Green Highland Allt Phocachain (1015) Limited
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Registered number: |
SC399464
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Balance Sheet |
as at 30 September 2021
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Notes |
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2021 |
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|
2020 |
£ |
£ |
Fixed assets |
Intangible assets |
3 |
|
|
70,736 |
|
|
72,807 |
Tangible assets |
4 |
|
|
3,908,298 |
|
|
4,022,947 |
|
|
|
|
3,979,034 |
|
|
4,095,754 |
|
Current assets |
Debtors: amounts falling due after one year |
5 |
|
83,202 |
|
|
83,202 |
Debtors: amounts falling due within one year |
5 |
|
118,956 |
|
|
123,169 |
Cash at bank and in hand |
|
|
209,221 |
|
|
466,932 |
|
|
|
411,379 |
|
|
673,303 |
|
Creditors: amounts falling due within one year |
6 |
|
(113,292) |
|
|
(172,672) |
|
Net current assets |
|
|
|
298,087 |
|
|
500,631 |
|
Total assets less current liabilities |
|
|
|
4,277,121 |
|
|
4,596,385 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(1,874,442) |
|
|
(2,137,920) |
|
Provisions for liabilities |
|
|
|
(99,607) |
|
|
(97,570) |
|
|
Net assets |
|
|
|
2,303,072 |
|
|
2,360,895 |
|
|
|
|
|
|
|
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Capital and reserves |
Called up share capital |
|
|
|
4 |
|
|
4 |
Share premium |
|
|
|
3,252,408 |
|
|
3,252,408 |
Profit and loss account |
|
|
|
(949,340) |
|
|
(891,517) |
|
Shareholders' funds |
|
|
|
2,303,072 |
|
|
2,360,895 |
|
|
|
|
|
|
|
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
M Hall |
Director |
Approved by the board on 15 June 2022
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|
Green Highland Allt Phocachain (1015) Limited
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Notes to the Accounts |
for the year ended 30 September 2021
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 40 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Restoration Cost |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. The total cost of the land restoration is recognised as a provision when the obligation arises. The amount provided represents the directors' estimate of the present value of the future costs. Costs are charged to the provision as incurred and the unwinding of the discount is included in the finance costs for the year. An asset has been created for an amount equal to the initial provision and depreciated according to the policy above.
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Going Concern |
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Despite making a loss in the year, the directors have assessed the projected performance and cash flows of the company, based on its operating model and are satisfied that the company will be able to meet its obligations as they fall due for the foreseeable future and for a period in excess of 12 months from the approval of these financial statements. Accordingly, they are satisfied that the going concern basis remains appropriate. |
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2 |
Employees |
2021 |
|
2020 |
Number |
Number |
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Average number of persons employed by the company |
- |
|
- |
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|
|
|
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The Company had no employees other than the Directors during the year. |
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3 |
Restoration Asset |
£ |
|
|
|
Cost |
|
At 1 October 2020 |
82,820 |
|
At 30 September 2021 |
82,820 |
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|
|
|
|
|
|
|
|
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Amortisation |
|
At 1 October 2020 |
10,013 |
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Provided during the year |
2,071 |
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At 30 September 2021 |
12,084 |
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|
|
|
|
|
|
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Net book value |
|
At 30 September 2021 |
70,736 |
|
At 30 September 2020 |
72,807 |
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|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
|
|
|
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Plant and machinery etc |
£ |
|
Cost |
|
At 1 October 2020 |
4,573,622 |
|
At 30 September 2021 |
4,573,622 |
|
|
|
|
|
|
|
|
|
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Depreciation |
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At 1 October 2020 |
550,675 |
|
Charge for the year |
114,649 |
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At 30 September 2021 |
665,324 |
|
|
|
|
|
|
|
|
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Net book value |
|
At 30 September 2021 |
3,908,298 |
|
At 30 September 2020 |
4,022,947 |
|
|
5 |
Debtors |
2021 |
|
2020 |
£ |
£ |
|
Due after more than one year |
|
Restoration account |
83,202 |
|
83,202 |
|
|
|
|
|
|
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As part of being granted their lease, the Company is required to place funds in a ring fenced account which is to be used solely for the restoration of the land to its original condition at the end of the project. These funds are inaccessible until the completion of the project and have therefore been segregated from cash at bank and current assets. |
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|
Trade debtors |
65,242 |
|
5,931 |
|
Other debtors |
53,714 |
|
117,238 |
|
|
|
|
|
|
118,956 |
|
123,169 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
£ |
£ |
|
|
Trade creditors |
74,795 |
|
111,593 |
|
Taxation and social security costs |
16,547 |
|
38,601 |
|
Other creditors |
21,950 |
|
22,478 |
|
|
|
|
|
|
113,292 |
|
172,672 |
|
|
|
|
|
|
|
|
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|
7 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
£ |
£ |
|
|
Other creditors |
1,874,442 |
|
2,137,920 |
|
|
|
|
|
|
|
|
|
8 |
Provision for liabilities |
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|
Restoration Provision |
|
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At 1 October 2020 |
97,570 |
|
Additions |
- |
|
Unwinding of discount - charged to profit or loss |
2,037 |
|
At 30 September 2021 |
99,607 |
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|
|
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This provision relates to the obligation to restore the land on which the hydro plant has been constructed, in accordance with the lease. |
|
9 |
Loans |
2021 |
|
2020 |
£ |
£ |
|
Creditors include: |
|
|
Secured loans |
1,037,000 |
|
1,437,000 |
|
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|
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The loans from Triple Point Income VCT plc and Triple Point VCT 2011 plc are secured by a fixed and floating charge over the assets of the company. During the year, the company made capital repayments of £400k on its loan from Triple Point Income VCT plc.
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|
|
10 |
Other financial commitments |
2021 |
|
2020 |
£ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
136,416 |
|
214,368 |
|
|
|
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There is an operating lease in connection with the rental of the land. This is represented by annual base rent of £6,548 (2020: £6,496) which is indexed based on the retail price index and an additional rent payable based on the annual gross revenue of the company. |
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11 |
Related party transactions |
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Triple Point Income VCT PLC (Shareholder), at the year end the company owed £779,600 (2020: £1,179,600) of loan principal to the related party. During the year capital repayments of £400,000 were paid (2020: nil). During the year interest of £257,506 (2020: £317,423) was charged to profit or loss. At the year end the company owed total interest to Triple Point Income VCT Plc £51,616 (2020: £78,183).
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Triple Point VCT 2011 PLC (Shareholder), at the year end the company owed £257,400 (2020: £257,400) of loan principal to the related party. During the year interest of £75,366 (2020: £75,674) was charged to profit or loss. At the year end the company owed total interest to Triple Point VCT 2011 Plc £727 (2020: £18,996). |
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12 |
Controlling party |
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The directors are of the opinion that there is no immediate parent or ultimate controlling party.
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13 |
Other information |
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Green Highland Allt Phocachain (1015) Limited is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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Q Court |
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3 Quality Street |
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Edinburgh |
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Scotland |
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EH4 5BP |
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14 |
Subsequent events |
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On 26 November the Green Highland Allt Phocachain (1015) ("Phocachain") VCT equity interest was acquired by Triple Point Energy Efficiency Infrastructure Company PLC. In conjunction the Phocachain VCT debt of £1m was repaid in full along with redemption premium of £2.5m and replaced with a £4.4m shareholder loan with a 5% interest rate. |