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REGISTERED NUMBER: SC470082 (Scotland)









RENEWABLE KINETICS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29TH FEBRUARY 2024






RENEWABLE KINETICS LTD (REGISTERED NUMBER: SC470082)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024




Page

Company Information 1

Chartered Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


RENEWABLE KINETICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 29TH FEBRUARY 2024







DIRECTOR: J Henderson





SECRETARY: L W Henderson





REGISTERED OFFICE: The Dykes
Sandylock Drive
Upper Sound
Lerwick
Shetland
ZE1 0SR





REGISTERED NUMBER: SC470082 (Scotland)





ACCOUNTANTS: russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RENEWABLE KINETICS LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Renewable Kinetics Ltd for the year ended 29th February 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Renewable Kinetics Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Renewable Kinetics Ltd and state those matters that we have agreed to state to the director of Renewable Kinetics Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Renewable Kinetics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Renewable Kinetics Ltd. You consider that Renewable Kinetics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Renewable Kinetics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






russell + russell
Chartered Certified Accountants
4 Royal Crescent
Glasgow
G3 7SL


Date: .............................................

RENEWABLE KINETICS LTD (REGISTERED NUMBER: SC470082)

BALANCE SHEET
29TH FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 502,221 205,344
Investments 5 20,000 20,000
522,221 225,344

CURRENT ASSETS
Debtors 6 34,979 51,002
Cash at bank 119,884 169,794
154,863 220,796
CREDITORS
Amounts falling due within one year 7 4,960 37,078
NET CURRENT ASSETS 149,903 183,718
TOTAL ASSETS LESS CURRENT
LIABILITIES

672,124

409,062

CREDITORS
Amounts falling due after more than one
year

8

(90,610

)

(90,610

)

PROVISIONS FOR LIABILITIES (110,045 ) (35,763 )
NET ASSETS 471,469 282,689

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 471,369 282,589
SHAREHOLDERS' FUNDS 471,469 282,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RENEWABLE KINETICS LTD (REGISTERED NUMBER: SC470082)

BALANCE SHEET - continued
29TH FEBRUARY 2024


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 director and authorised for issue on 22nd July 2024 and were signed by:





J Henderson - Director


RENEWABLE KINETICS LTD (REGISTERED NUMBER: SC470082)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29TH FEBRUARY 2024

1. STATUTORY INFORMATION

Renewable Kinetics Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Going concern
The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future

Turnover
The turnover shown in the profit and loss account represents the sales value of work done during the year in relation to the rental of floating pontoon systems and the sale of second hand goods, exclusive of Value Added Tax.

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 & machinery- 3% straight line
Computer equipment- 20% straight line

Marine Vessels are included at fair value. Gains are recognised in the income statement. Deferred tax is provided on these gains at the rate at the balance sheet date.

Freehold property is maintained in a state of good repair and it is considered that the lives of these assets are so long and the residual values, based on prices prevailing at the time of acquisition, are so high that the depreciation is not significant; consequently these are not depreciated.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


RENEWABLE KINETICS LTD (REGISTERED NUMBER: SC470082)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Marine Computer
property machinery Vessels equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1st March 2023 - 90,750 125,000 500 216,250
Additions 48,000 22,000 158,983 - 228,983
Revaluations - - 71,017 - 71,017
At 29th February 2024 48,000 112,750 355,000 500 516,250
DEPRECIATION
At 1st March 2023 - 10,481 - 425 10,906
Charge for year - 3,048 - 75 3,123
At 29th February 2024 - 13,529 - 500 14,029
NET BOOK VALUE
At 29th February 2024 48,000 99,221 355,000 - 502,221
At 28th February 2023 - 80,269 125,000 75 205,344

Cost or valuation at 29th February 2024 is represented by:

Freehold Plant and Marine Computer
property machinery Vessels equipment Totals
£    £    £    £    £   
Valuation in 2024 48,000 112,750 355,000 500 516,250

If Marine Vessels had not been revalued they would have been included at the following historical cost:

29.2.24 28.2.23
£    £   
Cost 203,893 45,000

Marine Vessels were valued on an open market basis on 29th February 2024 by John Henderson .

RENEWABLE KINETICS LTD (REGISTERED NUMBER: SC470082)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29TH FEBRUARY 2024

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1st March 2023
and 29th February 2024 20,000
NET BOOK VALUE
At 29th February 2024 20,000
At 28th February 2023 20,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 34,068 43,637
Other debtors 911 7,365
34,979 51,002

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Taxation and social security 2,500 34,938
Other creditors 2,460 2,140
4,960 37,078

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Other creditors 90,610 90,610

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
100 Ordinary £1 100 100

10. ULTIMATE CONTROLLING PARTY

The company was under the control of J Henderson throughout the current and previous year.