Company registration number SC138431 (Scotland)
ASSYNT HYDRO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
31 December 2024
PAGES FOR FILING WITH REGISTRAR
ASSYNT HYDRO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ASSYNT HYDRO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,053
20,980
Tangible assets
4
21,311
19,372
30,364
40,352
Current assets
Debtors
5
31,796
30,896
Cash at bank and in hand
318,637
232,523
350,433
263,419
Creditors: amounts falling due within one year
6
(55,649)
(34,112)
Net current assets
294,784
229,307
Total assets less current liabilities
325,148
269,659
Creditors: amounts falling due after more than one year
7
(9,161)
Net assets
325,148
260,498
Capital and reserves
Called up share capital
75,002
75,002
Profit and loss reserves
250,146
185,496
Total equity
325,148
260,498
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 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 member has 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.
ASSYNT HYDRO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
Mr J Morrison
Director
Company Registration No. SC138431
ASSYNT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Assynt Hydro Limited is a private company limited by shares incorporated in Scotland. The registered office is Cnoc Uaine Culkein, Stoer Assynt, Lochinver, Lairg, Sutherland, United Kingdom, IV27 4JG.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Research and development expenditure
Expenditure incurred on a speculative basis relating to hydro scheme developments is capitalised pending successful outcome. Total expenditure to date is reviewed at each balance sheet date to justify continuing deferral.
Where there has been successful development of a hydro scheme, the project costs are written off over the estimated useful life of the scheme.
Any expenditure deemed irrecoverable is written off immediately on a project by project basis.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Development costs
4% on cost
1.5
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:
Land and buildings
4% on cost
Plant and equipment
4% on cost
ASSYNT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
ASSYNT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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 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.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants received in the sum of £269,800 are being released in equal instalments to the profit and loss account over the estimated useful life of the hydro scheme.
If the hydro scheme generates for less than twenty five years, the government grant will be repayable in full.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
ASSYNT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024 and 31 December 2024
298,185
Amortisation and impairment
At 1 January 2024
277,205
Amortisation charged for the year
11,927
At 31 December 2024
289,132
Carrying amount
At 31 December 2024
9,053
At 31 December 2023
20,980
4
Tangible fixed assets
Land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2024
68,550
208,265
276,815
Additions
14,525
14,525
At 31 December 2024
68,550
222,790
291,340
Depreciation and impairment
At 1 January 2024
63,752
193,691
257,443
Depreciation charged in the year
2,742
9,844
12,586
At 31 December 2024
66,494
203,535
270,029
Carrying amount
At 31 December 2024
2,056
19,255
21,311
At 31 December 2023
4,798
14,574
19,372
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,796
18,720
Other debtors
12,176
31,796
30,896
ASSYNT HYDRO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
8,233
7,924
Corporation tax
23,532
5,078
Other taxation and social security
5,134
Government grants
9,161
10,792
Accruals and deferred income
9,589
10,318
55,649
34,112
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Government grants
9,161