Slatach Hydro Power Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC349289 (Scotland)

Financial Statements for the Year Ended 31 March 2022

for

Slatach Hydro Power Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr A R Middleton

Mrs P A Middleton

REGISTERED OFFICE:

Balgonie Power Station

Markinch

Glenrothes

Fife

KY7 6HQ

REGISTERED NUMBER:

SC349289 (Scotland)

AUDITORS:

Xeinadin Audit Limited

8th Floor Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

5

3,234,131

3,377,614

CURRENT ASSETS

Stocks

-

4,855

Debtors

6

1,565,379

1,403,559

Cash at bank

342,720

458,081

1,908,099

1,866,495

CREDITORS

Amounts falling due within one year

7

416,970

358,691

NET CURRENT ASSETS

1,491,129

1,507,804

TOTAL ASSETS LESS CURRENT LIABILITIES

4,725,260

4,885,418

CREDITORS

Amounts falling due after more than one year

8

(1,880,128

)

(2,152,522

)

PROVISIONS FOR LIABILITIES

(570,468

)

(564,316

)

NET ASSETS

2,274,664

2,168,580

CAPITAL AND RESERVES

Called up share capital

11

1

1

Revaluation reserve

12

1,251,987

1,282,156

Retained earnings

12

1,022,676

886,423

SHAREHOLDERS' FUNDS

2,274,664

2,168,580

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 and authorised for issue on 20 December 2022 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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	AUDITORS' REMUNERATION

31.3.22

31.3.21

£

£

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

500

250

Auditors' remuneration for non audit work

1,000

1,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2021

and 31 March 2022

2,508,070

1,841,005

4,349,075

DEPRECIATION

At 1 April 2021

264,005

707,456

971,461

Charge for year

52,801

90,682

143,483

At 31 March 2022

316,806

798,138

1,114,944

NET BOOK VALUE

At 31 March 2022

2,191,264

1,042,867

3,234,131

At 31 March 2021

2,244,065

1,133,549

3,377,614

Cost or valuation at 31 March 2022 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:

31.3.22

31.3.21

£

£

Cost

747,001

747,001

Aggregate depreciation

120,728

105,637

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

The revaluation undertaken in 2016 relates to adjustments to cost value on the transition to FRS102. As sufficient information was not available at the date of transition to FRS102 to include this adjustment, the directors included this in the subsequent year as a revaluation adjustment.

6.

DEBTORS

31.3.22

31.3.21

£

£

Amounts falling due within one year:

Trade debtors

50,907

20,276

Other debtors

209,972

67,283

260,879

87,559

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,300,000

1,310,000

Other debtors

4,500

6,000

1,304,500

1,316,000

Aggregate amounts

1,565,379

1,403,559

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans and overdrafts

260,519

244,519

Trade creditors

12,460

6,301

Taxation and social security

102,239

69,516

Other creditors

41,752

38,355

416,970

358,691

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.22

31.3.21

£

£

Bank loans

1,880,128

2,152,522

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

487,621

776,675

9.	LEASING AGREEMENTS

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

31.3.22

31.3.21

£

£

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 £72,340 (2021: £69,111).

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.22

31.3.21

£

£

Bank loans

2,140,647

2,397,041

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

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.22

31.3.21

value:

£

£

1

Ordinary

£1

1

1

12.

RESERVES

The amount of retained earnings which are not distributable are £291,041 (2021: £310,442).

13.	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 Xeinadin Audit Limited

14.	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.

15.	ULTIMATE CONTROLLING PARTY

TLS Hydro Power Limited owns 100% of the issued share capital of Slatach Hydro Power Limited. The directors Dr & Mrs AR Middleton control TLS Hydro Power Limited through their majority shareholding in the ultimate holding company.

16.	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.