Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Lord Ramsay 18/06/2013 The Right Honourable James Hubert Lord Dalhousie Ramsay 18/06/2013 30 July 2024 The Principal activity of the Company during the financial year continued to be that of the operation of hydro schemes. SC452602 2024-03-31 SC452602 bus:Director1 2024-03-31 SC452602 bus:Director2 2024-03-31 SC452602 2023-03-31 SC452602 core:CurrentFinancialInstruments 2024-03-31 SC452602 core:CurrentFinancialInstruments 2023-03-31 SC452602 core:Non-currentFinancialInstruments 2024-03-31 SC452602 core:Non-currentFinancialInstruments 2023-03-31 SC452602 core:ShareCapital 2024-03-31 SC452602 core:ShareCapital 2023-03-31 SC452602 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC452602 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC452602 core:PlantMachinery 2023-03-31 SC452602 core:Vehicles 2023-03-31 SC452602 core:PlantMachinery 2024-03-31 SC452602 core:Vehicles 2024-03-31 SC452602 core:MoreThanFiveYears 2024-03-31 SC452602 core:MoreThanFiveYears 2023-03-31 SC452602 bus:OrdinaryShareClass1 2024-03-31 SC452602 2023-04-01 2024-03-31 SC452602 bus:FilletedAccounts 2023-04-01 2024-03-31 SC452602 bus:SmallEntities 2023-04-01 2024-03-31 SC452602 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC452602 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC452602 bus:Director1 2023-04-01 2024-03-31 SC452602 bus:Director2 2023-04-01 2024-03-31 SC452602 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 SC452602 core:Vehicles 2023-04-01 2024-03-31 SC452602 2022-04-01 2023-03-31 SC452602 core:PlantMachinery 2023-04-01 2024-03-31 SC452602 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC452602 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC452602 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC452602 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC452602 (Scotland)

INVERMARK HYDRO LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

INVERMARK HYDRO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

INVERMARK HYDRO LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
INVERMARK HYDRO LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,242,771 1,308,040
1,242,771 1,308,040
Current assets
Debtors 4 137,254 116,725
Cash at bank and in hand 124,814 132,111
262,068 248,836
Creditors: amounts falling due within one year 5 ( 199,548) ( 249,885)
Net current assets/(liabilities) 62,520 (1,049)
Total assets less current liabilities 1,305,291 1,306,991
Creditors: amounts falling due after more than one year 6 ( 881,244) ( 985,714)
Provision for liabilities 7 ( 54,347) ( 55,423)
Net assets 369,700 265,854
Capital and reserves
Called-up share capital 8 138,001 138,001
Profit and loss account 231,699 127,853
Total shareholder's funds 369,700 265,854

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Invermark Hydro Limited (registered number: SC452602) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

Lord Ramsay
Director
INVERMARK HYDRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
INVERMARK HYDRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Invermark Hydro Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Dalhousie Estate Office, West Lodge, Brechin, DD9 6RL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements and confirm that they will continue to support the company for at least twelve months from the approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for renewable energy production net of VAT and trade discounts.

Turnover is recognised when the hydro schemes generate electricity.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 April 2023 1,895,462 0 1,895,462
Additions 0 30,132 30,132
At 31 March 2024 1,895,462 30,132 1,925,594
Accumulated depreciation
At 01 April 2023 587,422 0 587,422
Charge for the financial year 94,773 628 95,401
At 31 March 2024 682,195 628 682,823
Net book value
At 31 March 2024 1,213,267 29,504 1,242,771
At 31 March 2023 1,308,040 0 1,308,040

4. Debtors

2024 2023
£ £
Trade debtors 119,152 106,080
Other debtors 18,102 10,645
137,254 116,725

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 103,887 99,667
Trade creditors 4,188 2,439
Taxation and social security 44,902 36,917
Other creditors 46,571 110,862
199,548 249,885

Bank loans are secured by a floating charge over the property and undertakings of the company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 881,244 985,714

Included in Bank loans is a loan totalling £371,224 (2023 - £475,714) which is secured by a floating charge over the property and undertakings of the company.

Also included in Bank loans is a loan totalling £510,000 (2023 - £510,000) which is secured on land owned by the Shareholder.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 510,000 543,292

7. Provision for liabilities

2024 2023
£ £
Deferred tax 54,347 55,423

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
138,001 Ordinary shares of £ 1.00 each 138,001 138,001

9. Related party transactions

Other related party transactions

2024 2023
£ £
Amount owed to related party 0 107,000

In this period, the company repaid £107,000 to an associated company. This loan was unsecured, interest free and repayable in full with six months notice by the creditor company.