Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Eileen Birnie 12/07/2017 Harry Birnie 07/11/2014 David West 18/07/2017 George West 18/07/2017 20 August 2024 The principal activity of the company is the production of electricity through wind power and use of renewable sources in an environmentally friendly way. SC490804 2023-12-31 SC490804 bus:Director1 2023-12-31 SC490804 bus:Director2 2023-12-31 SC490804 bus:Director3 2023-12-31 SC490804 bus:Director4 2023-12-31 SC490804 2022-12-31 SC490804 core:CurrentFinancialInstruments 2023-12-31 SC490804 core:CurrentFinancialInstruments 2022-12-31 SC490804 core:ShareCapital 2023-12-31 SC490804 core:ShareCapital 2022-12-31 SC490804 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC490804 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC490804 core:LandBuildings 2022-12-31 SC490804 core:OtherPropertyPlantEquipment 2022-12-31 SC490804 core:LandBuildings 2023-12-31 SC490804 core:OtherPropertyPlantEquipment 2023-12-31 SC490804 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 SC490804 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-12-31 SC490804 bus:OrdinaryShareClass1 2023-12-31 SC490804 2023-01-01 2023-12-31 SC490804 bus:FilletedAccounts 2023-01-01 2023-12-31 SC490804 bus:SmallEntities 2023-01-01 2023-12-31 SC490804 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC490804 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC490804 bus:Director1 2023-01-01 2023-12-31 SC490804 bus:Director2 2023-01-01 2023-12-31 SC490804 bus:Director3 2023-01-01 2023-12-31 SC490804 bus:Director4 2023-01-01 2023-12-31 SC490804 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC490804 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC490804 2022-01-01 2022-12-31 SC490804 core:LandBuildings 2023-01-01 2023-12-31 SC490804 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC490804 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC490804 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC490804 (Scotland)

BIRNIE GOWKHILL ENERGY LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

BIRNIE GOWKHILL ENERGY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

BIRNIE GOWKHILL ENERGY LTD

BALANCE SHEET

AS AT 31 DECEMBER 2023
BIRNIE GOWKHILL ENERGY LTD

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 692,191 750,262
692,191 750,262
Current assets
Debtors 4 111,144 91,278
Cash at bank and in hand 96,549 124,419
207,693 215,697
Creditors: amounts falling due within one year 5 ( 143,268) ( 349,655)
Net current assets/(liabilities) 64,425 (133,958)
Total assets less current liabilities 756,616 616,304
Provision for liabilities ( 101,777) ( 105,052)
Net assets 654,839 511,252
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 654,739 511,152
Total shareholders' funds 654,839 511,252

For the financial year ending 31 December 2023 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 Birnie Gowkhill Energy Ltd (registered number: SC490804) were approved and authorised for issue by the Board of Directors on 20 August 2024. They were signed on its behalf by:

Harry Birnie
Director
BIRNIE GOWKHILL ENERGY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
BIRNIE GOWKHILL ENERGY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
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

Birnie Gowkhill Energy Ltd (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 East Gowkhill, Maud, Peterhead, AB42 5SE, 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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the production of electricity through wind power and use of renewable resources net of VAT and trade discounts. Turnover is recognised at the point of invoice.

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, other than investment property and freehold land, 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:

Land and buildings 20 years straight line
Plant and machinery etc. 20 years straight line

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.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to expenses on a straight line basis over the term of the relevant lease.

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 Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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 assets
Assets 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

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

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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. If not, they are presented as non-current liabilities.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 84,831 1,076,589 1,161,420
At 31 December 2023 84,831 1,076,589 1,161,420
Accumulated depreciation
At 01 January 2023 29,825 381,333 411,158
Charge for the financial year 4,242 53,829 58,071
At 31 December 2023 34,067 435,162 469,229
Net book value
At 31 December 2023 50,764 641,427 692,191
At 31 December 2022 55,006 695,256 750,262

4. Debtors

2023 2022
£ £
Trade debtors 95,197 77,280
Other debtors 15,947 13,998
111,144 91,278

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,317 1,390
Amounts owed to related parties 77,930 297,930
Taxation and social security 60,632 48,155
Other creditors 2,389 2,180
143,268 349,655

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

Other financial commitments

The company is due to pay rent of £20,000 per annum for the rent of the land on which the wind turbine has been erected.

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Loans due to connected companies 77,730 297,930

These loans are interest free and have no set repayment terms.