REGISTERED NUMBER: SC658316 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLENAMPLE HYDRO ELECTRIC COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Dr G Catto

REGISTERED OFFICE:

Stobo House

Midlothian Innovation Centre

Roslin

Midlothian

EH25 9RE

REGISTERED NUMBER:

SC658316 (Scotland)

AUDITORS:

Leiper & Summers

Statutory Auditors

4 Charlotte Street

Fraserburgh

Aberdeenshire

AB43 9JE

FIXED ASSETS

Tangible assets

5

1,256,895

1,316,043

CURRENT ASSETS

Debtors

6

60,636

71,942

Cash at bank and in hand

49,944

46,611

110,580

118,553

CREDITORS

Amounts falling due within one year

7

882,074

1,134,787

NET CURRENT LIABILITIES

(771,494

)

(1,016,234

)

TOTAL ASSETS LESS CURRENT LIABILITIES

485,401

299,809

PROVISIONS FOR LIABILITIES

119,069

71,238

NET ASSETS

366,332

228,571

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

366,331

228,570

SHAREHOLDERS' FUNDS

366,332

228,571

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

Dr G Catto - Director

1.	STATUTORY INFORMATION

Glenample Hydro Electric Company 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern

At 31 December 2024, the Company held net current liabilities of £771,494 (2023 - £1,016,234). Included within current liabilities are amounts owed to group undertakings of £781,681 (2023 -£1,036,681).The group companies have provided confirmation that they will not look to seek repayment of the amounts due to the detriment of other creditors.

Notwithstanding the current liabilities, the Company continues to trade well post the financial year end and remain on track to generate further profitable years going forward. In consideration, the directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful lives and deprecation of fixed assets

Depreciation rates are based on the estimated useful lives of assets, which is judgement exercised by management taking into account actual experience.

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.

Plant and machinery etc

-

4% on cost

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 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.

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.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4.	EMPLOYEES AND DIRECTORS

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

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

1,478,647

DEPRECIATION

At 1 January 2024

162,604

Charge for year

59,148

At 31 December 2024

221,752

NET BOOK VALUE

At 31 December 2024

1,256,895

At 31 December 2023

1,316,043

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

60,636

71,942

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

49

17,409

Amounts owed to group undertakings

781,681

1,036,681

Taxation and social security

5,286

9,653

Other creditors

95,058

71,044

882,074

1,134,787

8.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

10,000

10,000

Between one and five years

40,000

40,000

In more than five years

312,712

322,712

362,712

372,712

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary Shares

0.01

1

1

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

The Report of the Auditors was unqualified.

Susan Hepburn (Senior Statutory Auditor)

for and on behalf of Leiper & Summers

11.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent undertaking is Green Cat Renewable Developments Limited, a company incorporated in Scotland. The ultimate parent undertaking is Green Cat Holdco Limited. The Company is included in the group's financial statements prepared to 31 December 2024, copies of which are available from its registered office at Stobo House, Midlothian Innovation Centre, Roslin, Midlothian, EH25 9RE. The group is controlled by the directors.