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REGISTERED NUMBER: SC375860 (Scotland)















RISORT POWER GENERATION LIMITED

Financial Statements for the Year Ended 31 December 2023






RISORT POWER GENERATION LIMITED (REGISTERED NUMBER: SC375860)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RISORT POWER GENERATION LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: F A Jefferson
J Macleod
C Miller
R Morrison



SECRETARY: R Morrison



REGISTERED OFFICE: Raebhat House
North Shawbost
Isle of Lewis
HS29BD



REGISTERED NUMBER: SC375860 (Scotland)



SENIOR STATUTORY AUDITOR: John E Moffat BA FCA



AUDITORS: Mann Judd Gordon Ltd
Chartered Accountants
& Statutory Auditors
26 Lewis Street
Stornoway
Isle of Lewis
HS1 2JF

RISORT POWER GENERATION LIMITED (REGISTERED NUMBER: SC375860)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 790,837 880,280

CURRENT ASSETS
Debtors 5 369,160 588,586
Cash at bank and in hand 720,233 722,875
1,089,393 1,311,461
CREDITORS
Amounts falling due within one year 6 602,527 1,084,718
NET CURRENT ASSETS 486,866 226,743
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,277,703

1,107,023

CREDITORS
Amounts falling due after more than one
year

7

180,362

571,721
NET ASSETS 1,097,341 535,302

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,097,339 535,300
SHAREHOLDERS' FUNDS 1,097,341 535,302

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 14 August 2024 and were signed on its behalf by:





J Macleod - Director


RISORT POWER GENERATION LIMITED (REGISTERED NUMBER: SC375860)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Risort Power Generation 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £1.

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.

Going concern
The company continues to adopt the going concern basis in preparing its financial statements and the period of management's going concern assessment is the period to 30 June 2025.

Critical accounting judgements and key sources of estimation uncertainty
Fixed asset net book value and depreciation charges are the areas of the accounts which are affected by significant judgements and estimates. The directors exercise judgement in determining both the useful economic life and the likely residual value of the company's assets. This judgement affects the rates of and charge for depreciation as well as grant release in the accounts for the year. It also therefore affects the net book value of the assets in the balance sheet.

Turnover
Turnover represents the value of electricity generation income and feed in tariff in the period, excluding value added tax.

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

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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.


RISORT POWER GENERATION LIMITED (REGISTERED NUMBER: SC375860)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Where there are related or matching forward contracts in respect of trading transactions, the rates of exchange specified in those contracts have been used.

Lease commitments
Rentals paid under operating leases are charged to the profit and loss account as incurred over the period of the lease.

Grants
Grants of a revenue nature are taken to the Profit and Loss Account in the year in which the related expenditure is undertaken. Grants received which are related to capital expenditure are capitalised in the Balance Sheet under Creditors due after more than one year until the project is complete. At that point these grants are released to the Profit and Loss Account on the same basis as the related capital expenditure is depreciated.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

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

RISORT POWER GENERATION LIMITED (REGISTERED NUMBER: SC375860)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 1,788,858
DEPRECIATION
At 1 January 2023 908,578
Charge for year 89,443
At 31 December 2023 998,021
NET BOOK VALUE
At 31 December 2023 790,837
At 31 December 2022 880,280

No loan interest has been capitalised during the year ended 31 December 2023. The total interest capitalised to 31 December 2023 is £3,995.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 318,710 496,662
Other debtors 50,450 91,924
369,160 588,586

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 391,542 154,184
Trade creditors 1,116 5,558
Amounts owed to group undertakings 40,000 40,000
Taxation and social security 134,015 76,076
Other creditors 35,854 808,900
602,527 1,084,718

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 391,542
Amounts owed to group undertakings 180,362 180,179
180,362 571,721

RISORT POWER GENERATION LIMITED (REGISTERED NUMBER: SC375860)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 3,150 3,150
Between one and five years 18,375 18,375
In more than five years 42,350 45,500
63,875 67,025

Risort Power Generation Ltd is party to a 22 year lease of the turbine site.

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 391,542 545,726

The bank loan is secured by a standard security over the lease of the wind turbine site at Cnoc Airigh Mhic Crishnidh, South Shawbost, Isle of Lewis, by a floating charge over the company's assets and undertakings and by an assignation in security of the rights under the grid connection agreement relating to the wind farm development.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John E Moffat BA FCA (Senior Statutory Auditor)
for and on behalf of Mann Judd Gordon Ltd

11. RELATED PARTY DISCLOSURES

The company is a wholly owned trading subsidiary of Horshader Community Development which has been set up to develop community-owned renewable energy projects. Horshader Community Development is a charitable company limited by guarantee which is incorporated in Scotland.

The company has received loans from its parent company to assist in the development of a community wind energy project. There is no scheduled repayment date and the loan bears interest at 3.5%. The balance of this loan at 31 December 2023 was £180,362 (2022 - £180,179).The parent advanced an additional loan of £40,000 to assist with working capital. This loan will be repaid as soon as the company's cash flows allow. Interest charged on the intercompany loans during the year was £17,871(2022 - £10,934).

During the year ended 31 December 2023, the company was charged £14,729 (2022 - £13,211) in relation to rent and £1,200 (2022 - £1,200) in administration charges by its parent charitable company. The company also made gift aid payments of £487,284 (2022 - £734,527) to its parent charitable company in relation to the year ended 31 December 2023. The amounts owed by the company to its parent charitable company at 31 December 2023 are £17,871 (2022 - £51,049).