Company Registration No. SC698142 (Scotland)
RenQuip Limited
Unaudited accounts
for the year ended 31 December 2023
RenQuip Limited
Unaudited accounts
Contents
RenQuip Limited
Company Information
for the year ended 31 December 2023
Directors
M A Buchan
D M Duguid
D H Duguid
M G Gerrard
J D Morgan
Company Number
SC698142 (Scotland)
Registered Office
Unit 1 Dunnottar House
Howe Moss Drive
Dyce
Aberdeen
AB21 0FN
Scotland
Accountants
Hutcheon Mearns Limited
2 Queens Road
Aberdeen
AB15 4ZT
RenQuip Limited
Statement of financial position
as at 31 December 2023
Intangible assets
3,032
3,899
Tangible assets
596,001
323,046
Inventories
180,755
249,925
Cash at bank and in hand
354,604
93,600
Creditors: amounts falling due within one year
(357,151)
(279,941)
Net current assets
909,952
339,295
Total assets less current liabilities
1,508,985
666,240
Creditors: amounts falling due after more than one year
(279,948)
(211,559)
Provisions for liabilities
Net assets
1,080,037
454,681
Called up share capital
600,000
600,000
Profit and loss account
480,037
(145,319)
Shareholders' funds
1,080,037
454,681
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2024 and were signed on its behalf by
M A Buchan
Director
Company Registration No. SC698142
RenQuip Limited
Notes to the Accounts
for the year ended 31 December 2023
RenQuip Limited is a private company, limited by shares, registered in Scotland, registration number SC698142. The registered office is Unit 1 Dunnottar House, Howe Moss Drive, Dyce, Aberdeen, AB21 0FN, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies.
The accounts are presented in £ sterling.
The directors, having made due and careful enquiry, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
As a result, the directors have adopted the going concern basis of accounting in preparing the annual financial statements.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
RenQuip Limited
Notes to the Accounts
for the year ended 31 December 2023
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss when they fall due. Amounts not paid are shown in other creditors as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in the profit or loss 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.
Intangible fixed assets relating to software are included at cost less accumulated amortisation.
RenQuip Limited
Notes to the Accounts
for the year ended 31 December 2023
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line basis.
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is provided on the following basis:
Plant & machinery
3 yrs - 10 yrs Straight Line
Fixtures & fittings
5 yrs Straight Line
Computer equipment
3 yrs - 5 yrs Straight Line
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or 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 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 third parties, loans from related parties and investments in ordinary shares.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
RenQuip Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
345,917
3,729
6,073
355,719
Additions
416,838
-
1,241
418,079
Disposals
(21,333)
-
-
(21,333)
At 31 December 2023
741,422
3,729
7,314
752,465
At 1 January 2023
30,451
746
1,476
32,673
Charge for the year
125,054
746
2,128
127,928
On disposals
(4,137)
-
-
(4,137)
At 31 December 2023
151,368
1,492
3,604
156,464
At 31 December 2023
590,054
2,237
3,710
596,001
At 31 December 2022
315,466
2,983
4,597
323,046
Amounts falling due within one year
Trade debtors
724,232
271,874
Accrued income and prepayments
7,512
3,837
RenQuip Limited
Notes to the Accounts
for the year ended 31 December 2023
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
162,167
123,550
Amounts owed to group undertakings and other participating interests
27,296
77,257
Taxes and social security
26,894
10,764
Other creditors
14,970
3,944
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Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
-
1,275
Other creditors
279,948
210,284
Other creditors relate to loans advanced by four shareholders of the company. These loans attract interest at 8% p.a. and are repayable on the third anniversary of their receipt. Interest accrued on these loans rolls up at 31 December each year.
The Company contributed to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £31,368 (2022: £23,688).
Contributions payable to the fund at the balance sheet date were £2,887 (2022: £3,945).
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Transactions with related parties
The Company has taken advantage of the exemption in FRS 102 Section 1AC.25 from the requirement to disclose transactions with 100% owned subsidiaries.
During the current year, the Company's ultimate parent company Indigo 7 Ventures Limited settled a loan totalling £1,500 (2022: £nil) on its behalf. Total repayments of £2,775 (2022: £nil) have been made in relation to outstanding amounts during 2023. As at 31 December 2023, the balance due to Indigo 7 Ventures Limited, included within creditors amounts falling due after more than one year, was £nil (2022: £1,275).
During the current year, the Company's immediate parent company I7V Renewables Limited recharged the business purchase invoices totalling £118,789 (2022: £77,257). The Company was also recharged £48,000 of management fees during the year. Total repayments of £216,750 (2022: £nil) have been made in relation to outstanding amounts during 2023. As at 31 December 2023, the balance due to I7V Renewables Limited, included within creditors amounts falling due within one year, was £27,296 (2022: £77,257).
During the current year, the Company was advanced loans totalling £50,000 (2022: £200,000) from four of its shareholders. The loans attract interest at 8% p.a. and a total interest accrual of £19,664 (2022: £10,284) has been rolled up into the principal balance as at 31 December 2023. The loans are repayable on the third anniversary of their receipt and have therefore been included within creditors amounts falling due after more than one year.
RenQuip Limited
Notes to the Accounts
for the year ended 31 December 2023
The Company's immediate parent company is I7V Renewables Limited, a company registered in the United Kingdom. The Company's ultimate parent undertaking is Indigo 7 Ventures Limited, a company registered in the United Kingdom. Indigo 7 Ventures Limited is controlled by a number of private individuals, all of whom own less than a 25% shareholding in the company.
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Average number of employees
During the year the average number of employees was 9 (2022: 6).