Company registration number 07932578 (England and Wales)
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
Mr N A Forster
Mr P W Vorster
Mr D M Reid
Secretary
Ms S Cruickshank
Company number
07932578
Registered office
15 Golden Square
London
United Kingdom
W1F 9JG
Auditor
Shipleys LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
16,644,947
16,644,947
Current assets
Debtors
5
2,144,194
2,380,110
Cash at bank and in hand
3,782
43,747
2,147,976
2,423,857
Creditors: amounts falling due within one year
6
(896,467)
(52,280)
Net current assets
1,251,509
2,371,577
Net assets
17,896,456
19,016,524
Capital and reserves
Called up share capital
7
1,606,541
1,689,899
Share premium account
8
15,603,251
16,470,103
Profit and loss reserves
9
686,664
856,522
Total equity
17,896,456
19,016,524
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
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 28 November 2022 and are signed on its behalf by:
Mr N A Forster
Director
Company Registration No. 07932578
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Ingenious Commercial Enterprises Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
15 Golden Square, London, United Kingdom, W1F 9JG.
The principal activity of the company is to generate returns for its shareholders through its investments in
Ingenious Renewable Energy Limited who invests in and operates renewable assets ("Renewable Energy
Projects") in the UK.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
In addition to the risks identified in the Directors' Report, the directors have considered the impact of
true
Brexit,
the COVID19 pandemic and the current conflict between Russia and Ukraine on the business.
The directors have considered the cash balance held by the company, and
the projected administrative and other costs for the forthcoming 12 months from the date of signing of
the financial statements, and consider there to be adequate resources in place. On this basis, the
company is considered to be a going concern
.
1.3
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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
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.
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, 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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Non-derivative financial liabilities with fixed or determinable repayments that are not quoted in an active
market are classified as loans. Loans are initially recognised at fair value of the consideration received
plus directly related transaction costs. They are subsequently measured at amortised cost using the
effective interest method. Arrangement fees and interest payable on financial liabilities that are
classified as loans, are charged to the profit and loss account.
The effective interest method is a method of calculating the amortised cost of a financial liability and of
allocating the interest payable over the expected life of the liability. The effective interest rate is the rate
that exactly discounts estimated future cashflows to the instrument's initial carrying amount.
Calculation of the effective interest rate takes into account fees payable, that are an integral part of the
instrument yield and transaction costs. All contractual terms of a financial instrument are considered
when estimating future cash flows.
A financial liability is removed from the balance sheet when the obligation is discharged, or cancelled,
or expires.
2
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,500
2,250
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
16,644,947
16,644,947
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,434,378
Other debtors
2,144,194
945,732
2,144,194
2,380,110
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
13,313
11,805
Amounts owed to group undertakings
865,079
Taxation and social security
13,925
Other creditors
18,075
26,550
896,467
52,280
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 10p each
16,065,401
16,898,989
1,606,541
1,689,899
On
1st October
202
1
,
850,593
£0.10 shares were cancelled and extinguished totalling £
85,059.30.
On
22nd October
202
1
,
17,005
shares were allotted at £0.10 totalling £
1,700.50
.
INGENIOUS COMMERCIAL ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
8
Share premium account
2021
2020
£
£
At the beginning of the year
16,470,103
17,375,161
Issue of new shares
22,188
165,336
Share capital reduction
(889,040)
(1,070,394)
At the end of the year
15,603,251
16,470,103
9
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
856,522
809,470
Profit for the year
47,820
47,052
Dividends declared and paid in the year
(217,678)
-
At the end of the year
686,664
856,522
Profit and loss account
The Profit and Loss Account represents the cumulative profits or losses, net of dividends paid and other
adjustments.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Joseph Kinton
Statutory Auditor:
Shipleys LLP
11
Parent company
There is no ultimate controlling party.