Company No: SC432442 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	281,395		296,436
Investments	4	1		1
		281,396		296,437
Current assets
Debtors	5	14,832		790
Cash at bank and in hand		48		206
		14,880		996
Creditors
Amounts falling due within one year	6	( 186,681)		( 236,118)
Net current liabilities		(171,801)		(235,122)
Total assets less current liabilities		109,595		61,315
Creditors
Amounts falling due after more than one year	7	( 70,289)		( 113,844)
Net assets/(liabilities)		39,306		( 52,529)
Capital and reserves
Called-up share capital	8	208		208
Profit and loss account		39,098		( 52,737 )
Total shareholders' funds/(deficit)		39,306		( 52,529)

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Shinnies Limited (registered number: SC432442) were approved and authorised for issue by the Director on 30 March 2023. They were signed on its behalf by:

Douglas M Davidson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Shinnies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Strathdeveron House, Steven Road, Huntly, AB54 8SX, United Kingdom. The principal place of business is Sinsharnie, Cairnie, Huntly, Aberdeenshire, AB54 5TN.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

At the year end, the balance sheet shows a net deficit. The company has suffered losses in the past due to technological issues and the service company going into liquidation. The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements and are hopeful that the situation will continue to improve going forward and have agreed to continue to support the company to ensure all liabilities are met as they fall due. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable from the generation of electricity, net of VAT. Turnover is recognised on the accrual basis at the point of generation.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and compromise deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2021	376,028		376,028
At 31 March 2022	376,028		376,028
Accumulated depreciation
At 01 April 2021	79,592		79,592
Charge for the financial year	15,041		15,041
At 31 March 2022	94,633		94,633
Net book value
At 31 March 2022	281,395		281,395
At 31 March 2021	296,436		296,436

4. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 April 2021	1		1
At 31 March 2022	1		1
Provisions for impairment
At 01 April 2021	0		0
At 31 March 2022	0		0
Carrying value at 31 March 2022	1		1
Carrying value at 31 March 2021	1		1

5. Debtors

	2022		2021
	£		£
Amounts owed by Group undertakings	14,832		0
Other debtors	0		790
	14,832		790

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Accruals	3,278		5,039
Obligations under finance leases and hire purchase contracts	46,097		46,097
Other creditors	137,306		184,982
	186,681		236,118

The current hire purchase liability is secured over the assets to which it relates.

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Obligations under finance leases and hire purchase contracts	70,289		113,844

The long term hire purchase liability is secured over the asset to which it relates.

8. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
100 A ordinary shares of £ 1.00 each	100		100
100 B ordinary shares of £ 1.00 each	100		100
8 C ordinary shares of £ 1.00 each	8		8
	208		208

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2022		2021
	£		£
Amounts due to subsidiary companies	0		33,562
Amounts due from subsidiary companies	14,932		0

This balance is interest free and has no fixed terms of repayment.