HBY Renewable Energy Limited
Registered number
SC527642
Filleted Accounts
29 February 2024
HBY Renewable Energy Limited
Registered number: SC527642
Balance Sheet
as at 29 February 2024
Notes 2024 2022
£ £
Fixed assets
Tangible assets 3 1,707,818 1,707,818
Current assets
Stocks - 74,103
Debtors 4 23,530 478,035
Cash at bank and in hand 68,062 86,512
91,592 638,650
Creditors: amounts falling due within one year 5 (2,015,347) (2,847,329)
Net current liabilities (1,923,755) (2,208,679)
Total assets less current liabilities (215,937) (500,861)
Creditors: amounts falling due after more than one year 6 (35,185) (41,592)
Net liabilities (251,122) (542,453)
Capital and reserves
Called up share capital 1 1
Share premium 99 99
Profit and loss account (251,222) (542,553)
Shareholder's funds (251,122) (542,453)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Charles William Clements
Director
Approved by the board on 13 November 2024
HBY Renewable Energy Limited
Notes to the Accounts
for the period from 1 September 2022 to 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2022
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Wind Turbine sites & Sites under Construction
£
Cost
At 1 September 2022 2,097,292
At 29 February 2024 2,097,292
Depreciation
At 1 September 2022 389,474
At 29 February 2024 389,474
Net book value
At 29 February 2024 1,707,818
At 31 August 2022 1,707,818
The wind turbine site was valued by the directors on 31 August 2022 on a Net Present Value basis using a discount rate of 6.5%. The valuation is dependent upon ongoing revenue generation and operational costs at current levels subject to inflationary increases.
4 Debtors 2024 2022
£ £
Trade debtors 23,530 24,248
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 391,120
Other debtors - 62,667
23,530 478,035
5 Creditors: amounts falling due within one year 2024 2022
£ £
Bank loans and overdrafts 1,180,662 1,345,109
Trade creditors 12,326 90,568
Amounts owed to group undertakings and undertakings in which the company has a participating interest 604,573 732,865
Taxation and social security costs 217,786 527,275
Other creditors - 151,512
2,015,347 2,847,329
6 Creditors: amounts falling due after one year 2024 2022
£ £
Bank loans 35,185 41,592
7 Loans 2024 2022
£ £
Creditors include:
Secured bank loans 1,180,662 1,345,109
A standard security was granted by Close Leasing Limited in May 2018 in favour of the lender over the company's interest in the lease of land at High Blackwoodyards Farm, Lesmahagow, ML11 0JH. Close Leasing Limited also hold a bond and floating charge over all assets of the company.
8 Revaluation reserve 2024 2022
£ £
At 1 September 2022 - 1,136,603
Transfer from profit and loss account - (1,136,603)
At 29 February 2024 - -
9 Controlling party
Charles Clements is the ultimate controlling party by way of his owning the majority of the issued share capital.
10 Other information
HBY Renewable Energy Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
4 Valentine Court
Dundee Business Park
Dundee
Angus
DD2 3QB
HBY Renewable Energy Limited SC527642 false 2022-09-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 Charles William Clements No description of principal activity SC527642 2021-09-01 2022-08-31 SC527642 core:WithinOneYear 2022-08-31 SC527642 core:AfterOneYear 2022-08-31 SC527642 core:ShareCapital 2022-08-31 SC527642 core:SharePremium 2022-08-31 SC527642 core:RetainedEarningsAccumulatedLosses 2022-08-31 SC527642 core:RevaluationReserve 2021-08-31 SC527642 2022-09-01 2024-02-29 SC527642 bus:PrivateLimitedCompanyLtd 2022-09-01 2024-02-29 SC527642 bus:AuditExemptWithAccountantsReport 2022-09-01 2024-02-29 SC527642 bus:Director40 2022-09-01 2024-02-29 SC527642 1 2022-09-01 2024-02-29 SC527642 2 2022-09-01 2024-02-29 SC527642 countries:England 2022-09-01 2024-02-29 SC527642 bus:FRS102 2022-09-01 2024-02-29 SC527642 bus:FilletedAccounts 2022-09-01 2024-02-29 SC527642 2024-02-29 SC527642 core:WithinOneYear 2024-02-29 SC527642 core:AfterOneYear 2024-02-29 SC527642 core:ShareCapital 2024-02-29 SC527642 core:SharePremium 2024-02-29 SC527642 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC527642 core:PlantMachinery 2024-02-29 SC527642 core:RevaluationReserve 2024-02-29 SC527642 2022-08-31 SC527642 core:PlantMachinery 2022-08-31 SC527642 core:RevaluationReserve 2022-08-31 iso4217:GBP xbrli:pure