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Registered number: 11678461
IQ ENERGY CENTRE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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IQ ENERGY CENTRE LIMITED
REGISTERED NUMBER:11678461
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BALANCE SHEET
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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T Spanggaard
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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Comprehensive income for the period
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Shares issued during the period
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Comprehensive income for the year
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The company is a private company limited by shares and is incorporated in the United Kingdom under the Companies Act 2006 and registered in England and Wales. The address of its registered office is Millhouse, 32-38 East Street, Rochford, Essex SS4 1DB.
The principal activity of the company was that of construction and operation of renewable energy site.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Taking into account a period exceeding 12 months from the date of approval of these financial statements, the Directors have a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for this reason will continue to adopt the going concern basis in the preparation of its financial statements.
The company is reliant on the ongoing support of its parent, and the directors expect this to continue.
However, the directors and shareholders are considering a sale of the company, and if so, financial support will need to be provided by the new owners. The potential change of ownership means that the current directors have limited certainty over the future activity and financial position of the company. Although it is unlikely that the new owners would purchase the company without having the necessary funding in place, the directors cannot be certain of this. Hence there is material uncertainty over the going concern of the company.
Borrowing costs directly attributable to acquisition, construction of, production of qualifying assets (tangible and intangible) are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Therefore, borrowing costs connected with the development of the farm are capitalised.
Costs incurred in respect of the development phase of a project are recognised as an intangible asset, when certain specific criteria are met in order to demonstrate that the asset will generate probable future economic benefits and that its cost can be reliably measured. Once the project is in construction phase the development costs are transferred to tangible assets. Depreciation is then charged from when the solar farm is connected to the grid.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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No material judgements or key sources of estimation uncertainty have been identified.
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The average monthly number of employees, including directors, during the year was 2 (2020 -2).
The directors received no remuneration from the company in the year. They are remunerated from other group companies.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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During the year interest of £12,016 (2020: £1,154) has been capitalised, at the rate of 5%. The net book value of this at 31 December 2020 is £13,170 (2020: £1,154).
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Cash and cash equivalents
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Amounts owed to group undertakings
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Interest is charged on the amounts owed to group undertakings at 5% and the amount charged in the year was £12,016 (2020: £1,154).
The amount owing is secured by a fixed and floating charge over the company's assets.
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Allotted, called up and fully paid
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100 (2020 -100) Ordinary A shares of £0.01 each
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1 (2020 -1) Ordinary B share of £1.00
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Group financial statements
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The parent of the smallest group for which consolidated financial statements are prepared is European Energy A/S whose registered office is Gyngemose Parkvej 50, 2860 Soborg, Denmark.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
Material uncertainty related to going concern
We draw your attention to Note 2.2 which refers to a potential sale of the company, which would limit the directors ability to assess and conclude on the future funding of the company. Hence a material uncertainty exists which casts doubt over the going concern of the company. We have concluded that the directors use of the going concern basis in preparing these financial statements is appropriate. Our opinion is not modified in respect of this matter.
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The audit report was signed on 28 September 2022 by Louise Watts (Senior statutory auditor) on behalf of Venthams.
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