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REGISTERED NUMBER: SC412265 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Sorn Energy Ltd

Sorn Energy Ltd (Registered number: SC412265)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sorn Energy Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: D Shaw





REGISTERED OFFICE: Crofthead Farm
Sorn
Ayrshire
KA6 6HW





REGISTERED NUMBER: SC412265 (Scotland)





ACCOUNTANTS: Key Professional Partnership Ltd
Unit 3
Morris Park
37 Rosyth Road
Glasgow
G5 0YE

Sorn Energy Ltd (Registered number: SC412265)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,227,984 1,340,648

CURRENT ASSETS
Stocks 127,342 127,342
Debtors 5 782,593 871,214
Cash in hand 114,143 123,925
1,024,078 1,122,481
CREDITORS
Amounts falling due within one year 6 554,442 538,585
NET CURRENT ASSETS 469,636 583,896
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,697,620

1,924,544

CREDITORS
Amounts falling due after more than one
year

7

532,060

756,012
NET ASSETS 1,165,560 1,168,532

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,165,460 1,168,432
SHAREHOLDERS' FUNDS 1,165,560 1,168,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Sorn Energy Ltd (Registered number: SC412265)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 November 2024 and were signed by:





D Shaw - Director


Sorn Energy Ltd (Registered number: SC412265)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Sorn Energy Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Government grants
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised as follows:

(i) Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method less any impairment.

(ii) Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

(iii) Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


Sorn Energy Ltd (Registered number: SC412265)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 199,385 3,007,343 3,206,728
Additions - 75,676 75,676
At 31 March 2024 199,385 3,083,019 3,282,404
DEPRECIATION
At 1 April 2023 - 1,866,080 1,866,080
Charge for year - 188,340 188,340
At 31 March 2024 - 2,054,420 2,054,420
NET BOOK VALUE
At 31 March 2024 199,385 1,028,599 1,227,984
At 31 March 2023 199,385 1,141,263 1,340,648

Sorn Energy Ltd (Registered number: SC412265)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 151,605 104,833
Other debtors 630,988 766,381
782,593 871,214

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 238,442 239,823
Hire purchase contracts 122,478 174,111
Trade creditors 20,557 74,081
Taxation and social security 66,686 43,572
Other creditors 106,279 6,998
554,442 538,585

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 281,880 403,794
Hire purchase contracts 250,180 352,218
532,060 756,012

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 403,760 512,818
Hire purchase contracts 372,658 526,329
776,418 1,039,147

Bank loans outstanding at the year end include instalments due after more than five years of £nil (2023 £nil).These loans are secured by a floating charge on the assets of the company.

The finance leases and hire purchase contracts are secured on the assets concerned.