Registration number: SC440326

Chonais Hydro Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 10

Chonais Hydro Limited

Company Information

Directors

J Bailey-House R M Armour K W Yu

Registered office

C/O Shepherd & Wedderburn LLP 9 Haymarket Square Edinburgh EH3 8FY

Auditors

Morris & Young, Statutory Auditor Chartered Accountants 6 Atholl Crescent Perth PH1 5JN

Chonais Hydro Limited

(Registration number: SC440326)
Statement of Financial Position as at 30 September 2024

	Note	2024 £	(As restated) 2023 £
Fixed assets
Tangible assets	4	12,914,419	16,871,139
Current assets
Debtors	5	6,298,771	5,319,823
Cash at bank and in hand		1,237,724	913,210
		7,536,495	6,233,033
Creditors: Amounts falling due within one year	6	(729,392)	(698,303)
Net current assets		6,807,103	5,534,730
Total assets less current liabilities		19,721,522	22,405,869
Creditors: Amounts falling due after more than one year	6	(13,709,271)	(12,753,982)
Provisions for liabilities		(1,453,987)	(2,353,478)
Net assets		4,558,264	7,298,409
Capital and reserves
Called up share capital	7	1	1
Revaluation reserve		4,394,264	7,240,818
Retained earnings		163,999	57,590
Shareholders' funds		4,558,264	7,298,409

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 Board on 29 September 2025 and signed on its behalf by:
 

......................................... J Bailey-House Director

Chonais Hydro Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
C/O Shepherd & Wedderburn LLP
9 Haymarket Square
Edinburgh
EH3 8FY

These financial statements were authorised for issue by the Board on 29 September 2025.

2	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, Chonais Holdings 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.

Chonais Hydro Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 September 2025 was Peter Young, B.A, C.A., who signed for and on behalf of Morris & Young, Statutory Auditor.

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 current and 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.

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

Page 4

Chonais Hydro 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:

Asset class	Depreciation method and rate
Hydro facilites plant	50 years
Land restoration asset	50 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.

Chonais Hydro 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

Chonais Hydro Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4	Tangible assets

	Land restoration £	Hydro-facilities plant £	Total £
Cost or valuation
At 1 October 2023	61,770	17,024,766	17,086,536
Revaluations	-	(4,072,871)	(4,072,871)
Additions	-	(3,895)	(3,895)
At 30 September 2024	61,770	12,948,000	13,009,770
Depreciation
At 1 October 2023	10,279	205,117	215,396
Charge for the year	1,287	246,067	247,354
Impairment	-	(367,399)	(367,399)
At 30 September 2024	11,566	83,785	95,351
Carrying amount
At 30 September 2024	50,204	12,864,215	12,914,419
At 30 September 2023	51,491	16,819,648	16,871,139

Revaluation

The fair value of the company's Hydro-facilities plant was revalued on 31 March 2024 by an independent valuer. The name and qualification of the independent valuer are Pricewaterhouse Coopers LLP .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £6,328,979 (2023 - £6,300,390).

Capitalised borrowing costs

Within hydro-facilities plant are capitalised borrowing costs of £451,729 (2023 - £451,729). The capitalisation rate used to determine the amount of finance costs capitalised during the period was 0%.

Chonais Hydro Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Debtors

Current	Note	2024 £	2023 £
Amounts owed by related parties	10	6,014,645	5,127,903
Prepayments		69,173	45,998
Other debtors		214,953	145,922
		6,298,771	5,319,823

Details of non-current trade and other debtors

£6,014,645 (2023 -£5,127,903) of loans to related parties is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	50,504	39,706
Taxation and social security	20,882	-
Accruals and deferred income	51,912	52,503
Other creditors	606,094	606,094
	729,392	698,303

Creditors: amounts falling due after more than one year

	2024 £	2023 £
Due after one year
Other non-current financial liabilities	13,709,271	12,753,982