Company registration number SC662340 (Scotland)
I7V RENEWABLES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
I7V RENEWABLES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
I7V RENEWABLES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,524
26,369
Investments
4
4,449,564
2,255,933
4,481,088
2,282,302
Current assets
Debtors
5
2,000,939
1,040,240
Cash at bank and in hand
21,350
68,005
2,022,289
1,108,245
Creditors: amounts falling due within one year
6
(6,883,011)
(3,783,373)
Net current liabilities
(4,860,722)
(2,675,128)
Net liabilities
(379,634)
(392,826)
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
(389,634)
(402,826)
Total equity
(379,634)
(392,826)

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

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

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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
27 August 2024
27 August 2024
and are signed on its behalf by:
M A BUCHAN
M A Buchan
Director
Company Registration No. SC662340
I7V RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

I7V Renewables Limited is a private company limited by shares incorporated in Scotland. The registered office is Blackwood House, Union Grove Lane, Aberdeen, AB10 6XU.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directortrues, 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 company has net current liabilities of £4,860,722 (2022 - £2,675,128) and included within these liabilities are amounts due to a related party of £5,432,932 (2022 - £2,861,814). The directors do not intend to seek repayment of the loan amounts until there is adequate funds available. As a result, the directors have adopted the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

I7V RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
Straight line 5 years
Computer equipment
Straight line 3 years
Property improvements
Straight line 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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 profit or loss.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

I7V RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

The company operates a defined contribution plan for it's 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 Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
3
I7V RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Office equipment
Computer equipment
Property improvements
Total
£
£
£
£
Cost
At 1 January 2023
22,511
2,168
6,126
30,805
Additions
7,693
4,741
826
13,260
At 31 December 2023
30,204
6,909
6,952
44,065
Depreciation and impairment
At 1 January 2023
3,352
152
932
4,436
Depreciation charged in the year
5,067
1,547
1,491
8,105
At 31 December 2023
8,419
1,699
2,423
12,541
Carrying amount
At 31 December 2023
21,785
5,210
4,529
31,524
At 31 December 2022
19,159
2,016
5,194
26,369
4
Fixed asset investments
2023
2022
£
£
Shares in unlisted undertakings
4,449,564
2,255,933
Movements in fixed asset investments
Shares in unlisted undertakings
£
Cost or valuation
At 1 January 2023
2,255,933
Additions
2,193,631
At 31 December 2023
4,449,564
Carrying amount
At 31 December 2023
4,449,564
At 31 December 2022
2,255,933
I7V RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,600
6,774
Amounts owed by group undertakings
1,305,210
366,135
Other debtors
686,129
667,331
2,000,939
1,040,240
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
93,562
127,203
Amounts owed to group undertakings
5,432,932
2,861,814
Taxation and social security
38,390
2,523
Other creditors
1,318,127
791,833
6,883,011
3,783,373
I7V RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Related party transactions

CONTROL

 

Throughout the current and previous year the company was controlled by the directors. The ultimate controlling entity is Indigo 7 Ventures Limited.

 

TRANSACTIONS

 

During the year, the company made advances of £448,139 and received credits from the ultimate controlling entity of £3,019,257 which resulted in amounts due to the ultimate controlling entity at the year end of £5,432,932 (2022 - £2,861,814).


TRANSACTIONS WITH RELATED PARTIES

 

During the year, credits were received from a director of £716,921 and advances of £175,000 were made which resulted in amounts due from the company at the year end of £1,307,020 (2022 - £765,099).

 

During the year, the company made advances to Recruitment Ventures Limited, a company with common directors, of £570,706 and received credits of £604,480 and have debtors due of £16,257 which resulted in amounts due to the company at the year end of £271,218 (2022 - £288,735).

 

During the year, the company made advances to Aurora Energy Services Ltd, a company with common directors, of £3,519,498 and received credits of £3,236,131 and have debtors due of £213,074, which resulted in amounts due to the company at the year end of £572,841 (2022 - £76,400).

 

During the year, the company made advances to R&M Engineering (Huntly) Limited, a company with common directors, of £911,840 and received credits of £504,995 which resulted in amounts due to the company at the year end of £406,845 (2022 - £Nil).

 

During the year, the company made advances to Ingenii Resource Limited, a company with common directors, of £17,206 and received credits of £5,404 which resulted in amounts due to the company at the year end of £12,802 (2022 - £1,000).

 

During the year, the company made advances to Roundr Realtor Ltd, a company with common directors, of £13,824 which resulted in amounts due to the company at the year end of £13,824 (2022 - £Nil).

 

During the year, the company made advances to Resource Design Ltd, a company with common directors, of £385 which resulted in amounts due to the company at the year end of £385 (2022 - £Nil).

 

During the year, the company made advances to Renquip Limited, a company with common directors, of £27,296 and received no credits which resulted in amounts due to the company at the year end of £27,296 (2022 - £Nil).

 

The loans are unsecured and interest free with no fixed repayment terms in place.

 

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