| ACHAIRN ENERGY LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| ACHAIRN ENERGY LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| ACHAIRN ENERGY LIMITED (REGISTERED NUMBER: SC312734) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| ACHAIRN ENERGY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & |
| Statutory Auditor |
| 19 Buccleuch Street |
| Hawick |
| Roxburghshire |
| TD9 0HL |
| ACHAIRN ENERGY LIMITED (REGISTERED NUMBER: SC312734) |
| BALANCE SHEET |
| 31ST DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ACHAIRN ENERGY LIMITED (REGISTERED NUMBER: SC312734) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Achairn Energy Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and buildings | - |
| Financial assets |
| Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price. |
| At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement. |
| Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| Non basic financial liabilities |
| The company purchases interest rate swaps to manage interest rate risk volatility. The fair value of these has been calculated by discounting the expected future cash flows at prevailing interest rates. Movements in fair value are taken to the Income Statement. |
| ACHAIRN ENERGY LIMITED (REGISTERED NUMBER: SC312734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| The company's functional currency is considered to be sterling (£) due to the primary economic environment in which it operates. The company's financial statements are also presented in sterling. |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ACHAIRN ENERGY LIMITED (REGISTERED NUMBER: SC312734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Wind farm |
| development |
| £ |
| COST |
| At 1st January 2024 |
| and 31st December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for year |
| At 31st December 2024 |
| NET BOOK VALUE |
| At 31st December 2024 |
| At 31st December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors | 195,414 | 228,756 |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 8) |
| Trade creditors |
| Corporation tax |
| VAT | 76,184 | 81,840 |
| Accruals and deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 8) |
| ACHAIRN ENERGY LIMITED (REGISTERED NUMBER: SC312734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Other loans less than 1 year | 119,572 | 124,461 |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | 105,385 |
| Amounts falling due between two and five years: |
| Other loans - 2-5 years |
| 9. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 328,629 | 512,580 |
| Decommissioning costs | 357,869 | 334,301 |
| Deferred |
| tax |
| £ |
| Balance at 1st January 2024 |
| Accelerated capital allowances | (94,483 | ) |
| Rounding differences | (89,468 | ) |
| Balance at 31st December 2024 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| ACHAIRN ENERGY LIMITED (REGISTERED NUMBER: SC312734) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2024 |
| 11. | RELATED PARTY DISCLOSURES |
| TORES 1 Limited is a related party by virtue of its 74.47% shareholding in the company. At 31st December 2024, there was a loan balance payable to TORES 1 Limited of £435,721 (2023, £545,994). There was interest totalling £62,875 charged on this loan during the year (2023, £83,434). |
| Directors fees are also paid to Temporis Capital Limited, a company with common control as TORES 1 Limited, in relation to services provided by Mr S Watson and Mr M Hubbard. For the year ended 31st December 2024, these fees, including recharges, totalled £15,435 (2023, £12,419). Further fees of £29,181 were paid to Thalia Power Limited, a subsidiary of Temporis Capital Limited, in respect of administration fees (2023, £26,870). |
| Innes Electrical, a business which Mr J Innes is proprietor of, provides management services to the company. These totalled £41,238 for the year ended 31st December 2024 (2023, £18,589). A further £3,344 was due to Mr J Innes in respect of directors fees (2023, £3,620). |
| The company lease land from Mr D Innes, father of Mr J Innes (director). Rental invoices during the year ended 31st December 2024 totalled £51,171 (2023, £46,355). Accrued rental payments at 31st December 2024 totalled £19,039 (2023, £18,233). |