FOR THE PERIOD ENDED 31 MARCH 2024
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RESONANCE RENEWABLES LTD
COMPANY INFORMATION
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RESONANCE RENEWABLES LTD
CONTENTS
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RESONANCE RENEWABLES LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
The directors present their strategic report for the year ended 31 March 2024.
Resonance Renewables Ltd was incorporated on 12 October 2022 as a vehicle for a pilot project to assess the need and potential effectiveness of leasing low carbon equipment to our partner organisations with the goal of assisting them in bringing their costs down as well as benefiting the environment.
This has been made possible through a grant provided by the Esmee Fairbairn Foundation of £55,000 with no expectation of repayment. This grant will be released in line with costs incurred through the purchase of the equipment as well as covering some central team costs to administer the fund. To date the entity has only incurred costs towards being incorporated and there has been no activity within the fund by year end. The losses accumulated to 31 March 2024 relate to the overheads for keeping the entity live before fund activity begins.
Throughout the period leading up to 31 March 2024, the focus of the central team has been to explore potential partners and properties to line up for this pilot project. Having secured the grant funding of £55,000, the risks are minimal as the intention is to not exceed this level of resource through the initial projects.
Following a potentially successful pilot project during the upcoming financial years, the data reviews of these initial partner applications will be key in evaluating the potential performance of the service. Once live, the ongoing key performance indicators for this company will be:
- Monthly ongoing profitability
- Savings for tenants - Reduction in CO2 emissions - Comfort quality for tenants
Monthly accounts are prepared in-house, which are submitted to the senior leadership team as well as quarterly to the Board of directors, for their review of the ongoing performance of this service.
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RESONANCE RENEWABLES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
The Directors consider they have complied with the requirement of Section 172(1)(a)-(f) of the Companies Act 2006 in their decision making and performance of their duties. Key decisions are always discussed at senior management level. We also have a highly experienced board including several non-executive directors, chosen for their specific knowledge and skills in the industry.
We have a clear set of strategic objectives which have been designed to have a long-term beneficial impact on the company. These are updated annually across all areas to the business and other key KPI’s the management team are working towards to ensure we continue to deliver high quality service across all our business divisions.
Engagement with key stakeholders is vital to our success. This includes investors, housing partners, contractors and solicitors, all of which we have regular and open communication with. This allows all parties to be fully informed and make appropriate decisions in line with their company policies.
The company does not have any direct employees but operates via those employed by its parent company, Resonance Limited. Employee remuneration and development is continuously appraised with a detailed pay review process undertaken at least annually. Everyone is fully trained in their role, encouraged to undertake personal and professional development on an ongoing basis and provided opportunities to work on projects or undertake secondment to other teams to gain further experience.
This report was approved by the board on 8 October 2024 and signed on its behalf.
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RESONANCE RENEWABLES LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
The directors present their report and the financial statements for the period ended 31 March 2024.
The loss for the period, after taxation, amounted to £5,571.
There were no dividends declared in the period.
The directors who served during the period were:
The growth strategy for this service has been alluded to in the Strategic Report but is still being identified as part of the process of reviewing the initial pilot projects. This will highlight the level of need for this service to be developed further and rolled out to a wider audience.
The company maintains strong professional and transparent relationships with all its stakeholders.
Suppliers are all paid promptly. Our processes are robust in terms of IT security and subject to multiple controls which provides confidence and peace of mind to our suppliers. The Resonance Group is a BCorp and as part of our membership, we strive for continuous improvement throughout our supply chains.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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RESONANCE RENEWABLES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
This report was approved by the board and signed on its behalf.
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RESONANCE RENEWABLES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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RESONANCE RENEWABLES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESONANCE RENEWABLES LTD
We have audited the financial statements of Resonance Renewables Ltd (the 'Company') for the period ended 31 March 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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RESONANCE RENEWABLES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESONANCE RENEWABLES LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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RESONANCE RENEWABLES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESONANCE RENEWABLES LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • the nature of the industry and sector, control environment and business performance; • the results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities; • any matters we identified having obtained and reviewed the Company’s documentation of its policies and procedures relating to: o identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non-compliance; o detecting and responding to the risk of fraud and whether management had knowledge of actual, suspected, or alleged fraud; and o the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations. • the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation and environmental regulations. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; • enquiring of management and the directors concerning actual and potential litigation claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; • reading minutes of meetings between management and directors and reviewing correspondence with external parties;
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RESONANCE RENEWABLES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RESONANCE RENEWABLES LTD (CONTINUED)
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
• communicating relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Cornwall
TR1 2DP
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RESONANCE RENEWABLES LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 MARCH 2024
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RESONANCE RENEWABLES LTD
REGISTERED NUMBER:14413060
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 15 form part of these financial statements.
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RESONANCE RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Resonance Renewables Ltd registered number 14413060, is a private company limited by shares, and incorporated in England and Wales. The registered office is The Great Barn 5 Scarne Court, Hurdon Road, Launceston, England, PL15 9LR. The company was incorporated on 12 October 2022.
The principal activity of the Company is to rent and lease environmentally friendly machinery and tangible goods.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Resonance Limited as at 31 March 2024 and these financial statements may be obtained from Companies House.
The directors acknowledge that the company has negative retained earnings. However, the company was established to act as a facilitator for leasing low carbon equipment to partner organisations with the goal of assisting them in bringing their costs down as well as benefitting the environment. Financial support will be provided by the group to enable the company to continue this role until such time that sufficient profit is generated to cover the net liabilities. As a result, the directors have prepared the accounts on a going concern basis.
When making the assessment upon the Company’s ability to continue as a going concern, management consider various factors, including current trading and market conditions, current funding facilities, the expectations of future trading and the ability of the group to operate within available funding facilities, contingent liabilities, and any other relevant facts or circumstances. This assessment covers at least twelve months following the date of approval of the financial statements.
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RESONANCE RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (continued)
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant estimates or judgements have been included in these financial statements.
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RESONANCE RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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RESONANCE RENEWABLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
On incorporation 1 ordinary share was alotted for a total consideration of £1.
Profit and loss account
The company's immediate parent is Resonance Limited, incorporated in England and Wales.
These financial statements are available upon request from Companies House.
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