Off Grid Energy Limited Filleted accounts for Companies House (small and micro)

OFF GRID ENERGY LIMITED - Company Information

0 13 June 2024 false false false false false false false false false true false false true true true true true true true true No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04281871 2022-10-01 2023-09-30 04281871 2023-09-30 04281871 2022-09-30 04281871 2021-04-01 2022-09-30 04281871 2022-09-30 04281871 2021-03-31 04281871 core:LandBuildings core:ShortLeaseholdAssets 2022-10-01 2023-09-30 04281871 core:PlantMachinery 2022-10-01 2023-09-30 04281871 core:FurnitureFittings 2022-10-01 2023-09-30 04281871 core:MotorVehicles 2022-10-01 2023-09-30 04281871 bus:Director8 2022-10-01 2023-09-30 04281871 core:WithinOneYear 2023-09-30 04281871 core:WithinOneYear 2022-09-30 04281871 core:ShareCapital 2023-09-30 04281871 core:ShareCapital 2022-09-30 04281871 core:SharePremium 2023-09-30 04281871 core:SharePremium 2022-09-30 04281871 core:RetainedEarningsAccumulatedLosses 2023-09-30 04281871 core:RetainedEarningsAccumulatedLosses 2022-09-30 04281871 core:BetweenOneFiveYears 2023-09-30 04281871 core:BetweenOneFiveYears 2022-09-30 04281871 bus:SmallEntities 2022-10-01 2023-09-30 04281871 bus:Audited 2022-10-01 2023-09-30 04281871 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 04281871 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04281871 bus:FullAccounts 2022-10-01 2023-09-30

COMPANY REGISTRATION NUMBER: 04281871

OFF GRID ENERGY LIMITED

FILLETED FINANCIAL STATEMENTS

30 September 2023

OFF GRID ENERGY LIMITED

FINANCIAL STATEMENTS

Year ended 30 September 2023

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	2

OFF GRID ENERGY LIMITED

BALANCE SHEET

30 September 2023

	2023	2022
Note	£	£

CURRENT ASSETS

Debtors	5	11,574,549	12,246,404
Cash at bank and in hand		634	67,249
		-------------	-------------
		11,575,183	12,313,653

CREDITORS: amounts falling due within one year	6	( 344,248)	( 1,485,993)
		-------------	-------------
NET CURRENT ASSETS		11,230,935	10,827,660
		-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES		11,230,935	10,827,660
		-------------	-------------
NET ASSETS		11,230,935	10,827,660
		-------------	-------------

CAPITAL AND RESERVES

Called up share capital	128	128
Share premium account	522,275	522,275
Profit and loss account	10,708,532	10,305,257
	-------------	-------------
SHAREHOLDERS FUNDS	11,230,935	10,827,660
	-------------	-------------

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 profit and loss account has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 11 June 2024 , and are signed on behalf of the board by:

Mr N Pagliai

Director

Company registration number: 04281871

OFF GRID ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 September 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 3 Stepnell Park, Lawford Road, Rugby, Warwickshire, CV21 2UX, United Kingdom.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of PR Industrial SRL which can be obtained from Localita il Piano, 53031 Casole d'Elsa (SIENA), Italy. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

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.

Turnover

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.

Taxation

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	2% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to Nil (2022: 74 ).

5. DEBTORS

	2023	2022
	£	£
Trade debtors	6,377	716,657
Amounts owed by group undertakings and undertakings in which the company has a participating interest	11,530,975	11,388,422
Other debtors	37,197	141,325
	-------------	-------------
	11,574,549	12,246,404
	-------------	-------------

6. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	653	103,434
Amounts owed to group undertakings and undertakings in which the company has a participating interest	317,466	236,572
Corporation tax	–	1,000,136
Other creditors	26,129	145,851
	---------	------------
	344,248	1,485,993
	---------	------------

7. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	54,800	54,800
Later than 1 year and not later than 5 years	41,100	95,900
	--------	---------
	95,900	150,700
	--------	---------

8. SUMMARY AUDIT OPINION

The auditor's report for the year dated 13 June 2024 was unqualified .

The senior statutory auditor was Simon Tee , for and on behalf of Kilsby & Williams LLP .

9. CONTROLLING PARTY

At 1 September 2021, the company was acquired by Pramac-Generac UK Limited. In the directors' opinion, the company's ultimate parent undertaking is Gnerac Holdings Inc, which is incorporated in USA. The parent undertaking of the smallest group which includes the company for which group financial statements are prepared is PR Industrial S.r.l. Copies of its group financial statements, which include the company, are available from Localita iL Piano, 53031 Casole d' Elsa (SIENA), Italy. The parent undertaking of the largest group which includes the company for which group financial statements are prepared is Generac Holdings Inc. Copies of its group financial statements, which include the company, are available from www.generac.com.