Registered number
SC450861
Carbon Capture Scotland Limited
Filleted unaudited accounts
for the year ended 31 March 2024
Pages for filing with the Registrar
Carbon Capture Scotland Limited
Registered number: SC450861
Statement of financial position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 7,690 8,012
Tangible assets 5 3,168,301 3,849,274
3,175,991 3,857,286
Current assets
Stock 62,400 62,400
Debtors 6 1,230,918 1,804,335
Cash at bank and in hand 221,609 143,380
1,514,927 2,010,115
Creditors: amounts falling due within one year 7 (1,451,964) (4,731,768)
Net current assets/(liabilities) 62,963 (2,721,653)
Total assets less current liabilities 3,238,954 1,135,633
Creditors: amounts falling due after more than one year 8 (3,636,715) (31,937)
Net (liabilities)/assets (397,761) 1,103,696
Capital and reserves
Called up share capital 111 104
Share premium - 599,996
Capital contribution reserve 833,697 -
Profit and loss account (1,231,569) 503,596
Shareholders' funds (397,761) 1,103,696
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 7 March 2025
Carbon Capture Scotland Limited
Notes to the Accounts
for the year ended 31 March 2024
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 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.
Going concern
At the date of approval of the financial statements, the company has prepared and approved up-to date management accounts, budgets and cash flow projections which include key revenue and cost assumptions that the directors consider reasonable and prudent.

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.
Turnover
Turnover represents amounts receivable from the production and sale of biogenic dry ice, net of VAT. Turnover from the sale of dry ice is recognised when goods are delivered to the customer, that being the point at which the significant risks and rewards of ownership have passed to the buyer.
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 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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
Cash at bank and in hand 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.
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, 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.
Basic financial liabilities
Basic financial liabilities, including creditors and parent loans 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.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Tax
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. 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.
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.
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.
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.
2 Critical accounting judgements and key sources of estimation uncertainty
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.
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 16 14
4 Intangible fixed assets £
Cost
At 1 April 2023 8,039
At 31 March 2024 8,039
Amortisation
At 1 April 2023 27
Provided during the year 322
At 31 March 2024 349
Net book value
At 31 March 2024 7,690
At 31 March 2023 8,012
5 Tangible fixed assets
Land & buildings Crofthead Plant & equipment Crofthead buildings Motor vehicles Plant & equipment Total
£ £ £
Cost
At 1 April 2023 141,285 3,261,735 661,054 37,506 173,353 4,274,933
Additions 3,975 807,583 - - 1,077 812,635
Disposals - (1,335,344) - - - (1,335,344)
At 31 March 2024 145,260 2,733,974 661,054 37,506 174,430 3,752,224
Depreciation
At 1 April 2023 - 274,956 - 32,817 117,886 425,659
Charge for the year - 205,963 - 4,689 16,814 227,466
On disposals - (69,202) - - - (69,202)
At 31 March 2024 - 411,717 - 37,506 134,700 583,923
Net book value
At 31 March 2024 145,260 2,322,257 661,054 - 39,730 3,168,301
At 31 March 2023 141,285 2,986,779 661,054 4,689 55,467 3,849,274
6 Debtors 2024 2023
£ £
Trade debtors 292,694 492,423
Deferred tax asset 487,503 315,170
Corporation tax recoverable 48,546 91,689
Other debtors 402,175 905,053
1,230,918 1,804,335
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 400,000 3,430,777
Hire purchase contracts 59,355 43,840
Trade creditors 563,939 359,596
Taxation and social security costs 114,937 122,607
Other creditors 313,733 774,948
1,451,964 4,731,768
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,497,682 10,182
Hire purchase contracts 139,033 21,755
3,636,715 31,937
In November 2023, the company refinanced its bank loan arranging a £4.1m debt facility with RBS, of which £4m has been drawn. Interest on the facility is floating based on a 3% margin on SONIA.

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.
9 Deferred Taxation
The directors have considered future profit projections and have recognised tax losses to the extent that they will be utilised against future taxable profits.
2024 2023
£ £
At 1 April 2023 315,170 -
Movement for the year 172,333 315,170
At 31 March 2024 487,503 315,170
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
111 104
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
During the prior year, the company wrote off a debt due from Dry lce Integration Limited. This company, owned by one of the directors, was used for research and development projects which is how the debt arose. The debt was written off as Dry Ice Integration Limited is a shell company with no significant assets and no independent business, and subsequently has no opportunity to pay off the debt.
During the year the directors withdrew £425,982 (2023 £222,003), of which £300,000 (2023: £nil) has been declared as a dividend. The balance due to the company at the year end was £347,985 (2023: £222,003). This balance has not been paid within 9 months of year end.
15 Parent Entity
In the opinion of the directors, the immediate parent company is Carbon Capture Scotland Holdings Limited. The ultimate controlling parties are Richard Nimmons and Edward Nimmons as the majority shareholders of Carbon Capture Scotland Holdings Limited.
16 Other information
Carbon Capture Scotland Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Kings of Kinloch
Meigle
Blairgowrie
United Kingdom
PH12 8QX
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