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Registered Number: 11008126
England and Wales

 

 

 

ODQA RENEWABLE ENERGY TECHNOLOGIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2022

End date: 31 October 2023
Directors Gediz Karaca
William Goodlad
Peter Ireland
Registered Number 11008126
Registered Office 85 Tottenham Court Road
London
W1T 4TQ
Accountants Cypher
Monkswell
Little Baldon
Oxford
OX44 9PU
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 October 2023
Principal activities
The company's principal activity is that of developing technology for the renewable energy industry.
Directors
The directors who served the company throughout the year were as follows:
Gediz Karaca
William Goodlad
Peter Ireland
Statement of directors' responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments 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 directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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


----------------------------------
Gediz Karaca
Director

Date approved: 31 July 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 43,333    45,833 
Tangible fixed assets 4 298,648    150,402 
Investments 5 2,576   
344,557    196,235 
Current assets      
Debtors 6 774,575    417,207 
Cash at bank and in hand 239,568    2,430,475 
1,014,143    2,847,682 
Creditors: amount falling due within one year 7 (112,110)   (115,667)
Net current assets 902,033    2,732,015 
 
Total assets less current liabilities 1,246,590    2,928,250 
Net assets 1,246,590    2,928,250 
 

Capital and reserves
     
Called up share capital 3,133    2,693 
Share premium account 8 5,948,900    5,749,242 
Reserves 9 29,106    29,106 
Profit and loss account (4,734,549)   (2,852,791)
Shareholders' funds 1,246,590    2,928,250 
 


For the year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 July 2024 and were signed on its behalf by:


-------------------------------
Gediz Karaca
Director
3
General Information
Odqa Renewable Energy Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 11008126, registration address 85 Tottenham Court Road, London, W1T 4TQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The company operates in a nascent industry and market developing new processes around heat transfer and in common with companies at a similar stage, expects to incur further losses until revenue from research and development activities materialises.
The company's contínued operations therefore depend on its ability to raise further funds. The directors are pursuing various funding opportunities to ensure that the company is able to meet its obligations as they fall due. The directors have a reasonable expectation that such funding will be forthcoming and have therefore prepared the financial statements on the going concern basis.
Turnover
Turnover comprises the receipt of grants from Innovate UK.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Research and development expenditure
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Tax is recognised in 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.
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.
Tangible fixed assets
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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
  • at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
  • at cost less impairment for all other investments.
Plant and Machinery 25% Straight Line
Computer Equipment 33% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
2.

Average number of employees

Average number of employees during the year was 15 (2022 : 8).
3.

Intangible fixed assets

Cost Software License   Total
  £   £
At 01 November 2022 50,000    50,000 
Additions  
Disposals  
At 31 October 2023 50,000    50,000 
Amortisation
At 01 November 2022 4,167    4,167 
Charge for year 2,500    2,500 
On disposals  
At 31 October 2023 6,667    6,667 
Net book values
At 31 October 2023 43,333    43,333 
At 31 October 2022 45,833    45,833 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Improvements to property   Total
  £   £   £   £
At 01 November 2022 205,101    23,490      228,591 
Additions 192,643    36,801    25,725    255,169 
Disposals   (1,733)     (1,733)
At 31 October 2023 397,744    58,558    25,725    482,027 
Depreciation
At 01 November 2022 64,809    13,380      78,189 
Charge for year 90,938    12,964    1,288    105,190 
On disposals      
At 31 October 2023 155,747    26,344    1,288    183,379 
Net book values
Closing balance as at 31 October 2023 241,997    32,214    24,437    298,648 
Opening balance as at 01 November 2022 140,292    10,110      150,402 

The net book value of Improvements to property includes £ 24,437 in respect of assets leased under finance leases or hire purchase contracts.

5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 November 2022  
Additions 2,576    2,576 
Transfer to/from tangible fixed assets  
Disposals  
At 31 October 2023 2,576    2,576 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Prepayments & Accrued Income 69,962    75,286 
Accrued Income 72,139   
Other Debtors 4,536    500 
Corporation Tax 600,345    301,375 
VAT 27,593    40,046 
774,575    417,207 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,674    95,903 
PAYE & Social Security 83,232    18,108 
Accrued Expenses 20,538    1,250 
Other Creditors 6,666    2,526 
Wages & Salaries Control Account   (2,120)
112,110    115,667 

8.

Share premium account

2023
£
  2022
£
Equity Share Premium b/fwd 5,749,242    775,475 
Equity Share Premium - New Issue 199,658    4,973,767 
5,948,900    5,749,242 

9.

Reserves

2023
£
  2022
£
Transfers to/from Other Reserves 29,106    29,106 
29,106    29,106 

4