Integrum Renewable Energy Ltd Filleted accounts for Companies House (small and micro)

Integrum Renewable Energy Ltd Filleted accounts for Companies House (small and micro)

INTEGRUM RENEWABLE ENERGY LTD - Company Information

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COMPANY REGISTRATION NUMBER: 13052159
INTEGRUM RENEWABLE ENERGY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 March 2022
INTEGRUM RENEWABLE ENERGY LTD
STATEMENT OF FINANCIAL POSITION
31 March 2022
31 Mar 22
Note
£
Current assets
Debtors
5
6,926
Cash at bank and in hand
13,171
---------
20,097
Creditors: amounts falling due within one year
6
( 383,121)
----------
Net current liabilities
( 363,024)
----------
Total assets less current liabilities
( 363,024)
Provisions
90,422
----------
Net liabilities
( 272,602)
----------
INTEGRUM RENEWABLE ENERGY LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2022
31 Mar 22
Note
£
Capital and reserves
Called up share capital
197
Capital redemption reserve
20
Profit and loss account
( 272,819)
----------
Shareholders deficit
( 272,602)
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period 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 period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 May 2022 , and are signed on behalf of the board by:
Mr P Price
Director
Company registration number: 13052159
INTEGRUM RENEWABLE ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 30 NOVEMBER 2020 TO 31 MARCH 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 107 - 109 Derwent House, RTC Business Park, London Road, Derby, Derbyshire, DE24 8UP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis , and in sterling , which is the functional currency of the entity.
Going concern
The company has incurred significant set-up expenses which have resulted in a loss for the first period of trade and it continues to be reliant upon a loan from Integrum Power Engineering Limited, a related company. The directors anticipate continued support from Integrum Power Engineering Limited and they are confident that the company will be profitable in the future. Accordingly the financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Deferred tax The company has recognised a deferred tax asset in relation to the losses incurred in the period from incorporation. Management considers it appropriate to recognise this as an asset because they expect the company to become profitable in the near future. The total deferred tax asset at 31 March 2022 is £90,422.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 .
5. Debtors
31 Mar 22
£
Other debtors
6,926
-------
6. Creditors: amounts falling due within one year
31 Mar 22
£
Trade creditors
8,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
374,121
Other creditors
1,000
----------
383,121
----------
7. Controlling party
From incorporation to 14 March 2022, the company was controlled by Integrum Power Engineering Limited, a company incorporated in England and Wales. The registered office of Integrum Power Engineering Limited is 107-109 Derwent House, RTC Business Park, London Road, Derby, Derbyshire, DE24 8UP. From 14 March 2022 following an issue of share capital there was no individual controlling party.