9 11 Orkney Renewable Energy Forum SC287437 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is to promote all forms of renewable energy and energy efficiency and encourage such activities to the benefit of the people in Orkney. The company is a not-for-profit members forum. Digita Accounts Production Advanced 6.30.9574.0 true SC287437 2024-01-01 2024-12-31 SC287437 2024-12-31 SC287437 core:CurrentFinancialInstruments 2024-12-31 SC287437 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC287437 core:OtherPropertyPlantEquipment 2024-12-31 SC287437 bus:SmallEntities 2024-01-01 2024-12-31 SC287437 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC287437 bus:FilletedAccounts 2024-01-01 2024-12-31 SC287437 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC287437 bus:RegisteredOffice 2024-01-01 2024-12-31 SC287437 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 SC287437 bus:Director11 2024-01-01 2024-12-31 SC287437 bus:Director18 2024-01-01 2024-12-31 SC287437 bus:Director23 2024-01-01 2024-12-31 SC287437 bus:Director24 2024-01-01 2024-12-31 SC287437 bus:Director3 2024-01-01 2024-12-31 SC287437 bus:Director4 2024-01-01 2024-12-31 SC287437 bus:Director7 2024-01-01 2024-12-31 SC287437 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC287437 bus:Agent1 2024-01-01 2024-12-31 SC287437 core:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 SC287437 core:PlantMachinery 2024-01-01 2024-12-31 SC287437 core:OtherRelatedParties 2024-01-01 2024-12-31 SC287437 countries:Scotland 2024-01-01 2024-12-31 SC287437 2023-12-31 SC287437 core:OtherPropertyPlantEquipment 2023-12-31 SC287437 2023-01-01 2023-12-31 SC287437 2023-12-31 SC287437 core:CurrentFinancialInstruments 2023-12-31 SC287437 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC287437 core:OtherPropertyPlantEquipment 2023-12-31 xbrli:pure iso4217:GBP

Registration number: SC287437

Orkney Renewable Energy Forum

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Orkney Renewable Energy Forum

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Orkney Renewable Energy Forum

Company Information

Directors

Mr Mike Robertson

Mr Neil Kermode

Dr Gareth Davies

Mr Mark Kirkbride

Mr Ian Johnstone

Dr Simon Waldman

Dr Mark Hull

Dr Sandy Kerr

Company secretary

Mr Ian Johnstone

Registered office

The Charles Clouston Building
Back Road
Stromness
Orkney
KW16 3AW

Accountants

Gray Associates
Chartered AccountantsRidgeways
Back Road
Stromness
Orkney
KW16 3DS

 

Orkney Renewable Energy Forum

(Registration number: SC287437)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,615

1,568

Current assets

 

Debtors

5

30,774

31,106

Cash at bank and in hand

 

29,327

31,371

 

60,101

62,477

Creditors: Amounts falling due within one year

6

(976)

(526)

Net current assets

 

59,125

61,951

Net assets

 

60,740

63,519

Capital and reserves

 

Retained earnings

60,740

63,519

Shareholders' funds

 

60,740

63,519

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
Mr Mark Kirkbride
Director

 

Orkney Renewable Energy Forum

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
The Charles Clouston Building
Back Road
Stromness
Orkney
KW16 3AW

The principal place of business is:
The Charles Clouston Building
Back Road
Stromness
Orkney
KW16 3AW

These financial statements were authorised for issue by the Board on 18 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Orkney Renewable Energy Forum

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straightline 33%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

The comapny is limited by guarantee and does not have a share capital.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 11).

 

Orkney Renewable Energy Forum

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

5,485

5,485

Additions

1,383

1,383

Disposals

(1,050)

(1,050)

At 31 December 2024

5,818

5,818

Depreciation

At 1 January 2024

3,917

3,917

Charge for the year

886

886

Eliminated on disposal

(600)

(600)

At 31 December 2024

4,203

4,203

Carrying amount

At 31 December 2024

1,615

1,615

At 31 December 2023

1,568

1,568

5

Debtors

Current

2024
£

2023
£

Trade debtors

10

-

Prepayments

607

-

Other debtors

30,157

31,106

 

30,774

31,106

 

Orkney Renewable Energy Forum

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

442

9

Accruals and deferred income

534

518

Other creditors

-

(1)

976

526

7

Related party transactions

Summary of transactions with other related parties

The company has provided an unsecured loan to Aquatera Ltd a company controlled by Dr Gareth Davies who is a director of the company.
The loan is for £30,000, is unsecured and is repayable on or before 31 July 2025. The borrower shall pay interest on the loan at the rate of 7.5% per annum payable at the same time as the loan is repaid. The loan is included in Other Debtors in the Balance Sheet.