Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31Generation of electricityfalsefalse2023-04-0144truetrue SC631215 2023-04-01 2024-03-31 SC631215 2022-04-01 2023-03-31 SC631215 2024-03-31 SC631215 2023-03-31 SC631215 2022-04-01 SC631215 c:CompanySecretary1 2023-04-01 2024-03-31 SC631215 c:Director2 2023-04-01 2024-03-31 SC631215 c:Director3 2023-04-01 2024-03-31 SC631215 c:Director4 2023-04-01 2024-03-31 SC631215 c:Director5 2023-04-01 2024-03-31 SC631215 c:RegisteredOffice 2023-04-01 2024-03-31 SC631215 d:PlantMachinery 2023-04-01 2024-03-31 SC631215 d:PlantMachinery 2024-03-31 SC631215 d:PlantMachinery 2023-03-31 SC631215 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC631215 d:MotorVehicles 2023-04-01 2024-03-31 SC631215 d:MotorVehicles 2024-03-31 SC631215 d:MotorVehicles 2023-03-31 SC631215 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC631215 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC631215 d:CurrentFinancialInstruments 2024-03-31 SC631215 d:CurrentFinancialInstruments 2023-03-31 SC631215 d:Non-currentFinancialInstruments 2024-03-31 SC631215 d:Non-currentFinancialInstruments 2023-03-31 SC631215 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC631215 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC631215 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC631215 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC631215 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 SC631215 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 SC631215 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 SC631215 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 SC631215 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 SC631215 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 SC631215 d:ShareCapital 2023-04-01 2024-03-31 SC631215 d:ShareCapital 2024-03-31 SC631215 d:ShareCapital 2022-04-01 2023-03-31 SC631215 d:ShareCapital 2023-03-31 SC631215 d:ShareCapital 2022-04-01 SC631215 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 SC631215 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC631215 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 SC631215 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC631215 d:RetainedEarningsAccumulatedLosses 2022-04-01 SC631215 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC631215 c:OrdinaryShareClass1 2024-03-31 SC631215 c:OrdinaryShareClass1 2023-03-31 SC631215 c:FRS102 2023-04-01 2024-03-31 SC631215 c:Audited 2023-04-01 2024-03-31 SC631215 c:FullAccounts 2023-04-01 2024-03-31 SC631215 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC631215 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC631215 2 2023-04-01 2024-03-31 SC631215 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: SC631215










MORVOLTS LIMITED

 FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
MORVOLTS LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mr A F G Robertson 
Mr N G Tordoff 
Mr R M Jones 
Ms A G Stammers(resigned 6 Jan 2024, re-appointed 13 Mar 2024)




COMPANY SECRETARY
Ms L Dobrokhodova



REGISTERED NUMBER
SC631215



REGISTERED OFFICE
Lochaline Harbour
Lochaline

Morvern

Oban

PA80 5XT




INDEPENDENT AUDITORS
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
MORVOLTS LIMITED
REGISTERED NUMBER: SC631215

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
4,868,143
5,001,728

  
4,868,143
5,001,728

Current assets
  

Debtors
 5 
193,674
194,837

Cash at bank and in hand
  
1,333,559
916,671

  
1,527,233
1,111,508

Creditors: amounts falling due within one year
 6 
(417,193)
(309,189)

Net current assets
  
 
 
1,110,040
 
 
802,319

Total assets less current liabilities
  
5,978,183
5,804,047

Creditors: amounts falling due after more than one year
 7 
(5,478,344)
(5,708,346)

Provisions for liabilities
  

Deferred tax
  
(149,248)
(73,600)

Other provisions
  
(3,750)
(2,500)

  
 
 
(152,998)
 
 
(76,100)

Net assets
  
346,841
19,601


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
346,741
19,501

  
346,841
19,601


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of income and retained earnings 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 on 9 October 2024.




Mr N G Tordoff
Mr A F G Robertson
Director
Director

The notes on pages 5 to 11 form part of these financial statements.
Page 1

 
MORVOLTS LIMITED
REGISTERED NUMBER: SC631215

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


Page 2

 
MORVOLTS 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 2023
100
19,501
19,601


Comprehensive income for the year

Profit for the year

-
505,473
505,473


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
505,473
505,473


Contributions by and distributions to owners

Dividends: Equity capital
-
(178,233)
(178,233)


Total transactions with owners
-
(178,233)
(178,233)


At 31 March 2024
100
346,741
346,841


The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
MORVOLTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
576
676


Comprehensive income for the year

Profit for the year

-
68,925
68,925


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
68,925
68,925


Contributions by and distributions to owners

Dividends: Equity capital
-
(50,000)
(50,000)


Total transactions with owners
-
(50,000)
(50,000)


At 31 March 2023
100
19,501
19,601


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
MORVOLTS LIMITED
 

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

1.


General information

MorVolts Limited is a private company, limited by shares, incorporated in Scotland with the registration number SC631215. The registered office is Lochaline Harbour Lochaline, Morvern, Oban, Scotland, PA80 5XT. 
The Company's functional and presentational currency is GBP.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

Although the company has significant liabilities, the directors have modelled cashflows over the life of the project and are confident that adequate income will be received to cover the liabilities as they fall due. On that basis, the directors believe that the use of the going concern basis is appropriate.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of energy
Turnover from the sale of energy is recognised when the energy has been generated and transferred to the customer.  These transfers are measured by an automated meter reading process and revenue is recognised using these readings at the point of transfer through the customer's self-billing procedure. 
Management regularly review the self-billing invoices agree to the readings of the physical meters.  Where this results in the identification of under-recorded income, the increase in revenue is recognised when agreed by the customer.

 
2.4

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.

 
2.5

Interest income

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

Page 5

 
MORVOLTS LIMITED
 

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

2.Accounting policies (continued)

 
2.6

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.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

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.

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

Depreciation is provided on the following basis:

Plant and machinery
-
2.5%
Straight line
Motor vehicles
-
25.0%
Reducing balance

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.

Page 6

 
MORVOLTS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
5,258,189
8,500
5,266,689



At 31 March 2024

5,258,189
8,500
5,266,689



Depreciation


At 1 April 2023
262,836
2,125
264,961


Charge for the year on owned assets
131,460
2,125
133,585



At 31 March 2024

394,296
4,250
398,546



Net book value



At 31 March 2024
4,863,893
4,250
4,868,143



At 31 March 2023
4,995,353
6,375
5,001,728

Included within the Cost of Plant and Machinery is £170,049 (2023: £170,049) of financing costs incurred during the construction of the assets.

Page 7

 
MORVOLTS LIMITED
 

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

5.


Debtors


2024
2023
£
£

Due after more than one year

FLS Restoration bond
50,000
50,000

50,000
50,000

Due within one year

Trade debtors
-
109,362

Prepayments and accrued income
143,674
35,475

193,674
194,837



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
136,327
131,021

Other loans
93,826
93,826

Trade creditors
45
112

Other taxation and social security
90,023
4,141

Accruals and deferred income
96,972
80,089

417,193
309,189


The entire balance of both bank and other loans is secured as described in Note 9.

Page 8

 
MORVOLTS LIMITED
 

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

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,836,394
3,972,570

Other loans
1,641,950
1,735,776

5,478,344
5,708,346


The entire balance of both bank and other loans is secured as described in Note 9.

The aggregate amount of liabilities repayable wholly or in part more than five years after the reporting date is:

2024
2023
£
£


Repayable by instalments
4,405,131
4,702,521

4,405,131
4,702,521

The bank loan from Triodos is repayable in four tranches, each of which are held on an interest-only basis until the prior tranche is repaid in full. Once capital repayment commences for each tranche, the capital is repaid in twenty instalments.
The other loan from Energy Investment Fund (administered by Scottish Enterprise) is repayable by instalments following an agreed schedule. The first instalment was paid in April 2023 and the final instalment is due in April 2042.


8.


Creditors: Security

Bank overdrafts and loans are secured by a standard security in favour of Triodos Bank UK Limited over all and whole the tenant’s interest in lease of land at Barr Forest, Lochaline, Morvern which forms part and portion of the estates of Glenmorvern and Drimmin via an an existing first bond and floating charge over all assets and undertakings (both present and future) of the company.  
The other loan from the Energy Investment Fund is secured by a standard security in favour of Scottish Enterprise (as administrator of the Energy Investment Fund) over all and whole the tenant's interest in the lease of land at Barr Forest, Lochaline, Morvern. A ranking agreement is in place giving first charge to Triodos Bank in respect of this land.
In addition, Triodos have the right of set-off for any liability against any accounts held with the bank by the company.

Page 9

 
MORVOLTS LIMITED
 

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

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
136,327
131,021

Other loans
93,826
93,826


230,153
224,847

Amounts falling due 1-2 years

Bank loans
141,632
136,326

Other loans
93,826
93,826


235,458
230,152

Amounts falling due 2-5 years

Bank loans
556,278
494,196

Other loans
281,477
281,477


837,755
775,673

Amounts falling due after more than 5 years

Bank loans
3,138,484
3,342,048

Other loans
1,266,647
1,360,473

4,405,131
4,702,521

5,708,497
5,933,193



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Capital commitments

At 31 March 2024, the Company had no capital commitments contracted (2023 - £nil).


12.


Related party transactions

The group has taken advantage of provisions within FRS102 and has not disclosed transactions entered into with other wholly owned members of the group.

Page 10

 
MORVOLTS LIMITED
 

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

13.


Controlling party

The Company is a wholly owned subsidiary of The Morvern Community Development Company (MCDC), a company limited by guarantee incorporated in Scotland with registration number SC200325.  MCDC is the ultimate controlling party and has its registered office at Lochaline Harbour, Lochaline, Morvern, Oban, Argyll, PA80 5XT.
MCDC is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 March 2023.  The results of MorVolts Limited are included within the consolidated financial statements of MCDC.


14.
 

Provisions available for audits of small entities

In keeping with many other businesses of our size and nature, we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.


15.


Auditors' information

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

The audit report was signed on 10 October 2024 by Douglas Rae (Senior statutory auditor) on behalf of Sumer Auditco Limited.


Page 11