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Registered number: SC729677














GREEN CAT HYDROGEN LIMITED





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024

 
GREEN CAT HYDROGEN LIMITED
REGISTERED NUMBER:SC729677

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
30,653
7,201

Investments
 5 
55
50

  
30,708
7,251

Current assets
  

Debtors: amounts falling due within one year
 6 
228,695
164,014

Cash at bank and in hand
 7 
68,241
134,233

  
296,936
298,247

Creditors: amounts falling due within one year
 8 
(247,916)
(192,205)

Net current assets
  
 
 
49,020
 
 
106,042

Total assets less current liabilities
  
79,728
113,293

Creditors: amounts falling due after more than one year
 9 
(921,999)
(487,027)

  

Net liabilities
  
(842,271)
(373,734)


Capital and reserves
  

Called up share capital 
 11 
336
334

Share premium account
  
269,914
154,916

Profit and loss account
  
(1,112,521)
(528,984)

  
(842,271)
(373,734)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

C MacLennan
Director

Date: 22 August 2025

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
GREEN CAT HYDROGEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Green Cat Hydrogen Limited is a private company limited by shares and incorporated in Scotland. The registered office is Stobo House, Midlothian Innovation Centre, Roslin, Midlothian, Scotland, EH25 9RE. The principal activity of the Company is the provision of consultancy services to the renewable energy sector.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

At 31 December 2024, the Company has net liabilities of £842,271 (2023 - £373,734). Included within net liabilities are loans to group companies of £921,999 and director loans of £100,000.
The company is funded by a loan facility from it's shareholders as disclosed at note 10. Under the terms of this facility the shareholders have committed to providing further funding to support the continued services of Green Cat Hydrogen Limited and to allow the company to meet its obligations as they fall due. As such the directors are of the opinion that the Company has access to adequate financial resources to meet its liabilities as they fall due and to fund its operations for a period of at least 12 months from the date of approval of these financial statements.
Having considered these factors, the directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for the foreseeable future. Accordingly, the
directors have adopted the going concern basis in preparing the financial statements.

Page 2

 
GREEN CAT HYDROGEN LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
GREEN CAT HYDROGEN LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
GREEN CAT HYDROGEN LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.12

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
GREEN CAT HYDROGEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 5).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
8,267


Additions
28,060



At 31 December 2024

36,327



Depreciation


At 1 January 2024
1,066


Charge for the year on owned assets
4,608



At 31 December 2024

5,674



Net book value



At 31 December 2024
30,653



At 31 December 2023
7,201

Page 6

 
GREEN CAT HYDROGEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Investment in joint ventures

£



Cost or valuation


At 1 January 2024
50


Additions
5



At 31 December 2024
55





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
200,221
134,310

Prepayments and accrued income
28,474
29,704

228,695
164,014



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
68,241
134,233

68,241
134,233



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
18,637
39,583

Amounts owed to group undertakings
19,427
14,665

Other taxation and social security
95,389
28,062

Other creditors
107,213
102,623

Accruals and deferred income
7,250
7,272

247,916
192,205


Page 7

 
GREEN CAT HYDROGEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
921,999
487,027

921,999
487,027



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Other loans
651,999
332,027


651,999
332,027

Amounts falling due after more than 5 years

Other loans
270,000
155,000

270,000
155,000

921,999
487,027


Other loans consist of two shareholder loans. The first loan of £651,999 is repayable on maturity in 2028. Interest is payable at 20% and is paid quarterly. The loan is secured by a bond and floating charge over the assets of the company and by a share pledge over shares in a joint venture company. The second loan of £270,000 is repayable on maturity in 2033. The loan is unsecured and no interest is payable.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



250 (2023 - 250) A Ordinary shares shares of £1.00 each
250
250
84 (2023 - 84) B Ordinary shares shares of £1.00 each
84
84
2 (2023 - Nil) Deferred Shares shares of £1.00 each
2
-

336

334


During the year, the company issued 2 Deferred shares of £1 nominal value each for a total consideration of £115,000. Deferred shares carry no voting rights and do not entitle the holder to dividends or any distribution of assets.

Page 8

 
GREEN CAT HYDROGEN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Pension commitments

The Company contributes to a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £30,663 (2023 - £9,716). There were contributions of £7,213 (2023 - £2,623) payable to the scheme at the end of the year, included within creditors.


13.


Related party transactions

The Company has taken advantage of paragraph 33.1a of FRS 102 (Related party disclosures) which allows exemption from disclosure of related party transactions with other wholly owned group companies.
Other creditors
Director's loan
As at 31 December 2024, the Company owed £100,000 (2023 - £100,000) to one of its directors, of which the total amount is principal. This loan bears no interest and is repayable on demand. 
Amounts owed to shareholders
R-GEN Renewables Limited
As at 31 December 2024, the Company owed £651,999 (2023 - £332,027) to one the Company's shareholders, R-GEN Renewables Limited, including £561,029 (2023 - £310,000) principal and £89,972 (2023 - £22,027) accrued interest. This loan bears 20% interest and is repayable on maturity in 2028.
Amounts owed to group undertakings
Greencat Renewables Development Limited
As at 31 December 2024, the Company owed £270,000 (2023 - £155,000) to a group undertaking, Green Cat Renewables Development Limited, of which the total amount is principal. This loan bears no interest and is repayable on maturity in 2033. 


14.


Controlling party

During the year the Company was owned and controlled jointly by the shareholders.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.


The audit report was signed on 22 August 2025 by Stuart Rose (Senior statutory auditor) on behalf of AAB Audit & Accountancy Limited.


Page 9