Company registration number SC407371 (Scotland)
KINTARBERT HYDRO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KINTARBERT HYDRO LIMITED
COMPANY INFORMATION
Directors
Mr D A MacDonald
Mrs I J MacDonald
Company number
SC407371
Registered office
Site 13A
Kilmory Industrial Estate
Kilmory
Lochgilphead
Argyll
United Kingdom
PA31 8RR
Auditor
Azets Audit Services
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
KINTARBERT HYDRO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
KINTARBERT HYDRO LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,747,043
1,864,687
Current assets
Debtors
4
283,925
207,878
Cash at bank and in hand
1,221,677
777,516
1,505,602
985,394
Creditors: amounts falling due within one year
5
(378,742)
(416,346)
Net current assets
1,126,860
569,048
Total assets less current liabilities
2,873,903
2,433,735
Creditors: amounts falling due after more than one year
6
(315,313)
Provisions for liabilities
(227,498)
(231,339)
Net assets
2,646,405
1,887,083
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
2,646,404
1,887,082
Total equity
2,646,405
1,887,083
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr D A MacDonald
Director
Company Registration No. SC407371
KINTARBERT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Kintarbert Hydro Limited is a private company limited by shares incorporated in Scotland. The registered office is Site 13A, Kilmory Industrial Estate, Kilmory, Lochgilphead, Argyll, United Kingdom, PA31 8RR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable from the operation of the Hydro Scheme, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
4% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.
KINTARBERT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KINTARBERT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 May 2023 and 30 April 2024
2,941,108
Depreciation and impairment
At 1 May 2023
1,076,421
Depreciation charged in the year
117,644
At 30 April 2024
1,194,065
Carrying amount
At 30 April 2024
1,747,043
At 30 April 2023
1,864,687
KINTARBERT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
168,885
117,606
Other debtors
115,040
90,272
283,925
207,878
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
104,220
Trade creditors
9,502
Amounts owed to group undertakings
86,897
Corporation tax
271,365
104,470
Other taxation and social security
71,376
67,104
Other creditors
36,001
44,153
378,742
416,346
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
315,313
7
Loans and overdrafts
2024
2023
£
£
Bank loans
419,533
Payable within one year
104,220
Payable after one year
315,313
The Royal Bank of Scotland hold a standard security over Kintarbert Hydro Scheme and a bond and floating charge over all assets of the company.
8
Leasing Agreements
The company has two leases for land, both of which expire in greater than 5 years. The first of these has a fixed annual rent of £1, and the remainder of rent is then charged as a percentage of turnover. The second lease also charges rent based on a percentage of turnover, but has a minimum rent of £4,700 per annum. As such, it is difficult to quantify the cost to be paid within the next year.
KINTARBERT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
10
Related party disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries in the group.true
11
Ultimate parent company
The ultimate parent undertaking is Inveraire Holdings Limited, a company registered in Scotland.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Neil Morrison
Statutory Auditor:
Azets Audit Services
13
Parent company
The parent company of Kintarbert Hydro Limited is Inveraire Holdings Limited, a company incorporated in Scotland and its registered office is Site 13A Kilmory Industrial Estate, Kilmory, Lochgilphead, Argyll PA31 8RR.
The company is controlled by Mr D A MacDonald and Mrs I J MacDonald.
The ultimate controlling party is Mr D A MacDonald.