Company registration number 09063078 (England and Wales)
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
Mr N A Forster
Mr D M Reid
Secretary
FLB Company Secretarial Services Limited
Company number
09063078
Registered office
250 Wharfedale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TP
Auditor
Shipleys LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
6
792,674
792,674
Current assets
Debtors
7
77,233,652
77,488,976
Cash at bank and in hand
626,041
1,091,463
77,859,693
78,580,439
Creditors: amounts falling due within one year
8
(87,272,502)
(90,234,677)
Net current liabilities
(9,412,809)
(11,654,238)
Net liabilities
(8,620,135)
(10,861,564)
Capital and reserves
Called up share capital
9
Profit and loss reserves
10
(8,620,135)
(10,861,564)
Total equity
(8,620,135)
(10,861,564)
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. 09063078
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Ingenious Renewable Energy Enterprises Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TP.
The principal activity of the company is the investment in, and provision of consultancy services to,
companies which operate renewable energy installations ("Renewable Projects") to generate renewable
electricity.
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 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Ingenious Renewable Energy Enterprises Limited is a wholly owned subsidiary of IEP Infrastructure Holdco Limited and the results of Ingenious Renewable Energy Enterprises Limited are included in the consolidated financial statements of IEP Infrastructure Holdco Limited which are available from 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TP.
1.2
Going concern
In addition to the risks identified in the Directors' Report, the directors have considered the impact of
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.
The company made a
profit
for the year of £
2,241,429
(20
20
: £2,242,719
loss
) and at 31 December 202
1
held
net current liabilities of £
9,412,809
(20
20
: £11,654,238). The net current liability position at 31 December
202
1
is the result of a shareholder loan, which is not expected to be repaid in the foreseeable future.
1.3
Turnover
Turnover is generated through the provision of consultancy services to renewable energy companies, and is stated net of value added tax.
Turnover is derived from activities in the United Kingdom.
Turnover is recognised at the fair value of the right to consideration and is not recognised until there is certainty over the right to consideration. Turnover which has been recognised but not invoiced by the balance sheet date is included within accrued income.
1.4
Intangible fixed assets other than goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
at cost less any accumulated amortisation and any accumulated impairment losses.
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Software
Fully impaired
1.5
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.
1.6
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.
1.7
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.
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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. 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.
1.10
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
3
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
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
5
Intangible fixed assets
Other
£
Cost
At 1 January 2021 and 31 December 2021
200,000
Amortisation and impairment
At 1 January 2021 and 31 December 2021
200,000
Carrying amount
At 31 December 2021
At 31 December 2020
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
792,674
792,674
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021 & 31 December 2021
11,607,022
Impairment
At 1 January 2021 & 31 December 2021
10,814,348
Carrying amount
At 31 December 2021
792,674
At 31 December 2020
792,674
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
481,399
664,464
Amounts owed by group undertakings
76,661,933
76,713,651
Other debtors
90,320
110,861
77,233,652
77,488,976
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
863,924
228,636
Amounts owed to group undertakings
86,173,758
89,236,113
Taxation and social security
73,058
188,754
Other creditors
161,762
581,174
87,272,502
90,234,677
Included within amounts owed to group undertakings are secured debts of £86,173,758 (2020: £89,236,113).
Investec Bank PLC
holds fixed and floating charges dated
21
July 20
21
covering all the property or undertaking of the Company, the outstanding charge contains a negative pledge.
These charges were satisfied in full post year-end on 27 June 2022.
9
Called up share capital
2021
2020
2021
2020
Ordinary of 10p each
1
1
-
-
INGENIOUS RENEWABLE ENERGY ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
10
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
(10,861,564)
(8,618,845)
Profit/(loss) for the year
2,241,429
(2,242,719)
At the end of the year
(8,620,135)
(10,861,564)
The
p
rofit and
l
oss
a
ccount represents the cumulative profits or losses, net of dividends paid and other
adjustments.
11
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
12
Parent company
At 31 December 2021, the immediate parent company, registered at 250 Wharfedale Road, Winnersh Triangle, Wokingham, Berkshire, RG41 5TP was IEP Infrastructure Holdco Limited.