REGISTERED NUMBER: |
RISORT POWER GENERATION LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
Plant and machinery | - |
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 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Amounts owed to group undertakings |
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 |
Between one and five years |
In more than five years |
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 |
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. |
for and on behalf of |
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). |