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Registered number: SC705805
QAIR SCOTLAND LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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QAIR SCOTLAND LIMITED
REGISTERED NUMBER: SC705805
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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QAIR SCOTLAND LIMITED
REGISTERED NUMBER: SC705805
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements 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 - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Jochen Andreas Nussle
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Martin Andrew Davie
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The notes on pages 3 to 11 form part of these financial statements.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Qair Scotland Limited is a private Company limited by share capital, incorporated in Scotland, registration number SC705805. The address of the registered office is 1 Johns Place, Leith, Edinburgh, EH6 7EL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future.
The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the Company's business activities, together with factors likely to affect its future development, successful performance and position, and key risks in the current economic climate
The directors have performed a detailed review of the Company's cash flow forecasts, and consider that the Company will have sufficient funds available for a period of at least 12 months from the date of approval of these financial statements (“the going concern period”), to meet its liabilities as they fall due.
As part of the forecasting, the directors have assumed continued financial support from the ultimate parent for the foreseeable future.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Work in progress is valued at the lower of cost and net realisable value of the underlying contracted projects. Costs included within work in progress represent those agreed to progress with the project from feasibility to the development phase.
At each balance sheet date, work in progress is assessed for impairment by reference to the status of the project it relates to. Should the project be abortive, the associated costs are recognised immediately in the profit or loss account.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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Charge for the year on owned assets
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Other fixed asset investments
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On 18 May 2023, three Companies were incorporated in anticipation of project progress and future cost transfer to these Companies. These Companies are named as follows: -
- Lythmore Solar Farm Limited
- Blackwood Wind Farm Limited
- Rigmuir Wind Farm Limited
All of these Companies have £1 of share capital in issue, of which Qair Scotland Ltd owns wholly.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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As a result of future profits being uncertain, no deferred tax assets have been recognised. If a deferred tax asset were to be recognised this would amount to £251,083, being losses carried forward of £1,004,332, multiplied by the standard rate of corporation tax in the UK, being 25%.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,895 (2023: £6,221). Contributions totaling £1,042 (2023: £569) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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The following companies have been identified as related parties in relation to the ownership and control of the Company and transacted with Qair Scotland Limited during the period: Thistle Wind Partners Limited, Qair International SAS and Eco Projects IOM Limited.
The following credit amounts were owed to and debit amounts owed by these related parties at 31 December 2023:
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Thistle Wind Partners Limited
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Also included in debtors due within one year, is accrued income of £170,525 (2023: £59,888) relating to amounts to be recharged to Thistle Wind Partners Limited and Qair Marine SAS.
In addition, included in creditors due within one year, are accrued costs amounting to £49,351 (2023: £47,636) to be charged by Eco Projects IOM Limited.
The above balances are interest free and repayable on demand, except for the loan provided by Qair International SAS which bears an interest rate of 10% per annum.
On 28 March 2024, Qair International SAS assigned the loan to Qair UK Holdings Limited.
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The ultimate controlling party is Qair UK Holdings Ltd, an entity incorporated in England and Wales. The registered office address of Qair UK Holdings Ltd is 1 Vincent Square, London, United Kingdom, SW1P 2PN.
The results of the Company and its subsidiary are included in the consolidated accounts of it's ultimate controlling party, Qair UK Holdings Ltd.
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QAIR SCOTLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to the going concern basis accounting policy within Note 2.2 to the financial statements. Our opinion is not modified in respect of this matter.
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The audit report was signed on 30 September 2025 by Ross Andrews (Senior statutory auditor) on behalf of Wellers.
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