Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
COMPANY INFORMATION
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LSP RENEWABLES LIMITED
CONTENTS
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LSP RENEWABLES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents the strategic report for the year ended 31 December 2023.
The principal activity of the business is the provision of specialist recruitment services to companies operating within the Renewable Energy sector. LSP Renewables Limited was founded in 2017 to provide both contract and permanent hire services to the Renewable Energy sector. The Group services positions across the full spectrum of Renewable Energy generation sources. The Group’s figures include all trade derived from the UK Company and its subsidiaries and branches operating in Taiwan, South Korea and the USA. Fair review of the business and future developments The director is pleased to report another year of significant growth compared to the previous year. 2023 saw continued growth in both sales and support headcount in the existing UK and Taiwan offices and the United States. At the end of 2022 the Group employed 50 employees globally, by the end of 2023 this number has risen to 57 people (36 male, 21 female). Significant investment was also made in our operating technology, processes and systems and ensuring a reduction in our carbon footprint. LSP are currently working on ISO 45001 accreditation, having attained ISO 14001. During the period, the Group continued its growth within the Onshore Wind, Offshore Wind, Solar, EV and Storage subsectors. Additionally, we expanded our geographical offerings to include the USA as well as our technical offerings within the emerging global 'Power-to-X' market and Energy Storage markets, principally within Green Hydrogen. The strategy of the business is to continue its expansion within the Renewable Energy markets in the UK, Asia, Europe and America. During the year ending 31 December 2023, the Group generated £42.3m in revenue up 19.0% on the previous year’s £35.6m. Net Fee Income increased by 15.3% to £7.3m up from £6.4m in the previous year. Operating Profit declined to £1.7m a result of increased investment in future market growth areas (staff costs of £871k ) and additional administrative costs of £1.54m. Contractors out on assignment increased by 9% at year end, compared to prior year.
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LSP RENEWABLES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Financing costs – The Group utilises finance facilities to support the growth of its contractor business. The Company monitors market rates and cost of capital and reflects any changes in its margins for new business. Credit Risk – The Group mitigates credit risk through regular credit searches and stringent credit control policies. Regular review of overdue items and dialogue with customers is monitored monthly. Competition Risk – The Renewable Energy industry is growing rapidly and many new market entrants from other recruitment service providers are entering the sector. The directors monitor new market entrants and improve our market position and standing through advanced sector specific training, staff development and retention. The Company also conducts regular customer satisfaction surveys and monitors these results monthly. Economic/Market Risk – Demand for recruitment services is broadly linked to the performance of given geographic markets’ economy and can be cyclical. The directors mitigate this risk by remaining specialised within the Renewable Energy sector, as well as specialising within certain sub technologies and geographic markets to ensure over exposure in one particular market is limited. Currency Risk – The Group is exposed to transaction foreign exchange risk. The Group hedges this exposure via holding both currency denominations and borrowings in its bank accounts in GBP, Euro, USD and New Taiwanese Dollars. Reputational Risk – Specialist niche industry specific recruiters are exposed to reputational risk. The directors manage this risk through regular review of satisfaction surveys, returning customer levels and regular training of its staff. The directors monitor the delivery of the overall strategy via certain financial and non-financial key performance indicators across each sub-segment of the business. The principal Group results are as follows ; 2023 2022 Permanent Placements 210 Permanent Placements 165 Permanent Net Fee Income £3,254,926 Permanent Net Fee Income £2,177,800 Contract Net Fee Income £4,072,139 Contract Net Fee Income £4,174,139 Debtor Days 47 Debtor Days 56
This report was approved by the board and signed on its behalf.
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LSP RENEWABLES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £645,000 (2022: £393,750). The director does not recommend payment of a further dividend (2022: £Nil).
The director who served during the year was:
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LSP RENEWABLES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There has been continued investment in improving systems and controls and further growth through increased headcount as a long-term strategy for growth and expansion both globally and in the UK. This additional capacity has been added to both sales and support functions to increase capacity. This coupled with our strong brand and experienced management team ensure we are well positioned for the future. Further expansion in to new Renewables markets is scheduled for the coming year.
Matters covered in the Group Strategic Report Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Group's principal risks and uncertainties.
There have been no significant events affecting the Group since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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LSP RENEWABLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSP RENEWABLES LIMITED
We have audited the financial statements of LSP Renewables Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 director's 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 Group's or the parent 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 director with respect to going concern are described in the relevant sections of this report.
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LSP RENEWABLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSP RENEWABLES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.
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LSP RENEWABLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSP RENEWABLES LIMITED (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 Auditor's 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 Group 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:
∙Enquiry of management around actual and potential litigation claims;
∙Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance; and
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's report.
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LSP RENEWABLES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LSP RENEWABLES LIMITED (CONTINUED)
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 Auditor's 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
Statutory Auditor
Maidstone
United Kingdom MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
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LSP RENEWABLES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
REGISTERED NUMBER: 10543650
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
REGISTERED NUMBER: 10543650
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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LSP RENEWABLES LIMITED
REGISTERED NUMBER: 10543650
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
REGISTERED NUMBER: 10543650
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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LSP RENEWABLES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LSP Renewables Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Imperial House, 21-25 North Street, Bromley, Kent, BR1 1SD.
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
The directors have assessed that there are no material uncertainty in the group's ability to continue as a going concern. As a result, the financial statements have been prepared on a going concern basis.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover from temporary placements is recognised upon receipt of client approved timesheet or equivalent. Turnover from permanent placements, which is based upon a percentage of the candidate's remuneration package, is recognised when candidates commence employment at which point it is provable the economic benefits associated with the transaction will be transferred.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables.
Where the Company has retained sigificant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debts and a corresponding liability in respect of the advance received are shown separately on the balance sheet. The interest element of the factor's charges is recognised as it accrues and is included in the profit and loss account with other interest charges.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. Accrued income and accrued costs Activity is accounted for in the year that it takes place, not when cash payments are made or received. Revenue from contracts with service recipients, are recognised when the services are transferred to the service recipient in accordance with the performance obligations within the contract. This will result in accruing income and costs, all such accruals are based on actual timesheets and expenses within the pay and bill system at any point in time that such accruals are recorded. Recoverability of debtors The business is exposed to the risk of payment default by customers for services rendered. This risk is monitored by regular reviews of outstanding items, ongoing dialogue with customers and investment in devleoping our internal support teams and procedures. Where there is a likelihood that an amount will not be recovered, it is provided. Equity settled share-based payments Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the appropriate model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. In the year all such amounts were held to be immaterial and no entry has therefore been made. Useful economic life of tangible fixed assets Details on the deemed useful economic life of assets can be found in Note 2. A judgement is necessary as to the useful expected lives of assets, and their residual value.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company and Group's obligations under finance leases are secured by the lessor's charge over the leased assets.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
On 1 January 2023, 250 Ordinary shares were issued with a nominal value of £0.01 per share, for total consideration of £938.
As a result of the exercise of 250 share options, Share premium of £935 arose.
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Profit and loss account
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
In accordance with Section 479A-479C of the Companies Act 2006, LSP Renewables Limited has provided a guarantee over the liabilities of LSP Renewables Consultancy Limited (Company Number 2226285).
The Group operates a
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LSP RENEWABLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The ultimate controlling party is
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