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REGISTERED NUMBER: 11927250 (England and Wales)















Unaudited Financial Statements

for the Period 1 May 2023 to 31 December 2023

for

Rheenergise Limited

Rheenergise Limited (Registered number: 11927250)






Contents of the Financial Statements
for the period 1 May 2023 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Rheenergise Limited

Company Information
for the period 1 May 2023 to 31 December 2023







DIRECTORS: T G Bertenyi
J M Campion
G J Cook
S Crosher





REGISTERED OFFICE: Unit 33
Spectrum House
32-34 Gordon House Road
London
NW5 1LP





REGISTERED NUMBER: 11927250 (England and Wales)





ACCOUNTANTS: Atraxa Consulting Limited
Brooke's Mill
Armitage Bridge
Huddersfield
West Yorkshire
HD4 7NR

Rheenergise Limited (Registered number: 11927250)

Balance Sheet
31 December 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 20,560 22,795
Tangible assets 5 22,396 19,623
Investments 6 200 200
43,156 42,618

CURRENT ASSETS
Debtors 7 835,693 759,305
Cash at bank 1,180,215 747,388
2,015,908 1,506,693
CREDITORS
Amounts falling due within one year 8 716,475 328,364
NET CURRENT ASSETS 1,299,433 1,178,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,342,589

1,220,947

CREDITORS
Amounts falling due after more than one
year

9

563,750

-
NET ASSETS 778,839 1,220,947

CAPITAL AND RESERVES
Called up share capital 139 139
Share premium 2,520,726 2,520,726
Retained earnings (1,742,026 ) (1,299,918 )
778,839 1,220,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Rheenergise Limited (Registered number: 11927250)

Balance Sheet - continued
31 December 2023


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 Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





S Crosher - Director


Rheenergise Limited (Registered number: 11927250)

Notes to the Financial Statements
for the period 1 May 2023 to 31 December 2023

1. STATUTORY INFORMATION

Rheenergise Limited is a private company, limited by shares , registered in England and Wales. 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.

Preparation of consolidated financial statements
The financial statements contain information about Rheenergise Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
There are no material judgements made by the directors, in the application of these accounting policies that are expected to have a significant effect on the financial statements or any estimates with a significant risk of material adjustment in the next year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property is being amortised evenly over its estimated useful life of ten years.

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 - at varying rates on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the period 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.

Rheenergise Limited (Registered number: 11927250)

Notes to the Financial Statements - continued
for the period 1 May 2023 to 31 December 2023

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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 31 December 2023 33,521
AMORTISATION
At 1 May 2023 10,726
Charge for period 2,235
At 31 December 2023 12,961
NET BOOK VALUE
At 31 December 2023 20,560
At 30 April 2023 22,795

Rheenergise Limited (Registered number: 11927250)

Notes to the Financial Statements - continued
for the period 1 May 2023 to 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 24,807
Additions 7,984
At 31 December 2023 32,791
DEPRECIATION
At 1 May 2023 5,184
Charge for period 5,211
At 31 December 2023 10,395
NET BOOK VALUE
At 31 December 2023 22,396
At 30 April 2023 19,623

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 31 December 2023 200
NET BOOK VALUE
At 31 December 2023 200
At 30 April 2023 200

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 213,717 -
Amounts owed by group undertakings 129,404 173,681
Other debtors 492,572 585,624
835,693 759,305

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade creditors 181,755 93,912
Taxation and social security 97,084 20,974
Other creditors 437,636 213,478
716,475 328,364

Rheenergise Limited (Registered number: 11927250)

Notes to the Financial Statements - continued
for the period 1 May 2023 to 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Other creditors 563,750 -

Other creditors comprises a convertible loan of £563,750 (30 April 2023: £nil). This loan bears interest at the rate of 8% per annum. It is secured by a debenture with one of the lenders which is secured on the fixed and floating assets of the company. The loan is repayable on 20 June 2025 unless it has been converted into equity prior to that date. There are a number of events that could trigger conversion, including future funding rounds, exit events or the liquidity of the company.

10. ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party.