REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Regenerco Renewable Energy Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Regenerco Renewable Energy Limited |
Regenerco Renewable Energy Limited (Registered number: 07425626) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Regenerco Renewable Energy Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Regenerco Renewable Energy Limited (Registered number: 07425626) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
Regenerco Renewable Energy Limited (Registered number: 07425626) |
Balance Sheet - continued |
31 December 2023 |
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 |
Regenerco Renewable Energy Limited (Registered number: 07425626) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Regenerco Renewable Energy 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 company operates across a number of sites and does not have one singular place of business. |
2. | STATEMENT OF COMPLIANCE |
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. There are no material departures from this standard. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover for the period represents sales of electricity and Feed in Tariffs net of any applicable Value Added Tax. |
Tangible fixed assets |
Plant and equipment | - |
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. |
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. |
Going concern |
At the year end, the company has net liabilities of £585,766 (2022: £641,854). The company is expected to continue to trade profitably before depreciation and amortisation of the loan stock discount and the directors have reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months following the approval of these financial statements, as a result of the continued financial support of its loan stock holders. Therefore the financial statements have been prepared on the going concern basis. |
Directors remuneration |
The directors are remunerated below the market value for the work they complete. |
Regenerco Renewable Energy Limited (Registered number: 07425626) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and |
equipment |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
Accrued interest and expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Loan stock |
Regenerco Renewable Energy Limited (Registered number: 07425626) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
Loan stock has been issued by the company as follows: |
Issue date | Principal | Issue price |
January 2011 | £476,000 | £318,920 |
March 2011 | £782,000 | £523,940 |
September 2011 | £1,522,000 | £1,019,740 |
December 2011 | £1,000,000 | £670,000 |
March 2012 | £1,000,000 | £670,000 |
February 2015 | £270,000 | £270,000 |
£5,050,000 | £3,472,600 |
£4,780,000 loan stock has a 25 year term and is repayable in monthly instalments after the fifth anniversary of issue. The discount to the issue price is being amortised over the life of the loan stock. The cumulative amortisation at 31 December 2022 was £772,009 (2022 - £708,913). £270,000 loan stock is redeemable on 31 December 2037. The loan stock is secured on the assets of the company. |
In the year £156,047 (2022 - £142,381) of principal was paid by the company. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Residential properties rental are variable based on generation. |
10. | SECURED DEBTS |
The company has fixed and floating charges on all of its assets. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1p | 1,578 | 1,578 |
Ordinary A | 1p | 1,577 | 1,577 |
3,155 | 3,155 |
12. | RELATED PARTY DISCLOSURES |
The loan stock of £5,050,000 referred to in note 10 was issued to certain shareholders of the company. Interest payable on the loan stock during the period amounted to £403,557 (2022 £417,223), Loan interest of £1,233,565 (2022: £1,197,445) was accrued at the balance sheet date. During the current and preceding period the company recognised subscription discounts of £63,096. |
Regenerco Renewable Energy Limited (Registered number: 07425626) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is R Armour by virtue of his shareholdings. |