Company registration number SC453192 (Scotland)
Southside Renewables Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with registrar
Southside Renewables Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Southside Renewables Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Southside Renewables Limited for the year ended 31 May 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of Southside Renewables Limited, as a body, in accordance with the terms of our engagement letter dated 29 August 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Southside Renewables Limited and state those matters that we have agreed to state to the board of directors of Southside Renewables Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southside Renewables Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Southside Renewables Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Southside Renewables Limited. You consider that Southside Renewables Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Southside Renewables Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
25 February 2025
Southside Renewables Limited
Statement of financial position
at 31 May 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
337,140
372,320
Current assets
Debtors
23,923
14,536
Cash at bank and in hand
31,897
22,536
55,820
37,072
Creditors: amounts falling due within one year
(95,326)
(91,924)
Net current liabilities
(39,506)
(54,852)
Total assets less current liabilities
297,634
317,468
Creditors: amounts falling due after more than one year
3
(328,978)
(372,084)
Net liabilities
(31,344)
(54,616)
Capital and reserves
Called up share capital
5
5
Profit and loss reserves
(31,349)
(54,621)
Total equity
(31,344)
(54,616)

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Southside Renewables Limited
Statement of financial position (continued)
at 31 May 2024
3
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
W. Lyon Craigie
Christine Craigie
Director
Director
David L. Craigie
Director
Company Registration No. SC453192
Southside Renewables Limited
Notes to the financial statements
for the year ended 31 May 2024
4
1
Accounting policies
Company information

Southside Renewables Limited is a private company limited by shares incorporated in Scotland. The registered office is Suite A, 1 Albyn Place, Aberdeen, AB10 1BR.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax. Where services are performed gradually over time, revenue is recognised as activity progresses by reference to the value of the work performed.

1.3
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:

Wind Turbine
20 years straight line

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.

1.4
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 income statement 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.

Southside Renewables Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies (continued)
5
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 income statement, 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
Tangible fixed assets
Total
£
Cost
At 1 June 2023 and 31 May 2024
703,596
Depreciation and impairment
At 1 June 2023
331,276
Depreciation charged in the year
35,180
At 31 May 2024
366,456
Carrying amount
At 31 May 2024
337,140
At 31 May 2023
372,320
3
Creditors: amounts falling due after more than one year

Included within creditors is a bank loan for which a guarantee of £541,000 has been provided by W. Lyon Craigie (director) and Christine Craigie (director). The guarantee is supported by a standard security over personally owned assets. Furthermore there is a bond and floating charge that has been granted by the company over company assets.

4
Going Concern

The company has net liabilities of £31,344 however included in creditors is the sum of £113,877 owed to a partnership in which the directors are partners. It has been confirmed that the partnership will not seek repayment of this amount in order to ensure the ongoing viability of the company. The directors therefore consider it to be appropriate for the financial statements to be prepared on a going concern basis.

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