ACCOUNTS - Final Accounts

IPA ENERGY + WATER ECONOMICS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.1true2021-01-01false1false SC293869 2021-01-01 2021-12-31 SC293869 2020-01-01 2020-12-31 SC293869 2021-12-31 SC293869 2020-12-31 SC293869 c:Director1 2021-01-01 2021-12-31 SC293869 c:RegisteredOffice 2021-01-01 2021-12-31 SC293869 d:CurrentFinancialInstruments 2021-12-31 SC293869 d:CurrentFinancialInstruments 2020-12-31 SC293869 d:ShareCapital 2021-12-31 SC293869 d:ShareCapital 2020-12-31 SC293869 d:RetainedEarningsAccumulatedLosses 2021-12-31 SC293869 d:RetainedEarningsAccumulatedLosses 2020-12-31 SC293869 c:EntityNoLongerTradingButTradedInPast 2021-01-01 2021-12-31 SC293869 c:FRS102 2021-01-01 2021-12-31 SC293869 c:Audited 2021-01-01 2021-12-31 SC293869 c:FullAccounts 2021-01-01 2021-12-31 SC293869 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: SC293869

IPA ENERGY + WATER ECONOMICS LIMITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

IPA ENERGY + WATER ECONOMICS LIMITED

COMPANY INFORMATION

DIRECTOR	M B Sleiman


REGISTERED NUMBER	SC293869


REGISTERED OFFICE	11-15 Thistle Street
	Edinburgh
	EH2 1DF


INDEPENDENT AUDITOR	MHA MacIntyre Hudson
	Maidstone
	United Kingdom

IPA ENERGY + WATER ECONOMICS LIMITED

CONTENTS

	Page
Director's Report	1 - 2
Independent Auditor's Report	3 - 5
Profit and Loss Account	6
Balance Sheet	7
Notes to the Financial Statements	8 - 9

IPA ENERGY + WATER ECONOMICS LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The director presents his report and the financial statements for the year ended 31 December 2021.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The Company has ceased trading, has no plans to re-commence trading, and consequently the Company is not a going concern. The net assets are recognised at recoverable amounts.

DIRECTOR

The director who served during the year was:

M B Sleiman

DISCLOSURE OF INFORMATION TO AUDITOR

The director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

AUDITOR

The auditor, MHA MacIntyre Hudson, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

IPA ENERGY + WATER ECONOMICS LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

SMALL COMPANIES NOTE

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

M B Sleiman

Director

Date: 22 December 2022

Page 2

IPA ENERGY + WATER ECONOMICS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IPA ENERGY + WATER ECONOMICS LIMITED

OPINION

We have audited the financial statements of IPA Energy + Water Economics Limited (the 'Company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, the Balance Sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

EMPHASIS OF MATTER - BASIS OF PREPARATION

We draw attention to Note 2.2 to the financial statements which explains that the Company is not trading and the directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 3

IPA ENERGY + WATER ECONOMICS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IPA ENERGY + WATER ECONOMICS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Director's Report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Director's Report and from the requirement to prepare a Strategic Report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Director's Responsibilities Statement set out on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

IPA ENERGY + WATER ECONOMICS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF IPA ENERGY + WATER ECONOMICS LIMITED (CONTINUED)

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management, those charged with governance around actual and potential litigation and claims;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

∙Reviewing financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more the compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)

for and on behalf of

MHA MacIntyre Hudson

Statutory Auditor

Maidstone, United Kingdom

22 December 2022

Page 5

IPA ENERGY + WATER ECONOMICS LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

	2021	2020
Note	£	£


Intercompany loan write-off	(110,297)	-
(Loss)/profit before tax	(110,297)	-
(Loss)/profit for the financial year	(110,297)	-

Page 6

IPA ENERGY + WATER ECONOMICS LIMITED

REGISTERED NUMBER: SC293869

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	338,477		448,774
Cash at bank and in hand	5	26,218		26,218
		364,695		474,992
Total assets less current liabilities			364,695		474,992

Net assets			364,695		474,992

Capital and reserves
Called up share capital	6,582,000	6,582,000
Profit and loss account	(6,217,305)	(6,107,008)
	364,695	474,992

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 were approved and authorised for issue by the board and were signed on its behalf by:

M B Sleiman

Director

Date: 22 December 2022

The notes on pages 8 to 9 form part of these financial statements.

Page 7

IPA ENERGY + WATER ECONOMICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	GENERAL INFORMATION

IPA Energy + Water Economics Limited is a private company limited by shares incorporated in Scotland within the United Kingdom. The address of the registered office is 11-15 Thistle Street, Edinburgh, EH2 1DF.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The Company has ceased trading, has no plans to re-commence trading, and consequently the Company is not a going concern. Assets are recorded at their recoverable amount.

2.3

DEBTORS

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.

2.4

CASH AND CASH EQUIVALENTS

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.

2.5

FINANCIAL INSTRUMENTS

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.

2.6

CREDITORS

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.

Page 8

IPA ENERGY + WATER ECONOMICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

DEBTORS

					2021	2020
					£	£


Amounts owed by group undertakings	338,477	448,774

5.	CASH AND CASH EQUIVALENTS
		2021	2020
		£	£

	Cash at bank and in hand	26,218	26,218

6.	CONTINGENT LIABILITIES

The Company has outstanding liabilities in respect of unpaid bid bonds relating to historic consultancy contracts. There is uncertainty over the outstanding liabilities and whether these will be repaid. Accordingly, no provision for potential settlement has been recognised in the financial statements.

7.	KEY MANAGEMENT PERSONNEL REMUNERATION

The Company did not pay any remuneration to key management personnel during the current or previous
year.

8.	RELATED PARTY TRANSACTIONS
	The Company has taken advantage of the FRS 102 paragraph 1AC.35 exemption not to disclose transactions with other members of the group that are wholly owned by the ultimate parent undertaking, Dar Al-Handasah Consultants Shair & Partners Holdings Limited.

9.	PARENT UNDERTAKING

The parent undertaking of the group for which consolidated accounts are prepared, is Dar Al-Handasah Consultants Shair & Partners Holdings Limited, a company registered in Dubai at the registered office address of Unit 2401, Level 24, Index Tower, Dubai International Finance Centre, Dubai, 506855, United Arab Emirates.

Page 9