Company Registration No. SC367358 (Scotland)
Our Hydro Limited
Unaudited financial statements
for the year ended 31 March 2022
Pages for filing with the Registrar
Our Hydro Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Our Hydro Limited
Statement of financial position
As at 31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
113,626
264,406
Current assets
Debtors
4
842,328
705,098
Cash at bank and in hand
39,206
62,669
881,534
767,767
Creditors: amounts falling due within one year
5
(259,897)
(255,619)
Net current assets
621,637
512,148
Total assets less current liabilities
735,263
776,554
Creditors: amounts falling due after more than one year
6
(584,469)
(632,138)
Provisions for liabilities
(5,305)
(5,305)
Net assets
145,489
139,111
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
145,389
139,011
Total equity
145,489
139,111
Our Hydro Limited
Statement of financial position (continued)
As at 31 March 2022
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 December 2022 and are signed on its behalf by:
John MacDonald
Director
Company Registration No. SC367358
Our Hydro Limited
Notes to the financial statements
For the year ended 31 March 2022
Page 3
1
Accounting policies
Company information
Our Hydro Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Clachan, Cairndow, Argyll, PA26 8BL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Our Hydro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 4
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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. A
m
ounts 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.
1.5
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Our Hydro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies (continued)
Page 5
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
No persons were employed by the company in the current or prior year.
2022
2021
Number
Number
Total
Our Hydro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 6
3
Fixed asset investments
2022
2021
£
£
Loans to group undertakings and participating interests
52,101
202,881
Other investments other than loans
61,525
61,525
113,626
264,406
Fixed asset investments not carried at market value
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Movements in fixed asset investments
Loans to associates
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2021
202,881
61,525
264,406
Repayments
(150,780)
-
(150,780)
At 31 March 2022
52,101
61,525
113,626
Carrying amount
At 31 March 2022
52,101
61,525
113,626
At 31 March 2021
202,881
61,525
264,406
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
691,648
596,085
Amounts owed by group undertakings
92,823
79,417
Other debtors
57,857
29,596
842,328
705,098
Our Hydro Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
Page 7
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
840
Amounts owed to group undertakings
183,762
183,762
Taxation and social security
1,146
718
Other creditors
74,989
70,299
259,897
255,619
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
584,469
632,138
Amounts included above which fall due after five years are as follows:
Payable by instalments
362,799
423,283
On 16 May 2019 the company granted a floating charge in favour of Social Growth Fund LLP in respect of the undertaking and all property and assets of the company including uncalled capital.
The loan from Social Growth Fund LLP bears interest at 6% per annum and is repayable no later than 31 March 2032.
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Parent company
In the opinion of the directors, the ultimate controlling party is Here We Are, a charitable company registered in Scotland.