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REGISTERED NUMBER: SC367861 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

South Uist Renewable Energy Limited

South Uist Renewable Energy Limited (Registered number: SC367861)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


South Uist Renewable Energy Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N D MacAskill
M T Schmoller
C M Walker
R J MacKenzie



SECRETARY: CSM & Co



REGISTERED OFFICE: Oifis Storas
Daliburgh
South Uist
Western Isles
HS8 5SS



REGISTERED NUMBER: SC367861 (Scotland)



SENIOR STATUTORY AUDITOR: Angus McCuaig



AUDITORS: Anderson Anderson & Brown Audit LLP
133 Finnieston Street
Glasgow
G3 8HB

South Uist Renewable Energy Limited (Registered number: SC367861)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 5,120,892 5,583,511

CURRENT ASSETS
Debtors 6 4,176,864 4,114,402
Prepayments and accrued income 912,740 814,529
Cash at bank 1,730,631 1,691,734
6,820,235 6,620,665
CREDITORS
Amounts falling due within one year 7 1,299,015 1,580,731
NET CURRENT ASSETS 5,521,220 5,039,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,642,112

10,623,445

CREDITORS
Amounts falling due after more than one
year

8

(4,794,031

)

(5,481,409

)

PROVISIONS FOR LIABILITIES 10 (756,000 ) (819,794 )

ACCRUALS AND DEFERRED INCOME (19,023 ) (12,202 )
NET ASSETS 5,073,058 4,310,040

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 5,073,057 4,310,039
SHAREHOLDERS' FUNDS 5,073,058 4,310,040

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





N D MacAskill - Director


South Uist Renewable Energy Limited (Registered number: SC367861)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

South Uist Renewable Energy Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company in the year under review was that of the operation of wind turbines.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, unless otherwise specifically stated in these accounting policies.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Related party exemption
The company has taken advantage of the exemption, under section 33 of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The depreciation of fixed assets is a significant judgement and estimate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

Land and buildings - not provided, on land and related costs
Plant and machinery etc - 5% on cost less net residual value

Government grants
Grants that do not impose specified future performance-related conditions are recognised as income when the proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised as income only when the performance-related conditions have been met.

Financial instruments
Intercompany loan balances between group members have been reviewed and a notional interest rate of 7.38% has been applied against the average balance owed during the year.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


South Uist Renewable Energy Limited (Registered number: SC367861)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
The company depends on its existing group bank facilities to meet its day to day working capital requirements. The company expects to be able to operate within these facilities for the foreseeable future.

Having considered budgets and cash flows, monthly management accounts and available working capital, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to believe the going concern basis of accounting appropriate in preparing the financial statements.

Cash & cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. TANGIBLE FIXED ASSETS
Computer
Land Turbines equipment Totals
£    £    £    £   
COST
At 1 January 2023 21,311 10,350,726 683 10,372,720
Additions - 7,996 - 7,996
At 31 December 2023 21,311 10,358,722 683 10,380,716
DEPRECIATION
At 1 January 2023 - 4,788,662 547 4,789,209
Charge for year - 470,479 136 470,615
At 31 December 2023 - 5,259,141 683 5,259,824
NET BOOK VALUE
At 31 December 2023 21,311 5,099,581 - 5,120,892
At 31 December 2022 21,311 5,562,064 136 5,583,511

South Uist Renewable Energy Limited (Registered number: SC367861)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors - 224,486
Amounts owed by group undertakings 4,176,864 3,889,916
4,176,864 4,114,402

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 687,377 667,706
Trade creditors 21,641 18,470
Amounts owed to group undertakings 358,945 333,632
Taxation and social security 231,052 405,209
Other creditors - 155,714
1,299,015 1,580,731

Details of securities granted to creditors are provided in note 13.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans 4,794,031 5,481,409

Amounts falling due in more than five years:

Repayable by instalments
Lombard - greater than five yr 1,829,270 2,603,640

Details of securities granted to creditors are provided in note 13.

9. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank loans 5,481,408 6,149,115

The bank loan is secured by a standard security over all and whole of South Uist Renewable Energy Limited's interest in the lease of the site at Iochdar Hill, granted by South Uist Estates Limited, and a bond and floating charge over property, assets, undertaking and rights of South Uist Renewable Energy Limited.

In connection with the above securities, South Uist Renewable Energy Limited has assigned its right, title, interest and benefit in:

1. Civil Performance Bond, and Scottish Hydro Electric Power Distribution PLC Grid Connection Agreement
dated 21 February 2013, and any proceeds arising therefrom;
2. Any agreements for the maintenance, repair, overhaul or servicing of the project infrastructure entered into
by South Uist Renewable Energy Limited from time to time;
3. All of South Uist Renewable Energy Limited's rights in, to and under any and all policies and contracts of
insurance taken out by the assignor in respect of the Project Infrastructure; and
4. The benefit of all guarantees, indemnities, warranties, negotiable instruments and securities taken by
South Uist Renewable Energy Limited in connection with or in respect of, the project infrastructure or any
of the agreements referred to above.

South Uist Renewable Energy Limited (Registered number: SC367861)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. PROVISIONS FOR LIABILITIES
31/12/23 31/12/22
£    £   
Deferred tax 353,487 425,277
Other provisions 402,513 394,517
756,000 819,794

Decommissi
Deferred oning
tax provision
£    £   
Balance at 1 January 2023 425,277 394,517
Unwinding of discounted amount - 7,996
Credit to Statement of Income and Retained Earnings during year (71,790 ) -
Reversed in year
Discounted to present value
Adjustment for report
Balance at 31 December 2023 353,487 402,513

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The audit report for these accounts was unqualified and did not include any matter to which the auditor drew attention by way of emphasis. The senior statutory auditor who signed the audit report was Angus McCuaig and the auditor was Anderson Anderson & Brown Audit LLP.

12. ULTIMATE CONTROLLING PARTY

South Uist Renewable Energy Limited is a wholly owned subsidiary of South Uist Estates Limited. The ultimate parent company is Sealladh na Beinne Moire Limited. There is no ultimate controlling party.

In May 2019, the entire share capital was transferred from the parent company, South Uist Estates Limited, to a nominee account held by Lombard. Beneficial ownership of the company is still in favour of Sealladh na Beinne Moire, the ultimate parent company, and unencumbered share ownership will be returned to the group once the bank loans are repaid.