Company No:
Contents
DIRECTORS | W J Dodd |
S L Merrick | |
M Parrag | |
S A Peltenburg |
REGISTERED OFFICE | The Frames |
1 Phipp Street | |
Unit 2.08 | |
London | |
EC2A 4PS | |
England | |
United Kingdom |
COMPANY NUMBER | 10565718 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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28,023 | 11,520 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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6,318,369 | 490,704 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 233,999 | 400,580 | ||
Total assets less current liabilities | 262,022 | 412,100 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Other reserves |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Ripple Energy Limited (registered number:
W J Dodd
Director |
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.
Ripple Energy Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Frames, 1 Phipp Street, Unit 2.08, London, EC2A 4PS, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The directors have conducted and implemented a strategic review of the operations of the company, to include a full review of future funding requirements and sources and have scaled growth plans based on current market conditions. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Trademarks, patents and licences |
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Office equipment |
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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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
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.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates and judgements that have a significant effect on the amounts recognised in the financial statements are described below:
Going concern
As referred to in the policy above, the directors have used their judgement to ascertain that the company is a going concern.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 April 2021 |
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Additions |
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At 31 March 2022 |
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Accumulated amortisation | |||
At 01 April 2021 |
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Charge for the financial year |
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At 31 March 2022 |
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Net book value | |||
At 31 March 2022 |
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At 31 March 2021 |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2021 |
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Additions |
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At 31 March 2022 |
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Accumulated depreciation | |||
At 01 April 2021 |
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Charge for the financial year |
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At 31 March 2022 |
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Net book value | |||
At 31 March 2022 |
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At 31 March 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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Prepayments |
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Corporation tax |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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During the year 65,800 EMI options were exercised resulting in 65,800 Ordinary shares having an aggregate nominal value of £65.80 were allotted for an aggregate consideration of £65.80.
Other share premium reserve movements
The other movements in share premium of £nil (2021 - £36,769) have arisen as a result of the costs of issuing shares being offset against share premium.
Transactions with the entity's directors
2022 | 2021 | ||
£ | £ | ||
Director | 0 | 91 |
Advances
Other related party transactions
2022 | 2021 | ||
£ | £ | ||
Co-Pilot Wind Project Limited | (37,063) | 259,763 | |
Graig Fatha CE Turbine Limited | 45,364 | 0 | |
Kirk Hill Wind Farm Limited | 330,248 | 0 | |
Ripple Wind Coop 2 Limited | (5,716,392) | 0 |
During the year, expenses were recharged to Co-Pilot Wind Project Limited totalling £nil (2021: £257,947) and wattage payments of £37,063 (2021: nil) were received on behalf of Co-Pilot Wind Project Limited. As at 31 March 2022, the amount due by the company was £37,063 (2021: due to the company £259,763).
During the year expenses were re-charged to Graig Fatha CE Turbine Limited totalling £45,364. As at 31 March 2022, the amount due to the company was £45,364 (2021: nil)
During the year, expenses re-charged to Kirk Hill Wind Farm Limited totalling £330,248, As at 31 March 2022, the amount due to the company £330,248 (2021: nil).
During the year, members fees were received on behalf of Ripple Wind Coop 2 Limited totalling £5,716,392. As at 31 March 2022, the amount due to the company was £5,716,392 (2021: nil).
On 15 December 2022, 233,250 Ordinary £0.001 shares were issued for consideration of £9.10 per share.
2019 EMI Scheme
The company has a share option scheme in which two employees participate - the Ripple Energy Limited EMI Share Option Plan ("2019 EMI Scheme") set up in May 2019.
Under the 2019 EMI scheme, the company has granted EMI options over Ordinary shares in the company. The options vest in unequal tranches over the course of a three year period. The directors have granted options over 87,800 shares to two employees, each with an exercise price of £0.001 and an expiry date of 24 May 2029. During the year, 65,800 options were exercised, leaving unexercised options of 22,000.
2020 EMI Scheme
The company has a share option scheme in which three employees participate - the Ripple Energy Limited EMI Share Option Plan ("2020 EMI Scheme") set up in May 2020.
Under the 2020 EMI scheme, the company has granted EMI options over Ordinary shares in the company. The options vest on the fourth anniversary of the grant date. The directors granted options over 64,189 shares to six employees, each with an exercise price of £2.65 and an expiry date of 13 May 2030. Since the initial grant, three employees have left the company and their options lapsed. As at 31 March 2022, there are options over 60,713 shares granted to three employees.
2021 EMI Scheme
The company has a share option scheme in which two employees participate - the Ripple Energy Limited EMI Share Option Plan ("2021 EMI Scheme") set up in October 2021.
Under the 2021 EMI scheme, the company has granted EMI options over Ordinary shares in the company. The options vest on the fourth anniversary of the grant date. The directors have granted options over 4,345 shares to five employees each with an exercise price of £3.56 and an expiry date of 5 October 2031.
The directors have assessed the fair value of the share options at 31 March 2022 in accordance with the requirements of FRS 102 and the underlying terms of the options using the Black-Scholes model and concluded that the fair value of the options included in the balance sheet is immaterial.