Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-014falsegeneration and sale of hydroelectricity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08569448 2023-04-01 2024-03-31 08569448 2022-04-01 2023-03-31 08569448 2024-03-31 08569448 2023-03-31 08569448 c:Director1 2023-04-01 2024-03-31 08569448 d:Buildings 2023-04-01 2024-03-31 08569448 d:Buildings 2024-03-31 08569448 d:Buildings 2023-03-31 08569448 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08569448 d:PlantMachinery 2023-04-01 2024-03-31 08569448 d:PlantMachinery 2024-03-31 08569448 d:PlantMachinery 2023-03-31 08569448 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08569448 d:MotorVehicles 2023-04-01 2024-03-31 08569448 d:MotorVehicles 2024-03-31 08569448 d:MotorVehicles 2023-03-31 08569448 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08569448 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08569448 d:CurrentFinancialInstruments 2024-03-31 08569448 d:CurrentFinancialInstruments 2023-03-31 08569448 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08569448 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08569448 d:ShareCapital 2024-03-31 08569448 d:ShareCapital 2023-03-31 08569448 d:OtherMiscellaneousReserve 2023-04-01 2024-03-31 08569448 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 08569448 d:RetainedEarningsAccumulatedLosses 2024-03-31 08569448 d:RetainedEarningsAccumulatedLosses 2023-03-31 08569448 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08569448 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08569448 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 08569448 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 08569448 c:OrdinaryShareClass1 2023-04-01 2024-03-31 08569448 c:OrdinaryShareClass1 2024-03-31 08569448 c:OrdinaryShareClass1 2023-03-31 08569448 c:FRS102 2023-04-01 2024-03-31 08569448 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08569448 c:FullAccounts 2023-04-01 2024-03-31 08569448 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08569448 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08569448










Lochailort Hydro Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2024

 
Lochailort Hydro Limited
Registered number: 08569448

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,618,257
1,750,932

  
1,618,257
1,750,932

Current assets
  

Debtors: amounts falling due within one year
 5 
405,917
323,905

Bank and cash balances
  
301,732
692,360

  
707,649
1,016,265

Creditors: amounts falling due within one year
 6 
(1,892,473)
(1,876,675)

Net current liabilities
  
 
 
(1,184,824)
 
 
(860,410)

Total assets less current liabilities
  
433,433
890,522

  

Net assets
  
433,433
890,522


Capital and reserves
  

Called up share capital 
 8 
4
4

Profit and loss account
 9 
433,429
890,518

  
433,433
890,522


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Timothy Leslie
Director
Date: 30 January 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
Lochailort Hydro Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

Lochailort Hydro Limited ("the company") is a private company limited by shares and was incorporated in England with the registration number 08569448. The address of the registered office is Estate Office High Hatton Hall, High Hatton, Nr Shawbury, Shropshire, SY4 4EY.
The principle activity of the company is the generation and sale of hydroelectricity.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents amounts receivable for the supply of electricity, stated net of trade discounts and value added tax.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
5%
straight line
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

 
Lochailort Hydro Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term 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.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 3

 
Lochailort Hydro Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost 


At 1 April 2023
324,739
2,159,960
136,050
2,620,749



At 31 March 2024

324,739
2,159,960
136,050
2,620,749



Depreciation


At 1 April 2023
25,980
780,516
63,321
869,817


Charge for the year 
6,495
107,998
18,182
132,675



At 31 March 2024

32,475
888,514
81,503
1,002,492



Net book value



At 31 March 2024
292,264
1,271,446
54,547
1,618,257



At 31 March 2023
298,759
1,379,444
72,729
1,750,932





5.


Debtors

2024
2023
£
£


Trade debtors
163,063
136,999

Prepayments and accrued income
51,119
33,226

Deferred taxation
191,735
153,680

405,917
323,905


Page 4

 
Lochailort Hydro Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
16,275
707

Corporation tax
36,490
106,080

Other taxation and social security
8,095
22,861

Other creditors
1,829,263
1,742,155

Accruals and deferred income
2,350
4,872

1,892,473
1,876,675



7.


Deferred taxation




2024


£






At beginning of year
153,680


Charged to profit or loss
38,055



At end of year
191,735

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
153,680
(80,374)

Other timing differences
38,055
234,054

191,735
153,680


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4 (2023 - 4) Ordinary shares of £1.00 each
4
4


Page 5

 
Lochailort Hydro Limited
 

 
Notes to the financial statements
For the year ended 31 March 2024

9.


Reserves

Share capital

This represents the nominal value of shares that have been issued by the company.

Profit and loss account

The Profit and loss account comprises all current and prior period retained profits and losses.


10.


Related party transactions

At the year end the company owed a director and shareholder of the company, an amount of £1,829,263 (2023: £1,742,155).
Interest of £87,108 (2023: £82,960) was payable on the outstanding balance and was charged at a commercial rate. The accrued interest has been included within other creditors due within one year.
During the year the company paid rent of £800,000 (2023: £400,000) to Flichity Estates Partnership, an entity both T Leslie and S Leslie are partners of. As at the year end amounts outstanding were £Nil (2023: £Nil).


Page 6