Ingenious Renewable Energy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08000198 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

INGENIOUS RENEWABLE ENERGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr N A Forster

Mr D M Reid

SECRETARY:

FLB Company Secretarial Services Ltd

REGISTERED OFFICE:

250 Wharfedale Road

Winnersh Triangle

Berkshire

RG41 5TP

REGISTERED NUMBER:

08000198 (England and Wales)

INDEPENDENT AUDITORS:

Shipleys LLP, Statutory Auditor

10 Orange Street

Haymarket

London

WC2H 7DQ

FIXED ASSETS

Tangible assets

4

-

124,171

Investments

5

350,497

350,497

350,497

474,668

CURRENT ASSETS

Debtors

6

25,927,852

24,001,600

Cash at bank

257,931

3,059

26,185,783

24,004,659

CREDITORS

Amounts falling due within one year

7

(5,191,435

)

(4,056,852

)

NET CURRENT ASSETS

20,994,348

19,947,807

TOTAL ASSETS LESS CURRENT LIABILITIES

21,344,845

20,422,475

CAPITAL AND RESERVES

Called up share capital

8

1,585,558

1,585,558

Share premium

9

15,059,410

15,059,410

Retained earnings

9

4,699,877

3,777,507

SHAREHOLDERS' FUNDS

21,344,845

20,422,475

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2021 and were signed on its behalf by:

Mr N A Forster - Director

1.	STATUTORY INFORMATION

Ingenious Renewable Energy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal activity of the company is the investment in, and provision of consultancy services to, and operation of renewable energy installations ("Renewable Projects") to generate renewable electricity in the UK. The company also provides loans to companies that invest and operate renewable energy installations.

The functional and presentational currency is considered to be pound sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2016 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

Going concern

We draw attention to the current Covid-19 pandemic and the potential economic impact the virus will have in the coming months. 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.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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 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.

Turnover

Turnover is generated from electricity sold to a third party under a Power Purchase Agreement ("PPA") and through the feed in tariff ("FiT") under a UK government scheme associated with electricity generated. It is recognised net of VAT when the electricity is physically exported.

Turnover is also generated through the provision of consultancy services to renewable energy companies.

Turnover is also generated through interest income and fees from the provision of loans and the acquisition of equity projects.

Turnover which has been recognised but not invoiced by the Balance Sheet date is included within accrued income/

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

Straight line over 25 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The Company enters into basic financial instruments 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 non-puttable ordinary shares.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Short term debtors are measured at transaction price, less any impairment.

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.

Taxation

Tax is recognised in the Income Statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Loans

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

At 1 January 2020

174,280

Disposals

(174,280

)

At 31 December 2020

-

Depreciation

At 1 January 2020

50,109

Charge for year

5,228

Eliminated on disposal

(55,337

)

At 31 December 2020

-

Net book value

At 31 December 2020

-

At 31 December 2019

124,171

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

Cost

At 1 January 2020

and 31 December 2020

350,497

Net book value

At 31 December 2020

350,497

At 31 December 2019

350,497

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

9,713

-

Amounts owed by group undertakings

19,678,702

17,997,375

Other debtors

6,239,437

6,004,225

25,927,852

24,001,600

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

911,654

142,462

Amounts owed to group undertakings

4,085,346

3,451,890

Taxation and social security

-

(29,852

)

Other creditors

194,435

492,352

5,191,435

4,056,852

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

15,855,586

Ordinary

£0.10

1,585,558

1,585,558

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2020

3,777,507

15,059,410

18,836,917

Profit for the year

922,370

922,370

At 31 December 2020

4,699,877

15,059,410

19,759,287

Share premium account

The Share Premium reserve records the amount above the nominal value received for shares issued.

Profit and loss account

The Profit and Loss Account represents the cumulative profits or losses, net of dividends paid and other adjustments.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Joseph Kinton (Senior Statutory Auditor)

for and on behalf of Shipleys LLP, Statutory Auditor

11.	ULTIMATE CONTROLLING PARTY

Ingenious Commercial Enterprises Limited, a company registered in England and Wales, is the immediate parent entity. The company is registered at 15 Golden Square, London, W1F 9JG.