Company registration number SC358976 (Scotland)
CORRIMONY ENERGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
CORRIMONY ENERGY LIMITED
COMPANY INFORMATION
Directors
D B Girvan
D L Girvan
M H Girvan
J Murrie
(Appointed 9 October 2023)
H Wardill
(Appointed 9 October 2023)
Company number
SC358976
Registered office
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
Accountants
Azets
10 Ardross Street
Inverness
United Kingdom
IV3 5NS
CORRIMONY ENERGY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
CORRIMONY ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,312,082
7,047,181
Current assets
Debtors
4
2,487,927
2,224,117
Cash at bank and in hand
3,292,061
2,366,085
5,779,988
4,590,202
Creditors: amounts falling due within one year
5
(1,787,235)
(1,374,793)
Net current assets
3,992,753
3,215,409
Total assets less current liabilities
10,304,835
10,262,590
Creditors: amounts falling due after more than one year
6
(7,477,131)
(8,539,793)
Provisions for liabilities
7
(1,201,177)
(1,282,344)
Net assets
1,626,527
440,453
Capital and reserves
Called up share capital
9
66
66
Capital redemption reserve
37
37
Profit and loss reserves
1,626,424
440,350
Total equity
1,626,527
440,453

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 July 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.

CORRIMONY ENERGY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
D L Girvan
Director
Company Registration No. SC358976
CORRIMONY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Corrimony Energy Limited is a private company limited by shares incorporated in Scotland. The registered office is 10 Ardross Street, Inverness, United Kingdom, IV3 5NS.

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
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.true

1.3
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.

Rental income

Revenue from rental income is recognised in the period to which the rental income relates in accordance with the rental agreements.

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 machinery
5% on cost
Fixtures and fittings
25% on cost
Office equipment
25% 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.

CORRIMONY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

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.

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.

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 statement of financial position 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.

CORRIMONY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
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 dividends are recognised when they become legally payable.  Interim equity dividends are recognised when paid.  Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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 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.

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.

CORRIMONY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12

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.

1.13

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 

Borrowing costs

General and specific borrowing costs directly attributable to the acquistion, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised in the Statement of Income and Retained Earnings in the year in which they are incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
6
CORRIMONY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
14,701,973
130
1,395
14,703,498
Depreciation and impairment
At 1 August 2023
7,654,792
130
1,395
7,656,317
Depreciation charged in the year
735,099
-
0
-
0
735,099
At 31 July 2024
8,389,891
130
1,395
8,391,416
Carrying amount
At 31 July 2024
6,312,082
-
0
-
0
6,312,082
At 31 July 2023
7,047,181
-
0
-
0
7,047,181

The amount of loan interest included within the cost of plant and machinery is £236,681 (2023 - £236,681).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
120,241
Other debtors
1,261,957
1,261,957
Prepayments and accrued income
1,225,970
841,919
2,487,927
2,224,117
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
856,665
856,665
Trade creditors
190,770
134,598
Corporation tax
477,798
175,196
Other taxation and social security
125,599
3,382
Accruals and deferred income
136,403
204,952
1,787,235
1,374,793
CORRIMONY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,477,131
8,539,793

Aib Group (UK) PLC holds standard securities over the company's interest in a number of property leases and a bond and floating charge over all property and undertakings, as security for sums borrowed from the bank totalling £8,333,796 (2023 - £9,396,458).

Amounts included above which fall due after five years are as follows:
Payable by instalments
3,770,095
4,832,757
7
Provisions for liabilities
2024
2023
Notes
£
£
Decommissioning fund
99,000
99,000
Deferred tax liabilities
8
1,102,177
1,183,344
1,201,177
1,282,344

The company has recognised a provision of £99,000 to cover the anticipated cost of decommissioning Corrimony Wind Farm, which will be required under the terms of the planning consent granted by The Highland Council.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,102,177
1,183,344
2024
Movements in the year:
£
Liability at 1 August 2023
1,183,344
Credit to profit or loss
(81,167)
Liability at 31 July 2024
1,102,177
CORRIMONY ENERGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary A shares of 1p each
50
50
1,554 Ordinary B shares of 1p each
16
16
66
66

A ordinary shares and B ordinary shares

All shares rank equally for voting purposes; with each member having one vote per share. The profits of the company available for distribution and resolved to be distributed shall be distributed amongst the holders of the A shares and the B shares as if they were one class and pro rata accordingly to the amounts paid upon the A shares and B shares held by them respectively. The shares are treated as if they are one class and pro-rata according to the amounts paid.

 

B - (DI) shares

There are no voting rights attached, nor rights to share in the profits of the company available for distribution unless the holders of a majority of the B shares determine otherwise in which case (i) the amount of any such distribution to the holders of B-(DI) shares shall reduce the aggregate amount which would otherwise have been distributed to the holders of the B shares and (ii) distributed amongst the holders of the B-(DI) shares pro-rata according to the amounts paid up. There are no rights to participate in a distribution on winding up and the shares are not redeemable.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
3,021,680
3,222,192
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