Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs C J M Brunton 05/12/2013 Mr I C Brunton 05/12/2013 Mrs J Brunton 31/03/2018 10 October 2024 The principal activity of the company continued to be that of the production of electricity through a wind turbine generator. SC465276 2024-03-31 SC465276 bus:Director1 2024-03-31 SC465276 bus:Director2 2024-03-31 SC465276 bus:Director3 2024-03-31 SC465276 2023-03-31 SC465276 core:CurrentFinancialInstruments 2024-03-31 SC465276 core:CurrentFinancialInstruments 2023-03-31 SC465276 core:Non-currentFinancialInstruments 2024-03-31 SC465276 core:Non-currentFinancialInstruments 2023-03-31 SC465276 core:ShareCapital 2024-03-31 SC465276 core:ShareCapital 2023-03-31 SC465276 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC465276 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC465276 core:OtherPropertyPlantEquipment 2023-03-31 SC465276 core:OtherPropertyPlantEquipment 2024-03-31 SC465276 core:CostValuation 2023-03-31 SC465276 core:AdditionsToInvestments 2024-03-31 SC465276 core:DisposalsRepaymentsInvestments 2024-03-31 SC465276 core:CostValuation 2024-03-31 SC465276 bus:OrdinaryShareClass1 2024-03-31 SC465276 bus:OrdinaryShareClass2 2024-03-31 SC465276 bus:OrdinaryShareClass3 2024-03-31 SC465276 bus:OrdinaryShareClass4 2024-03-31 SC465276 bus:OrdinaryShareClass5 2024-03-31 SC465276 2023-04-01 2024-03-31 SC465276 bus:FilletedAccounts 2023-04-01 2024-03-31 SC465276 bus:SmallEntities 2023-04-01 2024-03-31 SC465276 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC465276 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC465276 bus:Director1 2023-04-01 2024-03-31 SC465276 bus:Director2 2023-04-01 2024-03-31 SC465276 bus:Director3 2023-04-01 2024-03-31 SC465276 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SC465276 2022-01-01 2023-03-31 SC465276 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC465276 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 SC465276 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 SC465276 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 SC465276 bus:OrdinaryShareClass1 2022-01-01 2023-03-31 SC465276 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 SC465276 bus:OrdinaryShareClass2 2022-01-01 2023-03-31 SC465276 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 SC465276 bus:OrdinaryShareClass3 2022-01-01 2023-03-31 SC465276 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 SC465276 bus:OrdinaryShareClass4 2022-01-01 2023-03-31 SC465276 bus:OrdinaryShareClass5 2023-04-01 2024-03-31 SC465276 bus:OrdinaryShareClass5 2022-01-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC465276 (Scotland)

BALMONTH ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

BALMONTH ENERGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

BALMONTH ENERGY LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
BALMONTH ENERGY LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 752,143 822,110
Investments 5 725,643 480,643
1,477,786 1,302,753
Current assets
Debtors 6 140,530 104,421
Cash at bank and in hand 49,379 118,774
189,909 223,195
Creditors: amounts falling due within one year 7 ( 303,228) ( 231,712)
Net current liabilities (113,319) (8,517)
Total assets less current liabilities 1,364,467 1,294,236
Creditors: amounts falling due after more than one year 8 0 ( 159,054)
Provision for liabilities ( 152,022) ( 161,608)
Net assets 1,212,445 973,574
Capital and reserves
Called-up share capital 9 600 600
Profit and loss account 1,211,845 972,974
Total shareholders' funds 1,212,445 973,574

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Balmonth Energy Limited (registered number: SC465276) were approved and authorised for issue by the Board of Directors on 10 October 2024. They were signed on its behalf by:

Mr I C Brunton
Director
BALMONTH ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
BALMONTH ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Balmonth Energy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Balmonth Farm, Carnbee, Anstruther, KY10 2RU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The financial statements cover the 12 months to 31 March 2024. The comparative financial statements cover a 15 month period from 01 January 2022 to 31 March 2023 and as such, the comparatives are not directly comparable.

Prior year adjustment

Prior period errors have been corrected in the financial statements for the period to 31 March 2023. Information in relation to the correction and restatement of opening balances of current assets and the profit and loss account are included at note 2.

Foreign currency

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Turnover

Turnover is attributable to the company's principal activity, the production of electricity through the operation of a wind turbine generator, and represents amounts receivable from such production services.

Turnover is recognised at the fair value of the consideration received or receivable for energy production services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Fixed asset investments

Interests in associate entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity as so to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.

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.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Current Assets - Debtors 11,135 81,781 92,916
Profit and Loss - Sales 440,384 81,781 522,165
Capital and Reserves - Retained Earnings 891,193 81,781 972,974

3. Employees

Year ended
31.03.2024
Period from
01.01.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2023 1,399,338 1,399,338
At 31 March 2024 1,399,338 1,399,338
Accumulated depreciation
At 01 April 2023 577,228 577,228
Charge for the financial year 69,967 69,967
At 31 March 2024 647,195 647,195
Net book value
At 31 March 2024 752,143 752,143
At 31 March 2023 822,110 822,110

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 480,643 480,643
Additions 275,000 275,000
Disposals ( 30,000) ( 30,000)
At 31 March 2024 725,643 725,643
Carrying value at 31 March 2024 725,643 725,643
Carrying value at 31 March 2023 480,643 480,643

6. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 121,590 92,915
Corporation tax 415 0
Other debtors 18,525 11,506
140,530 104,421

7. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans 159,054 154,524
Trade creditors 6,675 0
Taxation and social security 129,253 69,822
Other creditors 8,246 7,366
303,228 231,712

Bank loans are secured against the farm and lands at Balmonth Farm, Carnbee, Anstruther, Fife, along with a floating charge over the assets and undertakings of the company.

8. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 0 159,054

Bank loans are secured against the farm and lands at Balmonth Farm, Carnbee, Anstruther, Fife, along with a floating charge over the assets and undertakings of the company.

9. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
500 A ordinary shares of £ 1.00 each 500 500
25 B ordinary shares of £ 1.00 each 25 25
25 C ordinary shares of £ 1.00 each 25 25
25 D ordinary shares of £ 1.00 each 25 25
25 E ordinary shares of £ 1.00 each 25 25
600 600

10. Related party transactions

I Brunton and C Brunton, directors, are materially interested as partners of the Firm of G C Brunton.

During the period the company's share of profits was £nil as a partner in Firm of G C Brunton.

Included in investments at the end of this financial year is £725,643 (2023 - £480,643) in relation to the company's partnership capital with Firm of G C Brunton.

During the year the company paid rent to the Firm of G C Brunton for £30,000 (2023 - £30,000).