Slatach Hydro Power Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC349289 (Scotland)

Financial Statements for the Year Ended 31 March 2019

for

Slatach Hydro Power Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Dr A R Middleton

Mrs P A Middleton

REGISTERED OFFICE:

Balgonie Power Station

Markinch

Glenrothes

Fife

KY7 6HQ

REGISTERED NUMBER:

SC349289 (Scotland)

AUDITORS:

Lee Accounting Services 2018 Limited

Trading as Lee & Co

Chartered Accountants & Statutory Auditors

26 High Street

Rickmansworth

Hertfordshire

WD3 1ER

FIXED ASSETS

Tangible assets

4

3,664,580

3,813,531

CURRENT ASSETS

Debtors

5

245,663

92,248

Cash at bank

300,909

600,690

546,572

692,938

CREDITORS

Amounts falling due within one year

6

213,202

182,939

NET CURRENT ASSETS

333,370

509,999

TOTAL ASSETS LESS CURRENT LIABILITIES

3,997,950

4,323,530

CREDITORS

Amounts falling due after more than one year

7

(1,726,711

)

(1,848,893

)

PROVISIONS FOR LIABILITIES

(592,711

)

(603,716

)

NET ASSETS

1,678,528

1,870,921

CAPITAL AND RESERVES

Called up share capital

1

1

Revaluation reserve

10

1,342,494

1,372,663

Retained earnings

10

336,033

498,257

SHAREHOLDERS' FUNDS

1,678,528

1,870,921

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 Board of Directors on 15 October 2019 and were signed on its behalf by:

Dr A R Middleton - Director

1.	STATUTORY INFORMATION

Slatach Hydro Power 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

Due to the nature of the company's principal activity, it is necessary for the directors to project and

forecast several years in advance. The directors have a reasonable expectation the the company has

adequate resources to continue in operational existence for the foreseeable future. The company

therefore adopts the going concern basis in preparing its financial statements.

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.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

20% on cost and at varying rates on cost

Financial instruments

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.

Creditors

Short term trade 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.

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.

3.	AUDITORS' REMUNERATION

31.3.19

31.3.18

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

250

750

Auditors' remuneration for non audit work

1,000

1,500

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2018

and 31 March 2019

2,508,070

1,841,005

4,349,075

DEPRECIATION

At 1 April 2018

105,602

429,942

535,544

Charge for year

52,801

96,150

148,951

At 31 March 2019

158,403

526,092

684,495

NET BOOK VALUE

At 31 March 2019

2,349,667

1,314,913

3,664,580

At 31 March 2018

2,402,468

1,411,063

3,813,531

Cost or valuation at 31 March 2019 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2016

1,761,069

1,841,005

3,602,074

Cost

747,001

-

747,001

2,508,070

1,841,005

4,349,075

If freehold land and buildings had not been revalued they would have been included at the following

historical cost:

31.3.19

31.3.18

£

£

Cost

747,001

747,001

Aggregate depreciation

75,455

60,364

Freehold land and buildings were valued on an open market basis on 31 March 2016 by the directors

.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

-

22,713

Amounts owed by group undertakings

38,000

8,000

Other debtors

207,663

61,535

245,663

92,248

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

140,420

132,875

Trade creditors

210

395

Taxation and social security

13,030

10,244

Other creditors

59,542

39,425

213,202

182,939

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

1,426,711

1,548,893

Amounts owed to group undertakings

300,000

300,000

1,726,711

1,848,893

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

851,652

1,009,549

8.	LEASING AGREEMENTS

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

31.3.19

31.3.18

£

£

Within one year

25,000

25,000

At the balance sheet date, the company had land leases in place with minimum payments of

£20,000 and £5,000 per annum which expire in 2110 and 2061 respectively. Both leases can be

terminated with 6 months notice.

In the year, the company paid rent of £70,595 (2018: £68,971).

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

1,567,131

1,681,768

The bank loans are secured by a fixed and floating charge over the assets of the company.

10.

RESERVES

The amount of retained earnings which are not distributable are £332,885 (2018: £340,366).

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

The Report of the Auditors was unqualified.

John David Lee BA FCA (Senior Statutory Auditor)

for and on behalf of Lee Accounting Services 2018 Limited

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

13.	CONSOLIDATING PARENT UNDERTAKINGS

TLS Hydro Power Limited is the parent undertaking of the smallest group which includes the

company and for which group financial statements are prepared.

Copies of financial statement of TLS Hydro Power Limited may be obtained from TLS Hydro Power

Limited, Balognie Power Station, Markinch, Glenrothes, Fife, KY7 6HQ.