Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truefalsetrue2023-04-01falseProduction of electricity.55truetrue SC310177 2023-04-01 2024-03-31 SC310177 2022-04-01 2023-03-31 SC310177 2024-03-31 SC310177 2023-03-31 SC310177 2022-04-01 SC310177 c:Director1 2023-04-01 2024-03-31 SC310177 c:Director2 2023-04-01 2024-03-31 SC310177 c:Director3 2023-04-01 2024-03-31 SC310177 c:Director4 2023-04-01 2024-03-31 SC310177 c:Director5 2023-04-01 2024-03-31 SC310177 c:RegisteredOffice 2023-04-01 2024-03-31 SC310177 d:PlantMachinery 2023-04-01 2024-03-31 SC310177 d:PlantMachinery 2024-03-31 SC310177 d:PlantMachinery 2023-03-31 SC310177 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC310177 d:CurrentFinancialInstruments 2024-03-31 SC310177 d:CurrentFinancialInstruments 2023-03-31 SC310177 d:CurrentFinancialInstruments 1 2024-03-31 SC310177 d:CurrentFinancialInstruments 1 2023-03-31 SC310177 d:Non-currentFinancialInstruments 2024-03-31 SC310177 d:Non-currentFinancialInstruments 2023-03-31 SC310177 d:Non-currentFinancialInstruments 1 2024-03-31 SC310177 d:Non-currentFinancialInstruments 1 2023-03-31 SC310177 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC310177 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC310177 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC310177 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC310177 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 SC310177 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 SC310177 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 SC310177 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 SC310177 d:ShareCapital 2023-04-01 2024-03-31 SC310177 d:ShareCapital 2024-03-31 SC310177 d:ShareCapital 2022-04-01 2023-03-31 SC310177 d:ShareCapital 2023-03-31 SC310177 d:ShareCapital 2022-04-01 SC310177 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC310177 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC310177 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC310177 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC310177 d:RetainedEarningsAccumulatedLosses 2022-04-01 SC310177 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 SC310177 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 SC310177 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC310177 c:OrdinaryShareClass1 2024-03-31 SC310177 c:OrdinaryShareClass1 2023-03-31 SC310177 c:OrdinaryShareClass2 2023-04-01 2024-03-31 SC310177 c:OrdinaryShareClass2 2024-03-31 SC310177 c:OrdinaryShareClass2 2023-03-31 SC310177 c:FRS102 2023-04-01 2024-03-31 SC310177 c:Audited 2023-04-01 2024-03-31 SC310177 c:FullAccounts 2023-04-01 2024-03-31 SC310177 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC310177 d:EntityControlledByKeyManagementPersonnel1 2023-04-01 2024-03-31 SC310177 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 SC310177 d:WithinOneYear 2024-03-31 SC310177 d:WithinOneYear 2023-03-31 SC310177 d:BetweenOneFiveYears 2024-03-31 SC310177 d:BetweenOneFiveYears 2023-03-31 SC310177 d:MoreThanFiveYears 2024-03-31 SC310177 d:MoreThanFiveYears 2023-03-31 SC310177 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC310177 2 2023-04-01 2024-03-31 SC310177 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: SC310177












OSSPOWER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

OSSPOWER LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Statement of changes in equity
 
4
Notes to the financial statements
 
5 - 12

 

OSSPOWER LIMITED
 
COMPANY INFORMATION


Directors
S Watson 
M Hubbard 
I Lawrence 
D Lowes 
J Watson 




Registered number
SC310177



Registered office
Glenfalloch Farms
The Bothy Glenfalloch

Inverarnan

Arrochar

Dunbartonshire

G83 7DZ




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:SC310177
OSSPOWER LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,446,152
4,562,389

  
4,446,152
4,562,389

Current assets
  

Debtors: amounts falling due after more than one year
 5 
1,128,137
1,251,385

Debtors: amounts falling due within one year
 5 
726,675
592,905

Cash at bank and in hand
  
266,177
726,246

  
2,120,989
2,570,536

Creditors: amounts falling due within one year
 6 
(815,679)
(944,038)

Net current assets
  
 
 
1,305,310
 
 
1,626,498

Total assets less current liabilities
  
5,751,462
6,188,887

Creditors: amounts falling due after more than one year
 7 
(4,870,841)
(5,444,042)

Provisions for liabilities
  

Deferred tax
 9 
(410,300)
(428,023)

  
 
 
(410,300)
 
 
(428,023)

Net assets
  
470,321
316,822


Capital and reserves
  

Called up share capital 
 11 
6,000
6,000

Profit and loss account
  
464,321
310,822

Total equity
  
470,321
316,822

Page 2


 
REGISTERED NUMBER:SC310177
OSSPOWER LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Watson
Director

Date: 30 September 2024

The notes on pages 5 to 12 form part of these financial statements.
Page 3

 

OSSPOWER LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
6,000
393,282
399,282


Comprehensive income for the year

Profit for the financial year
-
1,117,542
1,117,542
Total comprehensive income for the year
-
1,117,542
1,117,542

Dividends paid
-
(1,200,002)
(1,200,002)


Total transactions with owners
-
(1,200,002)
(1,200,002)



At 31 March 2023 and 1 April 2023
6,000
310,822
316,822


Comprehensive income for the year

Profit for the financial year
-
553,499
553,499
Total comprehensive income for the year
-
553,499
553,499

Dividends paid
-
(400,000)
(400,000)


Total transactions with owners
-
(400,000)
(400,000)


At 31 March 2024
6,000
464,321
470,321


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Osspower Limited is a private company limited by shares incorporated in Scotland. The address of its registered office is the Glenfalloch Farms, The Bothy Glenfalloch, Inverarnan, Arrochar, Dunbartonshire, Scotland, G83 7DZ.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Prior year adjustment

The company has restated its comparative figures for the year ended 31 March 2023. An explanation of the adjustment together with the financial impact is set out in Note 10.

 
2.4

Turnover

Turnover represents amounts receivable from the generation and sale of electricity and associated benefits, net of VAT and is recognised on a receivable basis according to the quantity of electricity generated, once this can be reliably measured and it is probable that the economic benefits associated with the transactions will flow to the entity.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Power station
-
50 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.6

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 6

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.6

Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

  
2.7

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

  
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours.

Page 7

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.9

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.12

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be  recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 8

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Power Station

£



Cost


At 1 April 2023
5,811,958



At 31 March 2024

5,811,958



Depreciation


At 1 April 2023
1,249,569


Charge for the year
116,237



At 31 March 2024

1,365,806



Net book value



At 31 March 2024
4,446,152



At 31 March 2023
4,562,389


5.


Debtors

2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
470,459
458,581

Financial instruments
657,678
792,804

1,128,137
1,251,385


As restated
2024
2023
£
£

Due within one year

Trade debtors
60,286
-

Prepayments and accrued income
658,077
592,905

Financial instruments
8,312
-

726,675
592,905


Page 9

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: amounts falling due within one year

As restated
2024
2023
£
£

Bank loans
613,453
581,463

Trade creditors
-
63,728

Corporation tax
66,511
264,544

Other taxation and social security
12,797
14,139

Other creditors
100,000
-

Accruals and deferred income
22,918
20,164

815,679
944,038



7.


Creditors: amounts falling due after more than one year

As restated
2024
2023
£
£

Bank loans
4,870,841
5,444,042



8.


Loans


Analysis of the maturity of loans is given below:


As restated
2024
2023
£
£

Amounts falling due within one year

Bank loans
613,453
581,463


Amounts falling due 2-5 years

Bank loans
1,875,888
3,192,513

Amounts falling due after more than 5 years

Bank loans
2,994,953
2,251,529

5,484,294
6,025,505


The bank loan is secured by way of a fixed legal charge over the generating asset and leasehold at Osspower, Glenfalloch Estate, Crianlarich, Perthshire and all other company assets.
The above table shows amounts net of transaction fees of £195,816 (2023: £220,049).

Page 10

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024


£






At beginning of year
(428,023)


Charged to profit or loss
17,723



At end of year
(410,300)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(410,300)
(428,023)


10.


Prior year adjustment

During the period, the directors identified transaction costs in relation to the 2019 refinancing of the company's bank loans that had been recognised within prepayments within the financial statements and not as a reduction of the loan liability recognised within creditors. The refinanced bank loan should have been recognised initially at the liability amount less the separately incurred transaction costs. 
An adjustment has been made to set off the refinancing transaction costs recognised within prepayments and the bank loans recognised within creditors to reflect the correct applicable accounting treatment of the transaction. This has resulted in the comparative amounts being restated with a reduction in the reported prepayments balance of £220,049 and a corresponding reduction in the reporting bank loan balance to the same amount. Bank loans have been restated to recognise a year-end balance of £6,025,505.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,000 (2023 - 300,000) Ordinary 'A' shares of £0.01 each
3,000
3,000
300,000 (2023 - 300,000) Ordinary 'B' shares of £0.01 each
3,000
3,000

6,000

6,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.


Page 11

 

OSSPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Commitments under operating leases

At 31 March 2024, the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
21,890
21,890

Later than 1 year and not later than 5 years
87,560
87,560

Later than 5 years
485,228
507,118

594,678
616,568


13.


Related party transactions

During the year, the company made the following related party transactions:
One of the directors, D Lowes, is owner of the Glenfalloch Estate. During the year the company paid Glenfalloch Estate £86,964 in respect of landowner royalties and operational management fees and rental payments (2023: £56,000).
D Lowes and J Watson are directors of the Company and were paid £3,500 and £3,500 respectively (2023: £3,500 and £3,500 each) during the year as remuneration in respect of services performed in their capacity as directors.
Included within accruals is £7,000 (2023: £7,000) due to the directors. This amount is interest-free, unsecured, and repayable on demand.
Included within debtors due in more than one year is a balance of £470,459 (2023: £458,581) due from  Darroch Power Limited, a company with common directors. Interest on the intercompany loan is charged at 2.58% which is receivable by Osspower Limited. During the year, interest income of £11,878 (2023: £28,289) was recognised receivable from Darroch Power Limited


14.


Parent undertaking

The immediate parent undertaking is TISV 1 Limited, a company registered in England and Wales. Its registered office address is 7th Floor, Wellington House, 125-130 Strand, London, WC2R 0AP.
The ultimate controlling party is Temporis Limited, a company incorporated in Malta. Its registered office address is 171 Old Bakery Street, Valletta VLT1455, Malta.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 30 September 2024 by Krishan Sivathondan BSc (Hons) FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 12