Greenmyres Renewable Energy Ltd Filleted accounts for Companies House (small and micro)

Greenmyres Renewable Energy Ltd Filleted accounts for Companies House (small and micro)

GREENMYRES RENEWABLE ENERGY LTD - Company Information

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0 11 July 2022 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,745,388 303,506 69,816 373,322 1,372,066 1,441,882 xbrli:pure xbrli:shares iso4217:GBP SC482442 2021-04-01 2022-03-31 SC482442 2022-03-31 SC482442 2021-03-31 SC482442 2021-03-31 SC482442 core:PlantMachinery 2021-04-01 2022-03-31 SC482442 bus:Director3 2021-04-01 2022-03-31 SC482442 core:PlantMachinery 2021-03-31 SC482442 core:PlantMachinery 2022-03-31 SC482442 core:AfterOneYear 2022-03-31 SC482442 core:AfterOneYear 2021-03-31 SC482442 core:WithinOneYear 2022-03-31 SC482442 core:WithinOneYear 2021-03-31 SC482442 core:ShareCapital 2022-03-31 SC482442 core:ShareCapital 2021-03-31 SC482442 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC482442 core:RetainedEarningsAccumulatedLosses 2021-03-31 SC482442 core:PlantMachinery 2021-03-31 SC482442 bus:SmallEntities 2021-04-01 2022-03-31 SC482442 bus:Audited 2021-04-01 2022-03-31 SC482442 bus:FullAccounts 2021-04-01 2022-03-31 SC482442 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 SC482442 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 SC482442 core:AfterOneYear 2021-04-01 2022-03-31
COMPANY REGISTRATION NUMBER: SC482442
Greenmyres Renewable Energy Ltd
Filleted Financial Statements
31 March 2022
Greenmyres Renewable Energy Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
4
1,372,066
1,441,882
Current assets
Debtors
5
148,647
145,268
Cash at bank and in hand
231,354
220,822
---------
---------
380,001
366,090
Creditors: amounts falling due within one year
6
158,778
130,695
---------
---------
Net current assets
221,223
235,395
------------
------------
Total assets less current liabilities
1,593,289
1,677,277
Creditors: amounts falling due after more than one year
7
1,513,091
1,630,821
------------
------------
Net assets
80,198
46,456
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
80,098
46,356
--------
--------
Shareholders funds
80,198
46,456
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 June 2022 , and are signed on behalf of the board by:
R J Hammock
Director
Company registration number: SC482442
Greenmyres Renewable Energy Ltd
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Brander Building, The Square, Huntly, AB54 8BR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
Corporation tax is not chargeable on profits made by the company that are distributed to the parent charity so long as such distribution is made within 9 months of the year end. It is the intention of the company to make such distributions within the time frame and therefore no taxation has been accrued within the financial statements.
Consolidation
The company is a wholly owned subsidiary of Huntly Development Trust Limited. It is included in the consolidated financial statements of Huntly Development Trust Limited. Therefore the company is exempt by virtue of section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. These financial statements are the company's separate financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Wind Turbine
-
4% straight line
4. Tangible assets
Wind turbine
£
Cost
At 1 April 2021 and 31 March 2022
1,745,388
------------
Depreciation
At 1 April 2021
303,506
Charge for the year
69,816
------------
At 31 March 2022
373,322
------------
Carrying amount
At 31 March 2022
1,372,066
------------
At 31 March 2021
1,441,882
------------
Included within the cost of fixed assets are financing costs amounting to £177,315 which were incurred prior to the date of commissioning of the turbine.
5. Debtors
2022
2021
£
£
Trade debtors
22,337
27,323
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,000
100,000
Other debtors
26,310
17,945
---------
---------
148,647
145,268
---------
---------
The debtors above include the following amounts falling due after more than one year:
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,000
100,000
---------
---------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
99,670
95,178
Trade creditors
133
100
Amounts owed to group undertakings and undertakings in which the company has a participating interest
55,979
31,302
Social security and other taxes
301
1,420
Other creditors
2,695
2,695
---------
---------
158,778
130,695
---------
---------
The bank loans are secured by a bond and floating charge and standard security over the assets of the company.
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,176,677
1,276,347
Amounts owed to group undertakings and undertakings in which the company has a participating interest
336,414
354,474
------------
------------
1,513,091
1,630,821
------------
------------
The bank loans are secured by a bond and floating charge and standard security over the assets of the company and includes instalments due after more than five years of £nil. Amounts owed to group undertakings at the year end includes instalments due after more than five years of £255,363.
8. Controlling party
Huntly Development Trust Limited, a charitable company limited by guarantee incorporated in Scotland, owns 100% of the share capital of Greenmyres Renewable Energy Ltd . The registered office of the parent company is Brander Building, The Square, Huntly, AB54 8BR.
9. Summary audit opinion
The auditor's report for the year dated 11 July 2022 was unqualified .
The senior statutory auditor was David Anderson , for and on behalf of Ritsons .
10. Related party transactions
A loan of £450,000 was advanced to the company by Huntly Development Trust Limited at an interest rate of 7% per annum during 2016. This loan was initially repayable in quarterly instalments of £11,683 over 13 years commencing 30th September 2017. The payments reduced to £8,515 over 11 years commencing 31st December 2020. The balance outstanding on the loan as at 31 March 2022 is £354,474 (2021 - £371,727). Interest payable on this loan during the year amounted to £16,806 (2021 - £22,268). Included within creditors at the year end is a balance of £37,919 (2021 - £14,049) payable to Huntly Development Trust Limited to the company. This amount relates to various other transactions between the two companies during the year. Included within debtors at the year end is a balance of £100,000 (2021 - £100,000) payable by Huntly Development Trust Limited. The amount relates to a long term loan granted by the company during 2020. This loan is due to be repaid in full on 30 September 2029 with interest chargeable at 4% annually commencing in October 2020. Management charges of £9,600 (2021 - £9,600) were payable to Huntly Development Trust Limited in the year by the company. There is a lease agreement in place between the company and Huntly Development Trust Limited, the owner of the land on which the company wind turbine is situated. This agreement states that, provided that there is no change to the operation and ownership of the company, no rent will be payable until the review date of 28 June 2026. Following that date there is an option for Huntly Development Trust Limited to charge a rent calculated at 5% of the gross annual turbine income.
11. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.