Company No: SC084742 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	1,274,273		870,264
Investments	5	201,950		200
		1,476,223		870,464
Current assets
Stocks	6	746,674		515,014
Debtors	7	1,001,405		616,362
Cash at bank and in hand		1,086,134		1,381,339
		2,834,213		2,512,715
Creditors: amounts falling due within one year	8	( 2,486,398)		( 2,188,507)
Net current assets		347,815		324,208
Total assets less current liabilities		1,824,038		1,194,672
Creditors: amounts falling due after more than one year	9	( 97,517)		( 73,716)
Provision for liabilities	10	( 118,574)		( 42,614)
Net assets		1,607,947		1,078,342
Capital and reserves
Called-up share capital	11	112,500		112,500
Revaluation reserve		167,159		187,165
Profit and loss account		1,328,288		778,677
Total shareholder's funds		1,607,947		1,078,342

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of AES Limited (registered number: SC084742) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

Lynn Davidson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

AES Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Aes Building, Lea Road, Forres, IV36 1AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

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.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Amounts recoverable on long term contracts, which are included within debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	not amortised
Other intangible assets	not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	5 - 10 years straight line
Vehicles	5 years straight line
Fixtures and fittings	10 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	40		36

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2024	25,000		67,340		92,340
At 31 December 2024	25,000		67,340		92,340
Accumulated amortisation
At 01 January 2024	25,000		67,340		92,340
At 31 December 2024	25,000		67,340		92,340
Net book value
At 31 December 2024	0		0		0
At 31 December 2023	0		0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	777,631		113,022		69,572		6,735		113,053		1,080,013
Additions	186,125		26,128		215,289		16,997		22,715		467,254
Disposals	0		0		( 29,209)		0		0		( 29,209)
At 31 December 2024	963,756		139,150		255,652		23,732		135,768		1,518,058
Accumulated depreciation
At 01 January 2024	8,134		69,961		31,641		4,438		95,575		209,749
Charge for the financial year	12,064		11,215		23,405		1,450		11,406		59,540
Disposals	0		0		( 25,504)		0		0		( 25,504)
At 31 December 2024	20,198		81,176		29,542		5,888		106,981		243,785
Net book value
At 31 December 2024	943,558		57,974		226,110		17,844		28,787		1,274,273
At 31 December 2023	769,497		43,061		37,931		2,297		17,478		870,264

5. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 January 2024	200		200
Additions	201,750		201,750
At 31 December 2024	201,950		201,950
Carrying value at 31 December 2024	201,950		201,950
Carrying value at 31 December 2023	200		200

The above investments represent:
100% of the share capital in Solarscotia Limited (SC428114) of £100. This company is dormant.
100% of the share capital in A E S Solar Limited (SC249497) of £100. This company is dormant.
100% of the share capital in Black Isle Renewables Limited (SC376132) of £201,750. This company is actively trading.

6. Stocks

	2024		2023
	£		£
Stocks	435,438		515,014
Work in progress	311,236		0
	746,674		515,014

7. Debtors

	2024		2023
	£		£
Trade debtors	519,571		487,502
Amounts owed by Group undertakings	0		6,640
Other debtors	481,834		122,220
	1,001,405		616,362

8. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	30,000		30,000
Trade creditors	215,302		438,557
Amounts owed to Group undertakings	59,207		0
Corporation tax	280,894		246,694
Other taxation and social security	42,488		30,435
Obligations under finance leases and hire purchase contracts (secured)	30,309		0
Other creditors	1,828,198		1,442,821
	2,486,398		2,188,507

The company bank loan was granted under the Coronavirus Business Interruption Loan Scheme which is partly guaranteed by the UK government and also secured by way of a bond and floating charge over the assets of the company.

The obligations under hire purchase contracts are secured over the assets of the company.

9. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	22,500		52,500
Obligations under finance leases and hire purchase contracts (secured)	58,793		0
Other creditors	16,224		21,216
	97,517		73,716

The company bank loan was granted under the Coronavirus Business Interruption Loan Scheme which is partly guaranteed by the UK government and also secured by way of a bond and floating charge over the assets of the company.

The obligations under hire purchase contracts are secured over the assets of the company.

10. Provision for liabilities

	2024		2023
	£		£
Deferred tax	118,574		42,614

11. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
56,250 A ordinary shares of £ 1.00 each	56,250		56,250
56,250 B ordinary shares of £ 1.00 each	56,250		56,250
	112,500		112,500

12. Related party transactions

Other related party transactions

	2024		2023
	£		£
Amounts owed by/(due to) parent company	(59,207)		6,640

This balance is interest free and has no fixed terms of repayment.

13. Ultimate controlling party

Parent Company:

AES Group (Scotland) Limited

Aes Building Lea Road Forres IV36 1AU United Kingdom