Registration number:
Glen Hydro Lochrosque Limited
for the Year Ended 31 December 2022
Glen Hydro Lochrosque Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
Glen Hydro Lochrosque Limited
Company Information
Directors |
Mr Richard John Haworth Mr Jan Tosnar Mr Adam Luke Milner |
Company secretary |
Mr Adam Luke Milner |
Registered office |
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Accountants |
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Glen Hydro Lochrosque Limited
(Registration number: SC468867)
Balance Sheet as at 31 December 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Glen Hydro Lochrosque Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in Scotland.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
It is the opinion of the director(s) that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 31 December 2022.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Glen Hydro Lochrosque Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
2.5% on cost or valuation |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Employees and Directors |
The average number of persons employed by the company (including directors) during the year, was
Glen Hydro Lochrosque Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets |
Plant and machinery |
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Cost or valuation |
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At 1 January 2022 |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Debtors |
Current |
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2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Details of non-current trade and other debtors
£103 (2021 -£103) of Other debtors is classified as non current.
Creditors |
Creditors: amounts falling due within one year
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2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors include loans and borrowings which are secured of £80,166 (2020 £79,142).
Glen Hydro Lochrosque Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Creditors: amounts falling due after more than one year
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Due after one year |
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Loans and borrowings |
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2021 |
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Due after more than five years |
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After more than five years by instalments |
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Creditors include loans and borrowings which are secured of £2,290,623 (2021: £2,265,608)
A charge is registered over the company's assets by National Westminster Bank PLC.
Loans and borrowings |
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Non-current loans and borrowings |
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Other borrowings |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
Transactions with directors |
2022 |
At 1 January 2022 |
At 31 December 2022 |
Mr Adam Luke Milner |
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Loan |
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Mr Richard John Haworth |
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Loan |
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Glen Hydro Lochrosque Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
2021 |
At 1 January 2021 |
At 31 December 2021 |
Mr Adam Luke Milner |
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Loan |
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Mr Richard John Haworth |
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Loan |
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Summary of transactions with parent
Renfin Glen Hydro Ltd
Glen Hydro Lochrosque Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Summary of transactions with other related parties
Glen Hydro Holdco Ltd
Glen Hydro Ledcharrie Ltd
Included within other creditors is an intercompany loan of £160,000 (2021: £nil) due to Glen Hydro Ledcharrie Ltd, a company which has a shared director with Glen Hydro Lochrosque Limited. The intercompany loan is repayable on demand.
Ultimate controlling party |
The controlling party is Renfin Glen Hydro Ltd.
Renfin Glen Hydro Ltd controls the company by virtue of 65% of the issued ordinary share capital.
Glen Hydro Lochrosque Ltd has entered into a share pledge with NatWest PLC in relation to their shareholding. All shares were transferred to NatWest PLC as a form of security, these shares will be released by NatWest PLC once all outstanding loans have been paid in full.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Glen Hydro Lochrosque Limited
for the Year Ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Glen Hydro Lochrosque Limited for the year ended 31 December 2022 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Glen Hydro Lochrosque Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Glen Hydro Lochrosque Limited and state those matters that we have agreed to state to the Board of Directors of Glen Hydro Lochrosque Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glen Hydro Lochrosque Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Glen Hydro Lochrosque Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Glen Hydro Lochrosque Limited. You consider that Glen Hydro Lochrosque Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Glen Hydro Lochrosque Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX