Company registration number SC519682 (Scotland)
KILMAC ENERGY (FINAVON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KILMAC ENERGY (FINAVON) LIMITED
COMPANY INFORMATION
Directors
Mr A J McDonald
Mr R G Kilcullen
Company number
SC519682
Registered office
Delta House
Gemini Crescent
Dundee
United Kingdom
DD2 1SW
Accountants
Azets
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
KILMAC ENERGY (FINAVON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
KILMAC ENERGY (FINAVON) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,495,000
1,610,000
Current assets
Debtors
5
107,267
116,879
Cash at bank and in hand
4,286
47,095
111,553
163,974
Creditors: amounts falling due within one year
6
(210,273)
(240,941)
Net current liabilities
(98,720)
(76,967)
Total assets less current liabilities
1,396,280
1,533,033
Creditors: amounts falling due after more than one year
7
(291,800)
(502,128)
Provisions for liabilities
(243,698)
(225,238)
Net assets
860,782
805,667
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
310,316
334,186
Profit and loss reserves
550,366
471,381
Total equity
860,782
805,667
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KILMAC ENERGY (FINAVON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 August 2024 and are signed on its behalf by:
Mr A J McDonald
Director
Company Registration No. SC519682
KILMAC ENERGY (FINAVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Kilmac Energy (Finavon) Limited is a private company limited by shares incorporated in Scotland. The registered office is Delta House, Gemini Crescent, Dundee, United Kingdom, DD2 1SW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover from generation of electricity and the associated feed in tariff is recognised at the contracted rate as electricity is generated.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Wind Turbine
5% on valuation
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KILMAC ENERGY (FINAVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KILMAC ENERGY (FINAVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
KILMAC ENERGY (FINAVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Tangible fixed assets
Wind Turbine
£
Cost
At 1 December 2022 and 30 November 2023
2,300,000
Depreciation and impairment
At 1 December 2022
690,000
Depreciation charged in the year
115,000
At 30 November 2023
805,000
Carrying amount
At 30 November 2023
1,495,000
At 30 November 2022
1,610,000
The wind turbine was valued on a market basis on 6 March 201906 March 2019 by Francis Clark LLPtrue.
Although a professional valuation was not carried out at year end, the directors have confirmed that in their opinion there would be no material difference as at 30 November 2023.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
74,823
87,295
Other debtors
32,444
29,584
107,267
116,879
6
Creditors: amounts falling due within one year
2023
2022
£
£
Loans and overdrafts
16,128
188,447
Trade creditors
10,385
Other taxation and social security
4,659
Other creditors
183,760
47,835
210,273
240,941
KILMAC ENERGY (FINAVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans and overdrafts
291,800
16,128
Other creditors
486,000
291,800
502,128
8
Loans and overdrafts
2023
2022
£
£
Other loans
307,928
204,575
Payable within one year
16,128
188,447
Payable after one year
291,800
16,128
The long-term loans are secured by floating charge in favour of Lombard North General Ltd over the company's assets granted on 30 November 2016 in respect of finance drawn on 29 December 2016. This finance is in respect of the Wind Turbine (note 4).
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
445,581
477,408
Prior year adjustment
(111,395)
As restated
334,186
477,408
Transfer to retained earnings
(23,870)
(143,222)
At the end of the year
310,316
334,186
KILMAC ENERGY (FINAVON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
305,374
28,797
12
Related party transactions
At the 30 November 2023 the following loan amounts were due to related parties:
£241,800 (2022: £243,000) was due to an LLP in which A McDonald and R Kilcullen are also members. £50,000 (2022: £nil) was due to companies in which A McDonald and R Kilcullen are directors.
All loans are interest free.
13
Prior period adjustment
Reconciliation of changes in equity
1 December
30 November
2021
2022
£
£
Adjustments to prior year
Deferred tax not recognised
(162,554)
-
Equity as previously reported
985,638
805,667
Equity as adjusted
823,084
805,667
Analysis of the effect upon equity
Revaluation reserve
-
(111,395)
Profit and loss reserves
(162,554)
111,395
(162,554)
-
Reconciliation of changes in loss for the previous financial period
2022
£
Total adjustments
-
Loss as previously reported
(17,417)
Loss as adjusted
(17,417)
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