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BALNAMOON RENEWABLES LIMITED

Registered Number
SC272029
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

BALNAMOON RENEWABLES LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

ORR, Charles James Robert

Registered Address

9 Newton Place Office 1, Technology House
9 Newton Place
Glasgow
G3 7PR

Registered Number

SC272029 (Scotland)
BALNAMOON RENEWABLES LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4377,299426,487
377,299426,487
Current assets
Debtors576,62185,305
Cash at bank and on hand23,83375,358
100,454160,663
Creditors amounts falling due within one year6(88,747)(57,530)
Net current assets (liabilities)11,707103,133
Total assets less current liabilities389,006529,620
Creditors amounts falling due after one year7(92,430)(201,455)
Provisions for liabilities8(24,036)(20,556)
Net assets272,540307,609
Capital and reserves
Called up share capital407407
Share premium223,427223,427
Profit and loss account48,70683,775
Shareholders' funds272,540307,609
The financial statements were approved and authorised for issue by the Director on 18 September 2024, and are signed on its behalf by:
ORR, Charles James Robert
Director
Registered Company No. SC272029
BALNAMOON RENEWABLES LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
Balnamoon Renewables Limited is a private company limited by shares incorporated in Scotland. On 1 July 2022, the company was purchased by Fuse Energy Supply Limited (registered number 08469701) and changed its registered office from 8 Albert Street, Kirkwall, Orkney, KW15 1HP to 37 Mucklets Crescent, Musselburgh, Scotland, EH21 6SS
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery5
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
2.Average number of employees

20232022
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 231,212,3501,212,350
At 31 December 231,212,3501,212,350
Depreciation and impairment
At 01 January 23785,863785,863
Charge for year49,18849,188
At 31 December 23835,051835,051
Net book value
At 31 December 23377,299377,299
At 31 December 22426,487426,487
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables17,581-
Other debtors2,3351,767
Prepayments and accrued income56,70583,538
Total76,62185,305
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables66,68141,929
Taxation and social security9,670-
Accrued liabilities and deferred income12,39615,601
Total88,74757,530
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Amounts owed to related parties92,430201,455
Total92,430201,455
As at 31 December 2023 Balnamoon owes its parent company Fuse Energy Supply Limited £92,430. (2022: £201,455). This is repayable when Balnamoon has sufficient funds to repay the balance. £109,025 has been settled during the year.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)24,03620,556
Total24,03620,556
9.Operating lease commitments
The Company leases an area of land on which its wind turbine is situated. The minimum annual financial commitment under the lease is £6,000 and the lease expires on 13 October 2033. At 31 December 2023, the company had total commitments under this non-cancellable operating lease over the remaining life of the lease of £60,000 (2022 – £66,000).
10.Related party transactions
Balnamoon Limited owes Fuse Energy Supply Limited its parent company £92,430 as at 31 December 2023 (2022: £201,455).
11.Change in reporting period and impact on comparability
The previous accounting period was extended from 31 August 2022 to 31 December 2022 on 18 November 2022 to bring the period in line with other group companies. As a result, the previous accounting period is sixteen months as opposed to twelve months in the current year.