IRIS Accounts Production v24.3.0.553 SC437489 director 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4374892022-12-31SC4374892023-12-31SC4374892023-01-012023-12-31SC4374892021-12-31SC4374892022-01-012022-12-31SC4374892022-12-31SC437489ns15:Scotland2023-01-012023-12-31SC437489ns14:PoundSterling2023-01-012023-12-31SC437489ns10:Director12023-01-012023-12-31SC437489ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC437489ns10:SmallEntities2023-01-012023-12-31SC437489ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC437489ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC437489ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC437489ns10:FullAccounts2023-01-012023-12-31SC437489ns10:RegisteredOffice2023-01-012023-12-31SC437489ns5:CurrentFinancialInstruments2023-12-31SC437489ns5:CurrentFinancialInstruments2022-12-31SC437489ns5:Non-currentFinancialInstruments2023-12-31SC437489ns5:Non-currentFinancialInstruments2022-12-31SC437489ns5:ShareCapital2023-12-31SC437489ns5:ShareCapital2022-12-31SC437489ns5:RetainedEarningsAccumulatedLosses2023-12-31SC437489ns5:RetainedEarningsAccumulatedLosses2022-12-31SC437489ns5:PlantMachinery2023-01-012023-12-31SC437489ns5:PlantMachinery2022-12-31SC437489ns5:PlantMachinery2023-12-31SC437489ns5:PlantMachinery2022-12-31SC437489ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC437489ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-31SC437489ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC437489ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC437489ns5:Secured2023-12-31SC437489ns5:Secured2022-12-31
REGISTERED NUMBER: SC437489 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CORTES RENEWABLES LTD

CORTES RENEWABLES LTD (REGISTERED NUMBER: SC437489)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORTES RENEWABLES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: C I Campbell





REGISTERED OFFICE: Stoneridge
Cortes
Lonmay
Fraserburgh
Aberdeenshire
AB43 8RD





REGISTERED NUMBER: SC437489 (Scotland)





ACCOUNTANTS: Leiper & Summers
4 Charlotte Street
Fraserburgh
Aberdeenshire
AB43 9JE

CORTES RENEWABLES LTD (REGISTERED NUMBER: SC437489)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 948,507 956,135

CURRENT ASSETS
Debtors 6 147,281 154,943
Cash at bank 365,239 336,708
512,520 491,651
CREDITORS
Amounts falling due within one year 7 254,766 299,487
NET CURRENT ASSETS 257,754 192,164
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,206,261

1,148,299

CREDITORS
Amounts falling due after more than one
year

8

(754,080

)

(783,907

)

PROVISIONS FOR LIABILITIES (197,336 ) (190,508 )
NET ASSETS 254,845 173,884

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 254,843 173,882
SHAREHOLDERS' FUNDS 254,845 173,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

CORTES RENEWABLES LTD (REGISTERED NUMBER: SC437489)

BALANCE SHEET - continued
31 DECEMBER 2023


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 12 August 2024 and were signed by:





C I Campbell - Director


CORTES RENEWABLES LTD (REGISTERED NUMBER: SC437489)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Cortes Renewables 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 5% on cost

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.


CORTES RENEWABLES LTD (REGISTERED NUMBER: SC437489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Taxation
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,493,203
Additions 80,874
At 31 December 2023 1,574,077
DEPRECIATION
At 1 January 2023 537,068
Charge for year 88,502
At 31 December 2023 625,570
NET BOOK VALUE
At 31 December 2023 948,507
At 31 December 2022 956,135

CORTES RENEWABLES LTD (REGISTERED NUMBER: SC437489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 73,417
At 31 December 2023 73,417
DEPRECIATION
Charge for year 9,789
At 31 December 2023 9,789
NET BOOK VALUE
At 31 December 2023 63,628

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 120,827 128,290
Other debtors 26,454 26,653
147,281 154,943

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 75,000 105,000
Hire purchase contracts 10,000 -
Taxation and social security 45,164 56,209
Other creditors 124,602 138,278
254,766 299,487

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 740,747 783,907
Hire purchase contracts 13,333 -
754,080 783,907

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 440,747 363,907

CORTES RENEWABLES LTD (REGISTERED NUMBER: SC437489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 815,747 888,907
Hire purchase contracts 23,333 -
839,080 888,907

Close Leasing Limited hold a bond and floating charge over the assets of the company. Hire purchase liabilities are secured against the related fixed assets.

10. ULTIMATE CONTROLLING PARTY

The controlling party is C I Campbell.