Company registration number SC336869 (Scotland)
SOUTH CHESTHILL HYDRO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SOUTH CHESTHILL HYDRO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SOUTH CHESTHILL HYDRO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 November 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,085,984
3,333,118
Investments
4
2,669,215
1,998,551
5,755,199
5,331,669
Current assets
Debtors
5
2,627,669
2,505,751
Cash at bank and in hand
490,048
352,708
3,117,717
2,858,459
Creditors: amounts falling due within one year
6
(382,674)
(518,630)
Net current assets
2,735,043
2,339,829
Total assets less current liabilities
8,490,242
7,671,498
Creditors: amounts falling due after more than one year
7
(1,766,303)
(1,895,555)
Provisions for liabilities
(286,014)
(290,822)
Net assets
6,437,925
5,485,121
Capital and reserves
Called up share capital
4,376,025
4,376,025
Profit and loss reserves
2,061,900
1,109,096
Total equity
6,437,925
5,485,121
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SOUTH CHESTHILL HYDRO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 September 2024
C B Ramsay
Director
Company Registration No. SC336869
SOUTH CHESTHILL HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
South Chesthill Hydro Limited is a private company limited by shares incorporated in Scotland. The registered office is Pittlesheugh, Greenlaw, Duns, Berwickshire, United Kingdom, TD10 6UL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all information available to him, believe it appropriate to prepare the financial statements on a going concern basis.true
The director therefore continue to adopt the going concern basis of accounting in preparing the financial statements
1.3
Reporting period
The company has extended the accounting period by one month to 31 December 2023 to align with other group companies. Therefore, the comparative amounts presented in the financial statements are not entirely comparable.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
4% straight line
Computer equipment
25% straight line
Motor vehicles
25% straight line
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.
SOUTH CHESTHILL HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
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.
SOUTH CHESTHILL HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
1
1
SOUTH CHESTHILL HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 31 December 2023
5,700,050
Depreciation and impairment
At 1 December 2022
2,366,932
Depreciation charged in the period
247,134
At 31 December 2023
2,614,066
Carrying amount
At 31 December 2023
3,085,984
At 30 November 2022
3,333,118
4
Fixed asset investments
2023
2022
£
£
Listed investments
2,669,215
1,998,551
Listed investments
£
Cost or valuation
At 1 December 2022
1,998,551
Additions
442,982
Valuation changes
720,069
Disposals
(492,387)
At 31 December 2023
2,669,215
Carrying amount
At 31 December 2023
2,669,215
At 30 November 2022
1,998,551
SOUTH CHESTHILL HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
396,720
262,675
Corporation tax recoverable
4,485
Amounts owed by group undertakings
2,081,837
2,080,289
Other debtors
149,112
158,302
2,627,669
2,505,751
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
120,992
117,089
Trade creditors
29,980
121,871
Corporation tax
27,319
203,229
Other taxation and social security
27,010
16,286
Other creditors
177,373
60,155
382,674
518,630
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,766,303
1,895,555
Bank loans are secured by a floating charge, held by The Royal Bank of Scotland plc, over the property and undertaking of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
1,243,471
1,389,591
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
C B Ramsay -
-
-
45
45
-
45
45
SOUTH CHESTHILL HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
9
Parent company
The company is a wholly owned subsidiary of Fortingall Ventures Ltd (formerly Dynamo Holdings Ltd), a company registered in England. The parent company's registered office is Langham Hall, Bury St Edmunds, Suffolk, IP31 3EF.