2023-01-012023-12-312023-12-31false12351905RENEWABLE CONNECTIONS DEVELOPMENTS 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RENEWABLE CONNECTIONS DEVELOPMENTS LIMITED

Registered Number
12351905
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

RENEWABLE CONNECTIONS DEVELOPMENTS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

HUGHES, Michael John
NEWMAN, Andrew
PLUMB, Jonathan Matthew

Registered Address

Level 4 Ldn:W
3 Noble Street
London
EC2V 7EE

Registered Number

12351905 (England and Wales)
RENEWABLE CONNECTIONS DEVELOPMENTS LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets421,8731,228
Investments5239-
22,1121,228
Current assets
Stocks6199,37653,357
Debtors7605,667324,207
Cash at bank and on hand886,58493,818
1,691,627471,382
Creditors amounts falling due within one year8(2,529,064)(1,333,732)
Net current assets (liabilities)(837,437)(862,350)
Total assets less current liabilities(815,325)(861,122)
Creditors amounts falling due after one year9(37,500)(127,500)
Net assets(852,825)(988,622)
Capital and reserves
Profit and loss account(852,825)(988,622)
Shareholders' funds(852,825)(988,622)
The financial statements were approved and authorised for issue by the Board of Directors on 24 September 2024, and are signed on its behalf by:
HUGHES, Michael John
Director
Registered Company No. 12351905
RENEWABLE CONNECTIONS DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company is development of solar and storage projects across the UK.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard and the Companies Act 2006.
Going concern
During the year ended 31 December 2023 the company made a profit of £135,797 and at 31 December 2023 had net liabilities of £858,826. Based on detailed profits and cashflow forecasts prepared for the company and group the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Stocks and work in progress
Stock comprises of work in progress of potential developments and it is valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
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. Basic financial assets, which include debtors and 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. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year2316
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 232,4782,478
Additions24,66124,661
At 31 December 2327,13927,139
Depreciation and impairment
At 01 January 231,2501,250
Charge for year4,0164,016
At 31 December 235,2665,266
Net book value
At 31 December 2321,87321,873
At 31 December 221,2281,228
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
Additions239239
At 31 December 23239239
Net book value
At 31 December 23239239
At 31 December 22--

Notes

1Investments in group undertakings and participating interests
6.Stocks

2023

2022

££
Work in progress199,37653,357
Total199,37653,357
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables115,90850,292
Amounts owed by group undertakings311,80813,335
Other debtors11,00810,349
Prepayments and accrued income50,893250,231
Deferred tax asset, debtors116,050-
Total605,667324,207
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables310,87354,052
Bank borrowings and overdrafts90,00090,000
Amounts owed to related parties1,581,507728,158
Taxation and social security1,930-
Other creditors55,929134,228
Accrued liabilities and deferred income488,825327,294
Total2,529,0641,333,732
Bank borrowings and overdrafts relate to the CBILS loan from RBS. The loan incurs interest at 4.59% over the base rate and is due for repayment in May 2025. The loan is secured over the assets of the company.
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts37,500127,500
Total37,500127,500
See note 8 for details of loan.
10.Share capital
1 Ordinary share of £0.01 is allotted, called up and fully paid (2022 - 1).
11.Controlling party
The ultimate parent company is Rivington Investments Limited. The immediate parent company of the company is Rivington Energy Limited. The smallest and largest group to consolidate the accounts of the company is Rivington Energy (Management) Limited whose registered office is Level 4, LDN:W, 3 Noble Street, London EC2V 7EE. A copy of the group accounts can be obtained from Companies House.