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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC465407
2023-01-01
2023-12-31
SC465407
2023-12-31
SC465407
2022-12-31
SC465407
2022-01-01
2022-12-31
SC465407
2022-12-31
SC465407
2021-12-31
SC465407
core:PlantMachinery
2023-01-01
2023-12-31
SC465407
bus:Director1
2023-01-01
2023-12-31
SC465407
core:WithinOneYear
2023-12-31
SC465407
core:WithinOneYear
2022-12-31
SC465407
core:AfterOneYear
2023-12-31
SC465407
core:AfterOneYear
2022-12-31
SC465407
core:ShareCapital
2023-12-31
SC465407
core:ShareCapital
2022-12-31
SC465407
core:RetainedEarningsAccumulatedLosses
2023-12-31
SC465407
core:RetainedEarningsAccumulatedLosses
2022-12-31
SC465407
core:BetweenOneFiveYears
2023-12-31
SC465407
core:BetweenOneFiveYears
2022-12-31
SC465407
core:MoreThanFiveYears
2023-12-31
SC465407
core:MoreThanFiveYears
2022-12-31
SC465407
bus:SmallEntities
2023-01-01
2023-12-31
SC465407
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
SC465407
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
SC465407
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
SC465407
bus:AbridgedAccounts
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
SC465407
Filleted Unaudited Abridged Financial Statements |
|
Abridged Financial Statements |
|
Year ended 31 December 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
4,822,566 |
5,110,573 |
|
|
|
|
|
Current assets
Debtors |
886,472 |
|
942,342 |
Cash at bank and in hand |
613,242 |
|
563,537 |
|
------------ |
|
------------ |
|
1,499,714 |
|
1,505,879 |
|
|
|
|
Creditors: amounts falling due within one year |
744,426 |
|
731,922 |
|
------------ |
|
------------ |
Net current assets |
|
755,288 |
773,957 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
5,577,854 |
5,884,530 |
|
|
|
|
Creditors: amounts falling due after more than one year |
|
3,802,621 |
4,346,904 |
|
|
|
|
Provisions
Taxation including deferred tax |
|
920,452 |
582,503 |
|
|
------------ |
------------ |
Net assets |
|
854,781 |
955,123 |
|
|
------------ |
------------ |
|
|
|
|
Abridged Statement of Financial Position (continued) |
|
31 December 2023
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
854,681 |
955,023 |
|
|
--------- |
--------- |
Shareholders funds |
|
854,781 |
955,123 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
19 March 2024
, and are signed on behalf of the board by:
Company registration number:
SC465407
Notes to the Abridged Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Marshill Farm, Blackwood, Lanark, South Lanarkshire, ML11 9PW, Scotland.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost basis.
Borrowing costs
The company capitalised borrowing costs during the construction phase of the project. Since the turbines became operational borrowing costs have been charged to the profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue comprised the income from the generation of electricity. Revenue consists of sales of electricity, exclusive of value added tax. Electricity sales are based on meter readings measured in units and include an estimate of the fair value of the units supplied between the date of the meter reading immediately prior to the year end and the year end. Revenue from the sale of electricity is recognised when generated and there is an obligation on the buyer to pay, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
4% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Hedge accounting
Hedge accounting is used where the hedging relationship is designated, documented and expected to be highly effective, and is only used for specific risks, as defined by FRS 102 section 12. Where the hedged risk is the variable or fixed interest rate risk of a debt instrument measured at amortised cost, the periodic net cash settlements on the interest rate swap are recognised in profit or loss in the period in which the net settlements accrue.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
No remuneration was paid to staff by the company during this or the previous year.
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
7,200,167 |
|
------------ |
Depreciation |
|
At 1 January 2023 |
2,089,594 |
Charge for the year |
288,007 |
|
------------ |
At 31 December 2023 |
2,377,601 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
4,822,566 |
|
------------ |
At 31 December 2022 |
5,110,573 |
|
------------ |
|
|
6.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
100,000 |
70,000 |
Later than 1 year and not later than 5 years |
400,000 |
280,000 |
Later than 5 years |
957,142 |
670,000 |
|
------------ |
------------ |
|
1,457,142 |
1,020,000 |
|
------------ |
------------ |
|
|
|
7.
Charges on assets
Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £4,346,904 (2022 - £4,883,434
The assets of the company are subject to floating charges in favour of the finance providers and landowners.
8.
Related party transactions
The company was under the control of Mr Andrew Stewart throughout the current and previous year. Mr Stewart is the managing director and majority shareholder. The company owed a balance of £13,000 to T C Stewart & Sons at the balance sheet date. (2022 - £Nil). Mr Andrew Stewart is a partner in the firm of T C Stewart & Sons. There were no set repayment or interest terms applying to this loan. The company has advanced a loan to Southfield Homes Limited of £33,924 (2022 - £924). The balance due from Southfield Homes Limited at the balance sheet date is £701,419 (2022 £667,495. This loan is unsecured and is repayable on demand. Mr A Stewart is a director and controlling shareholder of Southfield Homes Limited. Two of the Directors are also shareholders of the company. Dividends of £246,210 in total were paid to these Directors (2022 - £142,000).