REGISTERED NUMBER: |
Green Highland Allt Phocachain (1015) |
Limited |
Financial Statements |
for the period |
1 October 2021 to 31 March 2023 |
REGISTERED NUMBER: |
Green Highland Allt Phocachain (1015) |
Limited |
Financial Statements |
for the period |
1 October 2021 to 31 March 2023 |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Contents of the Financial Statements |
for the period 1 October 2021 to 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Green Highland Allt Phocachain (1015) |
Limited |
Company Information |
for the period 1 October 2021 to 31 March 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
250 Fowler Avenue |
Farnborough |
Hampshire |
GU14 7JP |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Balance Sheet |
31 March 2023 |
2023 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 | (995,138 | ) |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Notes to the Financial Statements |
for the period 1 October 2021 to 31 March 2023 |
1. | Statutory information |
Green Highland Allt Phocachain (1015) Limited is a |
2. | Accounting policies |
Basis of preparation |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below. |
Going concern |
The directors have prepared a funding model which covers the period to 31 March 2056 and models income and expenditure as well as cash flows for this period. As the cost base of the company is stable, sensitivities have been applied to the income levels to assess the level of headroom available should income fall by up to 30%. The directors consider the probability of a fall of 30% in income to be remote. Even in this unlikely event, there would be sufficient funds for the company to meet all liabilities as they fall due for at least a period of 12 months from the date of approval of these financial statements. |
As a result of these factors, the directors do not consider there to be a material uncertainty arising over the going concern basis of preparation. |
Turnover |
Revenue is recognised by the company in respect of electricity generation during the period. Revenue is recorded net of discounts and value added taxes. |
Revenue from electricity generation is recognised when all of the following conditions are satisfied: |
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated with |
ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
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: |
Hydro facilities plant | over lease term |
Restoration asset | over lease term |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised. |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2023 |
2. | Accounting policies - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
Current tax |
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Finance costs |
Finance costs incurred on loans directly attributable to the construction of the hydro facilities plant are capitalised during the period of construction. |
When construction is complete, finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest rate method. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Operating lease: the company as lessee |
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term, except where they are incurred in the period of construction of the hydro facility plant, and capitalised. |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2023 |
2. | Accounting policies - continued |
Interest income |
Interest income is recognised in the statement of comprehensive income when income is receivable. |
Restoration cost |
The total cost of 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 expected costs. Costs are charged to the provision as incurred and the unwinding of the discount is included in the interest charge for the year. An asset is created for an amount equivalent to the initial provision and depreciated according to the policy above. |
3. | Employees and directors |
The average number of employees during the period was NIL (2021 - NIL). |
4. | Tangible fixed assets |
Hydro |
Restoration | facilities |
asset | plant | Totals |
£ | £ | £ |
Cost |
At 1 October 2021 |
and 31 March 2023 |
Depreciation |
At 1 October 2021 |
Charge for period |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 30 September 2021 |
Included within hydro facilities plant are capitalised finance costs of £171,854 (2021 - £171,854). |
5. | Debtors |
2023 | 2021 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Restoration account |
Aggregate amounts |
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. |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2023 |
6. | Creditors: amounts falling due within one year |
2023 | 2021 |
as restated |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 11,036 | 16,471 |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2023 | 2021 |
as restated |
£ | £ |
Secured Loans |
8. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2021 |
as restated |
£ | £ |
Secured loans | 3,668,619 | 1,037,000 |
The loan from TENT Holdings Limited, formerly TEEC Holdings Limited, is secured by a fixed and floating charge over the assets of the company. During the period, the loans from Triple Point Income VCT plc and Triple Point VCT 2011 plc have been repaid. The existing loan is repayable the earlier of either 26 November 2036, or when the lender ceases to own shares in the company. |
9. | Provisions for liabilities |
2023 | 2021 |
as restated |
£ | £ |
Other provisions | 112,952 | 99,607 |
Other |
provisions |
£ |
Balance at 1 October 2021 |
Increase in period | 13,345 |
Balance at 31 March 2023 |
Other provisions |
This provision relates to the obligation to restore the land on which the hydro facilities plant has been constructed in accordance with the terms of the lease. |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2021 |
value: | as restated |
£ | £ |
Ordinary | 0.001 | 2 | 2 |
Ordinary A | 0.001 | 2 | 2 |
4 | 4 |
The Ordinary and Ordinary A shares rank pari passu in all respects. |
11. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 October 2021 | ( |
) | 2,303,068 |
Prior year adjustment | ( |
) | ( |
) |
( |
) |
Deficit for the period | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Issue of share capital | - | 720,000 | 720,000 |
Capital reduction | 3,972,408 | (3,972,408 | ) | - |
At 31 March 2023 | 446,883 |
During the period, two resolutions were passed to reduce the share premium account at the time to nil and transfer the balance to retained earnings. |
On 17 March 2023 a resolution was passed to allot an additional Ordinary share attracting a share premium of £720,000. |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
Green Highland Allt Phocachain (1015) |
Limited (Registered number: SC399464) |
Notes to the Financial Statements - continued |
for the period 1 October 2021 to 31 March 2023 |
13. | Other financial commitments |
At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases, as follows: |
2023 | 2021 |
£ | £ |
Total future minimum payments under non-cancellable operating leases | 228,206 | 136,416 |
There is an operating lease in connection with the rental of the land. This is represented by annual base rent of £3,566 (2021: £6,548) which is indexed based on the retail price index and an additional rent payable based on the annual gross revenue of the company. |
Community benefit |
2023 | 2021 |
£ | £ |
Total future minimum payments | 230,159 | 233,607 |
This agreement is due to expire in 2040. |
14. | Related party disclosures |
At the period end the company owed £Nil (2021: £779,600) of loan principal to Triple Point Income VCT PLC. During the period capital repayments of £779,600 were paid (2021: 400,000). During the period interest of £Nil (2021: £257,506) was charged to profit or loss. At the period end the company owed total interest of £Nil (2021: £51,616). |
At the period end the company owed £Nil (2021: £257,400) of loan principal to Triple Point VCT 2011 PLC (Shareholder). During the period interest of £Nil (2021: £75,366) was charged to profit or loss. At the period end the company owed total interest of £Nil (2021: £727). |
At the period end the company owed £3,668,619 (2021: £Nil) of loan principal to TENT Holdings Limited, formerly TEEC Holdings Limited. During the period interest of £293,290 (2021: £Nil) was charged to profit or loss. |
15. | Ultimate controlling party |
The ultimate controlling party is Triple Point Energy Transition Plc, formerly Triple Point Energy Efficiency Infrastructure Company Plc, whose registered office is 1 King William Street, London, EC4N 7AF. |