Company Registration No. SC741082 (Scotland)
THREE60 ENERGY RENEWABLES HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THREE60 ENERGY RENEWABLES HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THREE60 ENERGY RENEWABLES HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investments
3
2
Current assets
Cash at bank and in hand
617
Creditors: amounts falling due within one year
4
(11,150)
Net current liabilities
(10,533)
Net liabilities
(10,531)
Capital and reserves
Called up share capital
5
2
Profit and loss reserves
(10,533)
Total equity
(10,531)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
K R D Murray
Director
Company Registration No. SC741082
THREE60 ENERGY RENEWABLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Three60 Energy Renewables Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 31-33 Union Grove, Aberdeen, United Kingdom, AB10 6SD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

The current reporting period covers the period from the company's incorporation on 12 August 2022 to December 2023. As a result, the current period has no comparative results.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

1.6
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.

THREE60 ENERGY RENEWABLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including certain creditors and amounts owed to fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons employed by the company during the period was:

2023
Number
Total
-
0
3
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
2
THREE60 ENERGY RENEWABLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 12 August 2022
-
Additions
2
At 31 December 2023
2
Carrying amount
At 31 December 2023
2
4
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
1,150
Other creditors
10,000
11,150

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

5
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2
2

The company issued 1 Ordinary share of £1 at par value on incorporation.

 

On 12 September 2022, the company issued a further 1 Ordinary share of £1 as consideration for the acquisition of Three60 Energy Renewables Limited (formerly Bryan J. Rendall (Electrical) Limited) as part of a corporate restructuring exercise.

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Jenny Junnier and the auditor was Johnston Carmichael LLP.
THREE60 ENERGY RENEWABLES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Financial commitments, guarantees and contingent liabilities

The company is subject to a cross guarantee provided in respect of certain group-wide banking facilities. These facilities are secured by fixed and floating charges over the assets and undertakings of the company and all other group-wide facility participants.  

8
Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 1A whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.

9
Parent company

The company's immediate parent undertaking is Three60 Operations Services Limited, a company incorporated and registered in England and Wales, whose registered address is C/O Brodies Llp, 90 Bartholomew Close, London, EC1A 7EB.

The company's ultimate parent undertaking is Three60 Energy Limited which is the smallest and largest parent undertaking to consolidate these financial statements as at 31 December 2023. The registered address of Three60 Energy Limited is C/O Brodies LLP, 90 Bartholomew Close, London, EC1A 7BN.

The ultimate controlling party of Three60 Energy Limited is considered to be Simmons Private Equity II LLP, a Limited Partnership incorporated in Guernsey, by virtue of its ownership of the share capital.

2023-12-312022-08-12false23 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedS C W DiplockK SutherlandW ThainB RendallK R D MurrayBrodies Secretarial Services LimitedfalsefalseSC7410822022-08-122023-12-31SC7410822023-12-31SC741082core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC741082core:CurrentFinancialInstruments2023-12-31SC741082core:ShareCapital2023-12-31SC741082core:RetainedEarningsAccumulatedLosses2023-12-31SC741082bus:Director52022-08-122023-12-31SC741082bus:PrivateLimitedCompanyLtd2022-08-122023-12-31SC741082bus:SmallCompaniesRegimeForAccounts2022-08-122023-12-31SC741082bus:FRS1022022-08-122023-12-31SC741082bus:Audited2022-08-122023-12-31SC741082bus:Director12022-08-122023-12-31SC741082bus:Director22022-08-122023-12-31SC741082bus:Director32022-08-122023-12-31SC741082bus:Director42022-08-122023-12-31SC741082bus:CompanySecretary12022-08-122023-12-31SC741082bus:FullAccounts2022-08-122023-12-31xbrli:purexbrli:sharesiso4217:GBP