Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Mrs L Hill 15/11/2018 Mr R T Hill 15/11/2018 Mr R W Hill 15/11/2018 Mr R T Hill 15/11/2018 15 November 2024 The principal activity of the Company during the financial year was to promote and develop renewable energy projects, along with land developments for commercial and residential purposes. Battery Energy and Storage systems will feature more prominently in the future to capitalize on the abundance of Offshore wind capacity in the North of Scotland. SC613719 2023-11-30 SC613719 bus:Director1 2023-11-30 SC613719 bus:Director2 2023-11-30 SC613719 bus:Director3 2023-11-30 SC613719 bus:Director4 2023-11-30 SC613719 2022-11-30 SC613719 core:CurrentFinancialInstruments 2023-11-30 SC613719 core:CurrentFinancialInstruments 2022-11-30 SC613719 core:ShareCapital 2023-11-30 SC613719 core:ShareCapital 2022-11-30 SC613719 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC613719 core:RetainedEarningsAccumulatedLosses 2022-11-30 SC613719 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-11-30 SC613719 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-11-30 SC613719 bus:OrdinaryShareClass1 2023-11-30 SC613719 2022-12-01 2023-11-30 SC613719 bus:FilletedAccounts 2022-12-01 2023-11-30 SC613719 bus:SmallEntities 2022-12-01 2023-11-30 SC613719 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 SC613719 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 SC613719 bus:Director1 2022-12-01 2023-11-30 SC613719 bus:Director2 2022-12-01 2023-11-30 SC613719 bus:Director3 2022-12-01 2023-11-30 SC613719 bus:Director4 2022-12-01 2023-11-30 SC613719 1 2022-12-01 2023-11-30 SC613719 2021-12-01 2022-11-30 SC613719 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 SC613719 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC613719 (Scotland)

SCOTIA HEAT & POWER LTD
(Formerly Grimaldi Developments Limited)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

SCOTIA HEAT & POWER LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

SCOTIA HEAT & POWER LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2023
SCOTIA HEAT & POWER LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Current assets
Stocks 3 59,795 90,386
Debtors 4 74,041 0
Cash at bank and in hand 92 576
133,928 90,962
Creditors: amounts falling due within one year 5 ( 152,914) ( 98,250)
Net current liabilities (18,986) (7,288)
Total assets less current liabilities (18,986) (7,288)
Net liabilities ( 18,986) ( 7,288)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 19,086 ) ( 7,388 )
Total shareholders' deficit ( 18,986) ( 7,288)

For the financial year ending 30 November 2023 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 Scotia Heat & Power Ltd (registered number: SC613719) were approved and authorised for issue by the Board of Directors on 15 November 2024. They were signed on its behalf by:

Mr R T Hill
Director
SCOTIA HEAT & POWER LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
SCOTIA HEAT & POWER LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
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 year, unless otherwise stated.

General information and basis of accounting

Scotia Heat & Power Ltd (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 C/O Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £18,986. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, 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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised at transaction price.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Stocks

2023 2022
£ £
Stocks 59,795 90,386

4. Debtors

2023 2022
£ £
Amounts owed by related parties 46,000 0
Corporation tax 15,525 0
Other debtors 12,516 0
74,041 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,090 0
Taxation and social security 15,525 0
Other creditors 131,299 98,250
152,914 98,250

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts due from related parties 46,000 0

Transactions with the entity's directors

2023 2022
£ £
Amounts due to key management personnel 129,450 97,200