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Company No: 08569448 (England and Wales)

# LOCHAILORT HYDRO LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

LOCHAILORT HYDRO LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

LOCHAILORT HYDRO LIMITED

## COMPANY INFORMATION

For the financial year ended 31 March 2025
LOCHAILORT HYDRO LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 31 March 2025

Directors | Guy Leslie
| Sarah Leslie
| Timothy Leslie
| Thomas Leslie

Registered office | Estate Office High Hatton Hall
| Nr Shawbury
| Shropshire
| SY4 4EY
| United Kingdom

Company number | 08569448 (England and Wales)

Accountant | Kreston Reeves LLP
| 2nd Floor
| 168 Shoreditch High Street
| London
| E1 6RA

LOCHAILORT HYDRO LIMITED

## BALANCE SHEET

As at 31 March 2025
LOCHAILORT HYDRO LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 4 | 1,490,167 |  | 1,618,257
|  | 1,490,167 |  | 1,618,257
Current assets |  |  |  |
Debtors | 5 | 553,775 |  | 405,917
Cash at bank and in hand |  | 207,570 |  | 301,732
|  | 761,345 |  | 707,649
Creditors: amounts falling due within one year | 6 | ( 1,463,308) |  | ( 1,492,473)
Net current liabilities |  | (701,963) |  | (784,824)
Total assets less current liabilities |  | 788,204 |  | 833,433
Net assets |  | 788,204 |  | 833,433
Capital and reserves |  |  |  |
Called-up share capital | 8 | 4 |  | 4
Profit and loss account |  | 788,200 |  | 833,429
Total shareholders' funds |  | 788,204 |  | 833,433

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have 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 Profit and Loss Account has not been delivered.

The financial statements of Lochailort Hydro Limited (registered number: 08569448) were approved and authorised for issue by the Board of Directors on 06 February 2026. They were signed on its behalf by:

Timothy Leslie Director |

LOCHAILORT HYDRO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
LOCHAILORT HYDRO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 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

Lochailort Hydro Limited ("the company") is a private company limited by shares and was incorporated in England with the registration number 08569448. The address of the registered office is Estate Office High Hatton Hall, High Hatton, Nr Shawbury, Shropshire, SY4 4EY.
The principle activity of the company is the generation and sale of hydroelectricity.
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:

##### Turnover

Turnover represents amounts receivable for the supply of electricity, stated net of trade discounts and value added tax.

##### Taxation

Current tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
-The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

##### 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 | 20 years straight line
Vehicles | 25 % reducing balance

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.

##### Leases

The Company as lessee
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.

##### 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 Profit and Loss Account as described below.

##### Trade and other debtors

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.

##### Cash and cash equivalents

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.

##### Trade and other creditors

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.

#### 2. Prior year adjustment

In preparing the financial statements for the year ended 31 March 2025, it was identified that rent expense for the year ended 31 March 2024 had been overstated by £400,000. The correct amount is £400,000 rather than £800,000 previously reported.
This adjustment has been reflected by restating the comparative figures for the year ended 31 March 2024. It increases the opening Profit and Loss reserve and impacts the prior year tax position, which will be reflected in the amended tax return. The amended return will include a Corporation Tax payable amount of £14,252.30 for the prior year.

|  | As previously reported |  | Adjustment |  | As restated
Year ended 31 March 2024 |  | £ |  | £ |  | £
Rent |  | 800,000 |  | (400,000) |  | 400,000
Other creditors |  | (1,831,613) |  | 400,000 |  | (1,431,613)

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 4 |  | 4

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 April 2024 | 324,739 |  | 2,159,960 |  | 136,050 |  | 2,620,749
At 31 March 2025 | 324,739 |  | 2,159,960 |  | 136,050 |  | 2,620,749
Accumulated depreciation |  |  |  |  |  |  |
At 01 April 2024 | 32,475 |  | 888,514 |  | 81,503 |  | 1,002,492
Charge for the financial year | 6,495 |  | 107,958 |  | 13,637 |  | 128,090
At 31 March 2025 | 38,970 |  | 996,472 |  | 95,140 |  | 1,130,582
Net book value |  |  |  |  |  |  |
At 31 March 2025 | 285,769 |  | 1,163,488 |  | 40,910 |  | 1,490,167
At 31 March 2024 | 292,264 |  | 1,271,446 |  | 54,547 |  | 1,618,257

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 311,874 |  | 163,063
Deferred tax asset | 227,573 |  | 191,735
Other debtors | 14,328 |  | 51,119
| 553,775 |  | 405,917

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 1,156 |  | 16,275
Taxation and social security | 55,566 |  | 44,585
Other creditors | 1,406,586 |  | 1,431,613
| 1,463,308 |  | 1,492,473

#### 7. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | 191,735 |  | 153,680
Credited to the Profit and Loss Account | 35,838 |  | 38,055
At the end of financial year | 227,573 |  | 191,735

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
4 Ordinary shares of £ 1.00 each | 4 |  | 4

#### 9. Related party transactions

At the year end the company owed a director and shareholder of the company, an amount of £1,403,726 (2024: £1,429,263).
Interest of £71,463 (2024: £87,108) was payable on the outstanding balance and was charged at a commercial rate. The accrued interest has been included within other creditors due within one year.
During the year the company paid rent of £400,000 (2024: £400,000) to Flichity Estates Partnership, an entity both T Leslie and S Leslie are partners of. As at the year end amounts outstanding were £Nil (2024: £Nil).