Glen Creran Hydro Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC612208 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Glen Creran Hydro Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G S Sadler

W D Stewart

REGISTERED OFFICE:

Coldoch

Blair Drummond

Stirling

FK9 4XD

REGISTERED NUMBER:

SC612208 (Scotland)

ACCOUNTANTS:

Nichols & Co ( Accountancy ) Limited

Chartered Accountants

Unit 7

Mulberry Place

Pinnell Road

Eltham

London

SE9 6AR

FIXED ASSETS

Tangible assets

4

2,549,168

2,688,849

CURRENT ASSETS

Debtors

5

21,122

21,278

Cash at bank

170,002

63,484

191,124

84,762

CREDITORS

Amounts falling due within one year

6

(315,000

)

(61,787

)

NET CURRENT (LIABILITIES)/ASSETS

(123,876

)

22,975

TOTAL ASSETS LESS CURRENT LIABILITIES

2,425,292

2,711,824

CREDITORS

Amounts falling due after more than one year

7

(2,780,000

)

(3,030,000

)

NET LIABILITIES

(354,708

)

(318,176

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

(354,710

)

(318,178

)

SHAREHOLDERS' FUNDS

(354,708

)

(318,176

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 9 June 2023 and were signed on its behalf by:

R G S Sadler - Director

1.	STATUTORY INFORMATION

Glen Creran Hydro 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.

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.

Hydro power installations over 20 years (once power generation commences)

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 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2022

and 31 March 2023

2,793,609

DEPRECIATION

At 1 April 2022

104,760

Charge for year

139,681

At 31 March 2023

244,441

NET BOOK VALUE

At 31 March 2023

2,549,168

At 31 March 2022

2,688,849

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Directors' current accounts

1,122

1,278

Prepayments and accrued income

20,000

20,000

21,122

21,278

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

VAT

14,352

2,565

Directors' current accounts

171,619

48,931

Accruals and deferred income

2,481

10,291

Accrued interest on loan

126,548

-

315,000

61,787

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Other loans - due after 5yrs

1,430,000

1,530,000

Directors' loan accounts

1,350,000

1,500,000

2,780,000

3,030,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans - due after 5yrs

1,430,000

1,530,000

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

2

Ordinary

£1

2

2

9.	RELATED PARTY DISCLOSURES

Included in creditors falling due after one year are loans advanced to the company by director, Mr R G S Sadler, amounting to £1,350,000 (2022: £1,500,000) and £1,430,000 (2022: £1,530,000) from a third party. The loans are due for repayment on 14 April 2029 and interest of 2.91% is due on the outstanding balance.

Included in creditors falling due within one year are additional funds of £171,619 (2022: £48,931) advanced to the company by Mr R G S Sadler. There are no fixed repayment terms and no interest is charged on the outstanding balance.

The loans were advanced in order to fund the costs of constructing the hydroelectric project.

Debtors include £1,122 (2022: £1,278) due from director, Mr W D Stewart.

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.