Silverfin false false 31/03/2024 01/04/2023 31/03/2024 David James Delph 14/09/2022 Hector William Ingram 09/03/2012 Lisa Wyllie Ingram 09/03/2012 Jennifer Alison King 14/09/2022 Allan David Smith 09/03/2012 Andrew William Smith 19/12/2013 David Christie Smith 09/03/2012 Mandy Eccles Smith 09/03/2012 Valerie Kilburn Smith 09/03/2012 03 September 2024 The principal activity of the Company during the financial year was the operation of three turbine windfarm.

As part of the funding provisions, the shares are held by Triodos Bank N.V. under a share pledge agreement.
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Company No: SC419022 (Scotland)

CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED

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

CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,386,718 3,700,580
3,386,718 3,700,580
Current assets
Debtors 4 565,852 448,943
Cash at bank and in hand 849,730 795,912
1,415,582 1,244,855
Creditors: amounts falling due within one year 5 ( 1,285,094) ( 858,650)
Net current assets 130,488 386,205
Total assets less current liabilities 3,517,206 4,086,785
Creditors: amounts falling due after more than one year 6 ( 1,003,738) ( 1,771,767)
Provision for liabilities 7 ( 666,264) ( 702,038)
Net assets 1,847,204 1,612,980
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 1,846,204 1,611,980
Total shareholders' funds 1,847,204 1,612,980

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 Cloffrickford Renewable Energy Company Limited (registered number: SC419022) were approved and authorised for issue by the Board of Directors on 03 September 2024. They were signed on its behalf by:

David Christie Smith
Director
Valerie Kilburn Smith
Director
CLOFFRICKFORD RENEWABLE ENERGY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
CLOFFRICKFORD RENEWABLE ENERGY COMPANY 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

Cloffrickford Renewable Energy Company 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 Cloffrickford, Auchnagatt, Ellon, AB41 8YD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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 invoiced for renewable energy generated net of VAT. Turnover is recognised on generation of electricity. Income is recognised on an accruals basis where it is capable of being reliably measured. Where no reliable estimate is possible, income is recognised on a receipt basis.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 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.

Included in plant & machinery is a decommissioning provision of £55,000 (2023 - £55,000) which is not depreciated.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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 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.

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 April 2023 41,483 9,750 6,269,256 6,320,489
Additions 928 0 0 928
At 31 March 2024 42,411 9,750 6,269,256 6,321,417
Accumulated depreciation
At 01 April 2023 22,604 8,855 2,588,450 2,619,909
Charge for the financial year 3,853 224 310,713 314,790
At 31 March 2024 26,457 9,079 2,899,163 2,934,699
Net book value
At 31 March 2024 15,954 671 3,370,093 3,386,718
At 31 March 2023 18,879 895 3,680,806 3,700,580

4. Debtors

2024 2023
£ £
Other debtors 565,852 448,943

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 464,011 437,062
Trade creditors 158,930 72,239
Taxation and social security 377,133 235,639
Other creditors 285,020 113,710
1,285,094 858,650

The bank loans are secured by a floating charge over the assets of the company and includes a share pledge in respect of the issued shares of the company.

Included in other creditors are amounts due in respect of the settlement agreement. The settlement amount in respect of an overpayment with a customer. This is a result of a customer incorrectly calculating embedded benefits and overpaying Cloffrickford, this was due to no fault by Cloffrickford. This sum is due for payment between January 2021 and December 2025.

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

2024 2023
£ £
Trade creditors 50,813 108,625
Bank loans 906,606 1,419,713
Other creditors 46,319 243,429
1,003,738 1,771,767

The bank loan is secured by a first bond and floating charge over the assets of the company and includes a share pledge in the respect of the issued shares of the company.

Included in other creditors are amounts which are subordinated to the bank debt and amounts owed in respect of the settlement agreement. The settlement amount in respect of an overpayment with a customer. This is a result of a customer incorrectly calculating embedded benefits and overpaying Cloffrickford, this was due to no fault by Cloffrickford. This sum is due for payment between January 2021 and December 2025.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 611,264 647,038
Other provisions 55,000 55,000
666,264 702,038

As a result of the company's investment in wind turbines, there is an obligation to decommission the windfarm at the end of its useful life. The company has recognised £55,000 on the decommissioning of the operations which represents the net present value of anticipated future costs as at 31 March 2024. Whilst it is expected a market for expired assets will exist, the provision cannot and does not anticipate any associated future income.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 135,000 135,000
between one and five years 540,000 540,000
after five years 1,462,111 1,597,111
2,137,111 2,272,111

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company operates a loan account with Skelmonae Windfarm Limited ("Skelmonae"). The directors are also directors of Skelmonae. During the year Cloffrickford Renewable Energy Company Limited repaid amounts totaling £91,619 (2023 - £90,040). Interest of £6,863 (2023 - £10,935) was paid during the year. Included within accruals is a balance of £1,637 (2023 - £2,990) in respect of interest. Included in creditors at the year end is a balance of £105,491 (2023 - £197,110). Interest is charged at 4.5%.

During the year electricity of £28,649 (2023 - £25,985) has been charged by Skelmonae. At the year end, a balance of £6,644 (2023 - £3,966) is included within accruals due to Skelmonae.

The company also operates a loan account with Cardinghill Renewables Limited ("Cardinghill"). The directors are also directors of Cardinghill. Included in debtors at the year end is a balance of £23,650 (2023 - £23,650) due from Cardinghill. There is no interest charged on this.

Transactions with the entity's directors

2024 2023
£ £
Director Loan due to company 2,915 30,099

At 1 April 2023, a director owed the company £30,099. During the year, the company paid advances to the director of £49,533 and the director repaid the company £76,791. The balance due to the company by the director at 31 March 2024 was £2,915. Loan interest is charged at 2% per annum. Interest of £74 was charged during the current year. There are no fixed repayment terms.

11. Ultimate controlling party

The shares in issue are held by Triodos Bank N.V. under a share pledge arrangement. The day to day operations of the company are managed and controlled by the directors, subject to the provisions of the share pledge agreement.