Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Lynn Davidson 21/12/2023 Jamie Di Sotto 21/12/2023 George Goudsmit 21/12/2023 11/09/1990 Campbell Maclennan 17/06/2009 Susan Roaf 21/12/2023 23/02/2009 Shannon-Lee Watson 21/12/2023 12/03/2016 02 September 2024 The principal activity of the company continued to be that of the manufacture and sale of solar systems. SC084742 2023-12-31 SC084742 bus:Director1 2023-12-31 SC084742 bus:Director2 2023-12-31 SC084742 bus:Director3 2023-12-31 SC084742 bus:Director4 2023-12-31 SC084742 bus:Director5 2023-12-31 SC084742 bus:Director6 2023-12-31 SC084742 2022-12-31 SC084742 core:CurrentFinancialInstruments 2023-12-31 SC084742 core:CurrentFinancialInstruments 2022-12-31 SC084742 core:Non-currentFinancialInstruments 2023-12-31 SC084742 core:Non-currentFinancialInstruments 2022-12-31 SC084742 core:ShareCapital 2023-12-31 SC084742 core:ShareCapital 2022-12-31 SC084742 core:RevaluationReserve 2023-12-31 SC084742 core:RevaluationReserve 2022-12-31 SC084742 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC084742 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC084742 core:Goodwill 2022-12-31 SC084742 core:OtherResidualIntangibleAssets 2022-12-31 SC084742 core:Goodwill 2023-12-31 SC084742 core:OtherResidualIntangibleAssets 2023-12-31 SC084742 core:LandBuildings 2022-12-31 SC084742 core:PlantMachinery 2022-12-31 SC084742 core:Vehicles 2022-12-31 SC084742 core:FurnitureFittings 2022-12-31 SC084742 core:OfficeEquipment 2022-12-31 SC084742 core:LandBuildings 2023-12-31 SC084742 core:PlantMachinery 2023-12-31 SC084742 core:Vehicles 2023-12-31 SC084742 core:FurnitureFittings 2023-12-31 SC084742 core:OfficeEquipment 2023-12-31 SC084742 core:CostValuation 2022-12-31 SC084742 core:AdditionsToInvestments 2023-12-31 SC084742 core:CostValuation 2023-12-31 SC084742 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 SC084742 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 SC084742 bus:OrdinaryShareClass1 2023-12-31 SC084742 bus:OrdinaryShareClass2 2023-12-31 SC084742 2023-01-01 2023-12-31 SC084742 bus:FilletedAccounts 2023-01-01 2023-12-31 SC084742 bus:SmallEntities 2023-01-01 2023-12-31 SC084742 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC084742 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC084742 bus:Director1 2023-01-01 2023-12-31 SC084742 bus:Director2 2023-01-01 2023-12-31 SC084742 bus:Director3 2023-01-01 2023-12-31 SC084742 bus:Director4 2023-01-01 2023-12-31 SC084742 bus:Director5 2023-01-01 2023-12-31 SC084742 bus:Director6 2023-01-01 2023-12-31 SC084742 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC084742 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 SC084742 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC084742 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 SC084742 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC084742 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC084742 2022-01-01 2022-12-31 SC084742 core:LandBuildings 2023-01-01 2023-12-31 SC084742 core:PlantMachinery 2023-01-01 2023-12-31 SC084742 core:Vehicles 2023-01-01 2023-12-31 SC084742 core:FurnitureFittings 2023-01-01 2023-12-31 SC084742 core:OfficeEquipment 2023-01-01 2023-12-31 SC084742 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC084742 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC084742 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC084742 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC084742 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC084742 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC084742 (Scotland)

AES LIMITED

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

AES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

AES LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
AES LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 870,264 331,388
Investments 5 200 100
870,464 331,488
Current assets
Stocks 6 515,014 851,086
Debtors 7 616,362 1,013,188
Cash at bank and in hand 1,381,339 1,445,089
2,512,715 3,309,363
Creditors: amounts falling due within one year 8 ( 2,188,507) ( 2,565,531)
Net current assets 324,208 743,832
Total assets less current liabilities 1,194,672 1,075,320
Creditors: amounts falling due after more than one year 9 ( 73,716) ( 82,500)
Provision for liabilities 10 ( 42,614) ( 43,658)
Net assets 1,078,342 949,162
Capital and reserves
Called-up share capital 11 112,500 112,500
Revaluation reserve 187,165 184,946
Profit and loss account 778,677 651,716
Total shareholder's funds 1,078,342 949,162

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 AES Limited (registered number: SC084742) were approved and authorised for issue by the Board of Directors on 02 September 2024. They were signed on its behalf by:

Lynn Davidson
Director
AES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
AES LIMITED

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

AES 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 Aes Building, Lea Road, Forres, IV36 1AU, United Kingdom.

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 items at fair value, 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 £.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Amounts recoverable on long term contracts, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Other intangible assets not amortised
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 50 years straight line
Plant and machinery 5 - 10 years straight line
Vehicles 5 years straight line
Fixtures and fittings 10 years straight line
Office equipment 3 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.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

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 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 36 33

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2023 25,000 67,340 92,340
At 31 December 2023 25,000 67,340 92,340
Accumulated amortisation
At 01 January 2023 25,000 67,340 92,340
At 31 December 2023 25,000 67,340 92,340
Net book value
At 31 December 2023 0 0 0
At 31 December 2022 0 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 240,001 80,671 87,307 6,735 99,552 514,266
Additions 537,630 39,931 0 0 13,501 591,062
Disposals 0 ( 7,580) ( 17,735) 0 0 ( 25,315)
At 31 December 2023 777,631 113,022 69,572 6,735 113,053 1,080,013
Accumulated depreciation
At 01 January 2023 3,774 68,280 24,766 4,059 81,999 182,878
Charge for the financial year 4,360 9,084 11,309 379 13,576 38,708
Disposals 0 ( 7,403) ( 4,434) 0 0 ( 11,837)
At 31 December 2023 8,134 69,961 31,641 4,438 95,575 209,749
Net book value
At 31 December 2023 769,497 43,061 37,931 2,297 17,478 870,264
At 31 December 2022 236,227 12,391 62,541 2,676 17,553 331,388

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 100 100
Additions 100 100
At 31 December 2023 200 200
Carrying value at 31 December 2023 200 200
Carrying value at 31 December 2022 100 100

The above investments represent 100% of the share capital in Solarscotia Limited (SC428114) of £100, and 100% of the share capital in A E S Solar Limited (SC249497) of £100. The companies are dormant.

6. Stocks

2023 2022
£ £
Stocks 515,014 755,137
Work in progress 0 95,949
515,014 851,086

7. Debtors

2023 2022
£ £
Trade debtors 487,502 885,939
Amounts owed by Parent undertakings 6,640 0
Other debtors 122,220 127,249
616,362 1,013,188

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 30,000 30,000
Trade creditors 438,557 663,447
Corporation tax 246,694 54,494
Other taxation and social security 30,435 46,209
Other creditors 1,442,821 1,771,381
2,188,507 2,565,531

The company bank loan was granted under the Coronavirus Business Interruption Loan Scheme which is partly guaranteed by the UK government and also secured by way of a bond and floating charge over the assets of the company.

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

2023 2022
£ £
Bank loans 52,500 82,500
Other loans 21,216 0
73,716 82,500

The company bank loan was granted under the Coronavirus Business Interruption Loan Scheme which is partly guaranteed by the UK government and also secured by way of a bond and floating charge over the assets of the company.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 42,614 43,658

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
56,250 A ordinary shares of £ 1.00 each 56,250 56,250
56,250 B ordinary shares of £ 1.00 each 56,250 56,250
112,500 112,500

12. Related party transactions

Other related party transactions

2023 2022
£ £
Amounts owed by parent company 6,640 0

13. Ultimate controlling party

Parent Company:

AES Group (Scotland) Limited
Aes Building
Lea Road
Forres
IV36 1AU
United Kingdom