Registered number |
for the year ended |
Pages for filing with the Registrar |
Registered number: | |||||||
Statement of financial position | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 4 | ||||||
Tangible assets | 5 | ||||||
Current assets | |||||||
Stock | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current assets/(liabilities) | ( |
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Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 8 | ( |
( |
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Net (liabilities)/assets | ( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Share premium | - | ||||||
Capital contribution reserve | - | ||||||
Profit and loss account | ( |
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Shareholders' funds | ( |
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The profit and loss account has not been delivered to the Registrar of Companies. | |||||||
The financial statements were approved by the board of directors and authorised for issue and are signed on its behalf by: | |||||||
R Nimmons | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||||||
for the year ended |
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1 | Accounting policies | |||||||||||
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. | ||||||||||||
Going concern | ||||||||||||
Having considered the matters above, the company is of the view that it will have sufficient resources to continue to operate and meet debts as they fall due for the foreseeable future. The financial statements have therefore been prepared on a going concern basis. In making this assessment, the directors, mindful of the equity and debt funding structure of the company have satisfied themselves on the ongoing support from the shareholders and the compliance with all funding covenants and overall funding continuity for a period of not less than 12 months from the date of approval of the financial statements. |
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Turnover | ||||||||||||
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. | ||||||||||||
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity. | ||||||||||||
Intangible assets represent development costs in respect of a new project in capturing CO2. | ||||||||||||
Amortisation is recognised so as to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows: | ||||||||||||
Intangible fixed assets | 4% straight line | |||||||||||
Tangible fixed assets | ||||||||||||
Tangible fixed assets other than freehold land are stated at cost less depreciation. Where a substantial period of time is required to bring an asset into use, attributable finance costs are capitalised and included in the cost of the relevant asset. Depreciation is recognised so as to write off the cost less estimated residual value of each asset over its expected useful life, as follows: | ||||||||||||
Land & buildings | Not depreciated | |||||||||||
Crofthead Plant & equipment | 10 - 20% straight line | |||||||||||
Crofthead buildings | Not depreciated | |||||||||||
Motor vehicles | 25% straight line | |||||||||||
Plant & equipment | 10% 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. | ||||||||||||
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. | ||||||||||||
Cash at bank and in hand | ||||||||||||
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. |
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Basic financial assets | ||||||||||||
Basic financial liabilities | ||||||||||||
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. | ||||||||||||
Equity instruments | ||||||||||||
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 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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. |
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Employee benefits | ||||||||||||
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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Retirement benefits | ||||||||||||
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. | ||||||||||||
Foreign exchange | ||||||||||||
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period. | ||||||||||||
Government grants | ||||||||||||
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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Leases | ||||||||||||
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
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2 | ||||||||||||
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
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2 | Critical judgements | |||||||||||
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. | ||||||||||||
Impairment of Fixed Assets | ||||||||||||
At each reporting period end, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication of impairment. If there is any such indication, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). | ||||||||||||
Deferred Tax | ||||||||||||
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. | ||||||||||||
3 | Employees | |||||||||||
2024 | 2023 | |||||||||||
Average number of persons employed by the company | ||||||||||||
4 | Intangible fixed assets | £ | ||||||||||
Cost | ||||||||||||
At 1 April 2023 | ||||||||||||
At 31 March 2024 | ||||||||||||
Amortisation | ||||||||||||
At 1 April 2023 | ||||||||||||
Provided during the year | ||||||||||||
At 31 March 2024 | ||||||||||||
Net book value | ||||||||||||
At 31 March 2024 | ||||||||||||
At 31 March 2023 | ||||||||||||
5 | Tangible fixed assets | |||||||||||
Land & buildings | Crofthead Plant & equipment | Crofthead buildings | Motor vehicles | Plant & equipment | Total | |||||||
£ | £ | £ | ||||||||||
Cost | ||||||||||||
At 1 April 2023 | ||||||||||||
Additions | - | - | ||||||||||
Disposals | - | ( |
- | - | - | ( |
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At 31 March 2024 | 145,260 | |||||||||||
Depreciation | ||||||||||||
At 1 April 2023 | - | - | ||||||||||
Charge for the year | - | - | ||||||||||
On disposals | - | ( |
- | - | - | ( |
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At 31 March 2024 | - | - | ||||||||||
Net book value | ||||||||||||
At 31 March 2024 | - | |||||||||||
At 31 March 2023 | ||||||||||||
6 | Debtors | 2024 | 2023 | |||||||||
£ | £ | |||||||||||
Trade debtors | ||||||||||||
Deferred tax asset | ||||||||||||
Corporation tax recoverable | 48,546 | 91,689 | ||||||||||
Other debtors | ||||||||||||
7 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||||||
£ | £ | |||||||||||
Bank loans and overdrafts | ||||||||||||
Hire purchase contracts | ||||||||||||
Trade creditors | ||||||||||||
Taxation and social security costs | ||||||||||||
Other creditors | ||||||||||||
8 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||||||
£ | £ | |||||||||||
Bank loans | ||||||||||||
Hire purchase contracts | ||||||||||||
The balance outstanding as at 31 March 2023 is £3,887,500 (2022: £3,440,959). Principal repayments are payable quarterly commencing December 2023 until September 2028. The debt facility is secured by way of a bond and floating charge over the assets of the company. |
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9 | Deferred Taxation | |||||||||||
2024 | 2023 | |||||||||||
£ | £ | |||||||||||
At 1 April 2023 | - | |||||||||||
Movement for the year | ||||||||||||
At 31 March 2024 | ||||||||||||
10 | Change of name | |||||||||||
The company changed its name on 1st June 2022 to Carbon Capture Scotland from Dry Ice Scotland. | ||||||||||||
11 | Called up share capital | 2024 | 2023 | |||||||||
£ | £ | |||||||||||
Ordinary share capital Issued and fully paid | ||||||||||||
Ordinary shares of £0.0001 each | 100 | 100 | ||||||||||
Preferred shares of £0.0001 each | 11 | 4 | ||||||||||
12 | 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 | |||||||||||
£ | £ | |||||||||||
417,403 | 328,939 | |||||||||||
Rent is payable by the company on a monthly basis under the terms of a 21 year lease entered into on 1 August 2021 in respect of Crofthead. | ||||||||||||
13 | Financial commitments, guarantees and contingent liabilities | |||||||||||
Government grants were received during the prior year in respect of a capital expenditure project. If actual savings acheived from the project exceed forecast savings by 10%, a grant clawback would be applicable. The clawback would amount to 50% of the additional saving above the savings threshold, plus any savings above the cap as per the grant documentation. No clawback was due in the current year. | ||||||||||||
14 | Related party transactions | |||||||||||
15 | Parent Entity | |||||||||||
16 | Other information | |||||||||||
Carbon Capture Scotland Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: | ||||||||||||
United Kingdom | ||||||||||||
PH12 8QX |