations over 20 years (once power generation commences)
Dam extension over 20 years (once dam is operational)

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Dam
machinery extension Totals
£ £ £
COST
At 1 April 2023 2,793,609 - 2,793,609
Additions - 69,779 69,779
At 31 March 2024 2,793,609 69,779 2,863,388
DEPRECIATION
At 1 April 2023 244,441 - 244,441
Charge for year 139,680 - 139,680
At 31 March 2024 384,121 - 384,121
NET BOOK VALUE
At 31 March 2024 2,409,488 69,779 2,479,267
At 31 March 2023 2,549,168 - 2,549,168

Glen Creran Hydro Limited (Registered number: SC612208)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Directors' current accounts 966 1,122
Prepayments and accrued income 20,000 20,000
20,966 21,122

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£ £
Corporation tax 998 -
VAT 38,029 14,352
Directors' current accounts 211,467 171,619
Accruals and deferred income 2,880 2,481
Accrued interest on loan 166,874 126,548
420,248 315,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£ £
Other loans due after 5yrs 1,380,000 1,430,000
Directors' loan accounts 1,350,000 1,350,000
2,730,000 2,780,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans due after 5yrs 1,380,000 1,430,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £ £
2 Ordinary £1 2 2

9. RELATED PARTY DISCLOSURES

Included in creditors falling due after one year are loans advanced to the company by director, Mr R G S Sadler, amounting to £1,350,000 (2023: £1,350,000) and £1,380,000 (2023: £1,430,000) from a third party. The loans are due for repayment on 14 April 2029 and interest of 2.91% is due on the outstanding balance.

Included in creditors falling due within one year are additional funds of £211,468 (2023: £171,620) advanced to the company by Mr R G S Sadler. There are no fixed repayment terms and no interest is charged on the outstanding balance.

The loans were advanced in order to fund the costs of constructing the hydroelectric project.

Debtors include £966 (2023: £1,122) due from director, Mr W D Stewart.

Glen Creran Hydro Limited (Registered number: SC612208)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.