REGISTERED NUMBER: SC544950 (Scotland)

Financial Statements For The Year Ended 31 December 2024

for

Hydro Ludens Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

N F L Christoph

A Mathewson

REGISTERED OFFICE:

C/o Robb Ferguson

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REGISTERED NUMBER:

SC544950 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

11,227,166

11,903,373

CURRENT ASSETS

Debtors

5

2,627,103

1,962,579

Cash at bank

1,592,082

1,714,653

4,219,185

3,677,232

CREDITORS

Amounts falling due within one year

6

534,833

579,406

NET CURRENT ASSETS

3,684,352

3,097,826

TOTAL ASSETS LESS CURRENT LIABILITIES

14,911,518

15,001,199

CREDITORS

Amounts falling due after more than one year

7

(7,473,712

)

(7,865,138

)

PROVISIONS FOR LIABILITIES

(500,378

)

(424,461

)

NET ASSETS

6,937,428

6,711,600

CAPITAL AND RESERVES

Called up share capital

5,456,571

5,456,571

Retained earnings

1,480,857

1,255,029

6,937,428

6,711,600

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

N F L Christoph - Director

1.	STATUTORY INFORMATION

Hydro Ludens Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixed plant and equipment

-

5% on cost

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. All exchange differences are included in the Statement of Comprehensive Income.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixed

plant and

equipment

£

COST

At 1 January 2024

13,536,364

Additions

643

At 31 December 2024

13,537,007

DEPRECIATION

At 1 January 2024

1,632,991

Charge for year

676,850

At 31 December 2024

2,309,841

NET BOOK VALUE

At 31 December 2024

11,227,166

At 31 December 2023

11,903,373

Fixed plant and equipment includes professional fees, consulting fees, costs of Deeds of Servitude, project management, health and safety, bank loan and intercompany loan interest in relation to the construction and deconstruction of various hydro and solar systems including delivery, installation and dismantling.

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

94,139

-

Other debtors

741,098

210,972

Prepayments and accrued income

374,874

385,937

1,210,111

596,909

Amounts falling due after more than one year:

Interest rate swap

1,416,992

1,365,670

Aggregate amounts

2,627,103

1,962,579

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

391,426

365,607

Trade creditors

-

60

VAT

18,749

60,502

Other creditors

15,148

47,123

Accrued expenses

109,510

106,114

534,833

579,406

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

420,840

391,426

Bank loans - 2-5 years

1,449,165

1,355,848

Bank loans more 5 yr by instal

5,603,707

6,117,864

7,473,712

7,865,138

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,603,707

6,117,864

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

102,531

90,671

Between one and five years

410,123

362,683

In more than five years

1,877,801

1,847,450

2,390,455

2,300,804

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

7,865,138

8,230,745

Clydesdale bank holds charges over assets, undertakings, assignation of contracts and the hydro-electric sites.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Janice Alexander (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY