Registration number:
Green Highland Renewables (Ledgowan) Limited
for the Year Ended 30 September 2024
Green Highland Renewables (Ledgowan) Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Green Highland Renewables (Ledgowan) Limited
Company Information
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Directors |
K W Yu J Bailey-House R M Armour |
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Registered office |
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Auditors |
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Green Highland Renewables (Ledgowan) Limited
(Registration number: SC376860)
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2,000 |
2,000 |
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Share premium reserve |
929,000 |
929,000 |
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Revaluation reserve |
1,902,043 |
2,989,517 |
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Retained earnings |
315,742 |
(49,692) |
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Shareholders' funds |
3,148,785 |
3,870,825 |
These accounts 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company is dependent upon its immediate parent, Gharagrain River Hydro Limited for its continuing support. This support has been given and repayment of loans are not due to occur within 12 months from the date of signing of the financial statements.The financial statements have been prepared on a going concern basis.
Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Audit report
Prior period errors
The accounts have been re-stated due to an adjustment to the deferred tax calculation and the revaluation reserve.
Judgements
Tangible fixed assets - The hydro facilities plant is held at fair value under the revaluation model. The directors annually assess the carrying value of the asset for any indicators of impairment. Tangible fixed assets are depreicated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as latest projected costs of restoration and amendments to original lease agreement are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Restoration provision - Restoration provision represents the provision in relation to the obligation to restore the land on which the hyrdo facilities plant has been constructed. The obligation is assessed annually and is dependent upon the latest projected costs of restoration and changes to the discount factor. |
Recoverability of intercompany balances - The directors believe the intercompany balances are recoverable on the basis there will be sufficient distributions arising from future trading profits and/or the expected market value of the hydro-facilities plant at the time these balances should ever be demanded for repayment. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
The hydro facilities plant is carried at fair value, being the value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the revaluation reserve unless losses exceed the previously recognised gains, in which case the excess losses are recognised in profit or loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Hydro facilities plant |
Over 28 years |
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Land restoration asset |
Over 28 years |
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Motor vehicles |
Over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The total cost of land restoration is recognised as a provision when the obligation arises. The amount provided represents the directors estimate of the present value of the future expected costs. Costs are charged to the provision as incurred and the unwinding of the discount is included in the interest charge for the year. An asset is created for an amount equivalent to the initial provision and depreciated according the policy above.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Land restoration |
Hydro facilities plant |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Revaluations |
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- |
( |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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- |
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Impairment |
- |
( |
- |
( |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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- |
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At 30 September 2023 |
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- |
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Revaluation
The fair value of the company's Hydro-facilities plant was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Capitalised borrowing costs
Within Hydro-facilities plant are capitalised borrowing costs of £
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Debtors |
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Current |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Other non-current financial liabilities |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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2,000 |
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2,000 |
Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Revaluation reserve |
Total |
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Deferred tax on plant and equipment revaluation |
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Surplus/deficit on revaluation of plant and equipment |
( |
( |
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( |
( |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Revaluation reserve |
Total |
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Deferred tax on plant and equipment revaluation |
( |
( |
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Surplus/deficit on revaluation of plant and equipment |
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Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Loans and borrowings |
Other borrowings
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Amounts owed to group undertakings is denominated in £ with a nominal interest rate of 13.18%. The carrying amount at year end is £2,153,596 (2023 - £2,137,781). Included in creditor are loans of £2,153,596 (2023 - £2,137,781) which are secured by a standing security over the lease and security trust deed and a floating charge over the assets of the company.
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
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2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
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Related party transactions |
Summary of transactions with parent
Summary of transactions with other related parties
The company also incurred management charges for the services of a director, R Armour, at a cost of £2,500 (2023: £12,500). The outstanding balances at the balance sheet date were £1,250 (2023: £1,250).
Green Highland Renewables (Ledgowan) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
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Parent and ultimate parent undertaking |
The company's immediate parent is