Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31truetrue2023-04-01falseProduction of electricity.22truefalse 09022229 2023-04-01 2024-03-31 09022229 2022-04-01 2023-03-31 09022229 2024-03-31 09022229 2023-03-31 09022229 c:Director1 2023-04-01 2024-03-31 09022229 c:Director2 2023-04-01 2024-03-31 09022229 c:RegisteredOffice 2023-04-01 2024-03-31 09022229 d:PlantMachinery 2023-04-01 2024-03-31 09022229 d:PlantMachinery 2024-03-31 09022229 d:PlantMachinery 2023-03-31 09022229 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09022229 d:CurrentFinancialInstruments 2024-03-31 09022229 d:CurrentFinancialInstruments 2023-03-31 09022229 d:Non-currentFinancialInstruments 2024-03-31 09022229 d:Non-currentFinancialInstruments 2023-03-31 09022229 d:Non-currentFinancialInstruments 1 2024-03-31 09022229 d:Non-currentFinancialInstruments 1 2023-03-31 09022229 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09022229 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09022229 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09022229 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09022229 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 09022229 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 09022229 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 09022229 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 09022229 d:ShareCapital 2024-03-31 09022229 d:ShareCapital 2023-03-31 09022229 d:RetainedEarningsAccumulatedLosses 2024-03-31 09022229 d:RetainedEarningsAccumulatedLosses 2023-03-31 09022229 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 09022229 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09022229 c:OrdinaryShareClass1 2023-04-01 2024-03-31 09022229 c:OrdinaryShareClass1 2024-03-31 09022229 c:OrdinaryShareClass1 2023-03-31 09022229 c:OrdinaryShareClass2 2023-04-01 2024-03-31 09022229 c:OrdinaryShareClass2 2024-03-31 09022229 c:OrdinaryShareClass2 2023-03-31 09022229 c:FRS102 2023-04-01 2024-03-31 09022229 c:Audited 2023-04-01 2024-03-31 09022229 c:FullAccounts 2023-04-01 2024-03-31 09022229 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09022229 d:WithinOneYear 2024-03-31 09022229 d:WithinOneYear 2023-03-31 09022229 d:BetweenOneFiveYears 2024-03-31 09022229 d:BetweenOneFiveYears 2023-03-31 09022229 d:MoreThanFiveYears 2024-03-31 09022229 d:MoreThanFiveYears 2023-03-31 09022229 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09022229 2 2023-04-01 2024-03-31 09022229 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure


Registered number: 09022229












DARROCH POWER LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

DARROCH POWER LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

DARROCH POWER LIMITED
 
COMPANY INFORMATION


Directors
S Watson 
M Hubbard 




Registered number
09022229



Registered office
7th Floor
Wellington House
125 -130 Strand

London

WC2R 0AP




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:09022229
DARROCH POWER LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,092,000
8,286,334

  
8,092,000
8,286,334

Current assets
  

Debtors: amounts falling due after more than one year
 5 
1,160,778
1,279,328

Debtors: amounts falling due within one year
 5 
673,895
442,063

Bank and cash balances
  
1,186,872
653,653

  
3,021,545
2,375,044

Creditors: amounts falling due within one year
 6 
(1,118,117)
(879,399)

Net current assets
  
 
 
1,903,428
 
 
1,495,645

Total assets less current liabilities
  
9,995,428
9,781,979

Creditors: amounts falling due after more than one year
 7 
(7,224,298)
(7,637,340)

Provisions for liabilities
  

Deferred tax
 9 
(613,300)
(594,066)

  
 
 
(613,300)
 
 
(594,066)

Net assets
  
2,157,830
1,550,573


Capital and reserves
  

Called up share capital 
 11 
15,000
15,000

Profit and loss account
  
2,142,830
1,535,573

Total equity
  
2,157,830
1,550,573


Page 2


 
REGISTERED NUMBER:09022229
DARROCH POWER 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 4 to 12 form part of these financial statements.

Page 3

 

DARROCH POWER LIMITED

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

1.


General information

Darroch Power Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 7th Floor, Wellington House, 125 -130 Strand, London, England, WC2R 0AP.
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 4

 

DARROCH POWER 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 5

 

DARROCH POWER 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 6

 

DARROCH POWER 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 or options 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 2 (2023 - 2).

Page 7

 

DARROCH POWER LIMITED

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

4.


Tangible fixed assets





Power station

£



Cost


At 1 April 2023
9,731,552



At 31 March 2024

9,731,552



Depreciation


At 1 April 2023
1,445,218


Charge for the year
194,334



At 31 March 2024

1,639,552



Net book value



At 31 March 2024
8,092,000



At 31 March 2023
8,286,334

Included within power station costs are capitalised historic interest and finance costs of £746,169 (2023: £746,169). 


5.


Debtors

2024
2023
£
£

Due after more than one year

Financial instruments
1,160,778
1,279,328


As restated
2024
2023
£
£

Due within one year

Trade debtors
56,645
1,450

Other debtors
855
4,837

Prepayments and accrued income
616,395
435,776

673,895
442,063


Page 8

 

DARROCH POWER 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
476,562
416,914

Other loans
545,326
402,847

Trade creditors
-
8,213

Corporation tax
37,409
-

Other taxation and social security
31,151
33,380

Other creditors
27,669
18,045

1,118,117
879,399



7.


Creditors: amounts falling due after more than one year

As restated
2024
2023
£
£

Bank loans
5,811,645
6,236,565

Other loans
1,412,653
1,400,775

7,224,298
7,637,340


Page 9

 

DARROCH POWER LIMITED

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

8.


Loans


Analysis of the maturity of loans is given below:


As restated
2024
2023
£
£

Amounts falling due within one year

Bank loans
476,562
416,914

Other loans
545,326
402,847


Amounts falling due 2-5 years

Bank loans
1,937,224
1,860,133

Other loans
914,904
903,026

Amounts falling due after more than 5 years

Bank loans
3,874,421
4,376,432

Other loans
497,749
497,749

8,246,186
8,457,101


The bank loans are secured by way of a fixed legal charge over the generating asset and leasehold at Darroch Power, Glenfalloch Estate, Crianlarich, Perthshire and all other company assets. Bank loans as detailed above are shown net of transaction fees of £237,190 (2023: £257,815).
Other loans are made up of a mezzanine loan facility which is payable to the shareholders. Interest on the shareholders' loans is charged at 10.5% per annum and is payable in quarterly instalments. Overdue interest is subject to an additional 3% interest charge per annum.
Included within the other loans balance is £470,459 (2023: £458,581) falling due within 5 years payable to Osspower Limited, a company with common directors. This amount is payable when Darroch Power Limited shareholders have achieved a specified Hurdle Return of 14% IRR. Interest on the intercompany loan is charged at 2.58% which is payable to Osspower Limited.


9.


Deferred taxation




2024


£






At beginning of year
(594,066)


Charged to profit or loss
(19,234)



At end of year
(613,300)

Page 10

 

DARROCH POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(613,300)
(594,066)


10.


Prior year adjustment

During the period, the directors identified transaction costs in relation to the 2021 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 £257,815 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 £6,653,479.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,000 (2023 - 300,000) Ordinary shares of £0.01 each
3,000
3,000
1,200,000 (2023 - 1,200,000) Ordinary 'B' shares of £0.01 each
12,000
12,000

15,000

15,000

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.



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
21,450
21,450

Later than 1 year and not later than 5 years
85,800
85,800

Later than 5 years
546,975
568,425

654,225
675,675

Page 11

 

DARROCH POWER LIMITED

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

13.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
Transactions with other related parties are as follows: 
Included within Other loans is a mezzanine loan facility payable to the shareholders. Interest on the shareholders' loans is charged at 10.5% per annum and is payable in quarterly instalments. Overdue interest is subject to an additional 3% interest charge per annum. During the year, an interest expense of £142,479 (2023: £139,770) was recognised payable to the shareholders. 
Included within the other loans balance is £470,459 (2023: £458,581) falling due within 5 years payable to Osspower Limited, a company with common directors. Interest on the intercompany loan is charged at 2.58% which is payable to Osspower Limited. During the year, an interest expense of £11,878 (2023: £28,289) was recognised payable to the Osspower 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