Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-314false2023-02-01No description of principal activity4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13150281 2023-02-01 2024-01-31 13150281 2022-02-01 2023-01-31 13150281 2024-01-31 13150281 2023-01-31 13150281 c:Director1 2023-02-01 2024-01-31 13150281 d:CurrentFinancialInstruments 2024-01-31 13150281 d:CurrentFinancialInstruments 2023-01-31 13150281 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-01-31 13150281 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 13150281 c:FRS102 2023-02-01 2024-01-31 13150281 c:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13150281 c:FullAccounts 2023-02-01 2024-01-31 13150281 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13150281 e:Euro 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered number: 13150281


85 DEGREES RENEWABLE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JANUARY 2024

 
85 DEGREES RENEWABLE LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 85 DEGREES RENEWABLE LIMITED
FOR THE YEAR ENDED 31 JANUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 85 Degrees Renewable Limited for the year ended 31 January 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of 85 Degrees Renewable Limited, as a body, in accordance with the terms of our engagement letter dated 21 January 2021Our work has been undertaken solely to prepare for your approval the financial statements of 85 Degrees Renewable Limited and state those matters that we have agreed to state to the Board of Directors of 85 Degrees Renewable Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 85 Degrees Renewable Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that 85 Degrees Renewable Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 85 Degrees Renewable Limited. You consider that 85 Degrees Renewable Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of 85 Degrees Renewable Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Ashings Limited
 
Chartered Accountants
  
Northside House
Mount Pleasant
Cockfosters
Herts
EN4 9EB
31 October 2024
Page 1

 
85 DEGREES RENEWABLE LIMITED
REGISTERED NUMBER: 13150281

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023


Current assets
19,598,899
11,194,716

Creditors: amounts falling due within one year
(153,022)
(9,008)

Net current assets
 
 
19,445,877
 
 
11,185,708

Total assets less current liabilities
19,445,877
11,185,708


Net assets
19,445,877
11,185,708



Capital and reserves
19,445,877
11,185,708


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2024.




Maarten Bruggink
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
85 DEGREES RENEWABLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The entity is a private company, limited by shares incorproated in England and Wales with company number 13150281 and registered office situated at Suite 2A1 Northside House, Mount Pleasant, Barnet EN4 9EB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
85 DEGREES RENEWABLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 4

 
85 DEGREES RENEWABLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Debtors

2024
2023


Trade debtors
741
1,164,796

Amounts owed by group undertakings
19,000,590
8,883,989

Other debtors
242,483
43,690

19,243,814
10,092,475



5.


Cash and cash equivalents

2024
2023

Cash at bank and in hand
355,086
1,102,241

355,086
1,102,241



6.


Creditors: Amounts falling due within one year

2024
2023

Trade creditors
1,440
1,440

Corporation tax
169
499

Other creditors
149,918
5,574

Accruals and deferred income
1,495
1,495

153,022
9,008



7.


Financial instruments

2024
2023

Financial assets


Financial assets measured at fair value through profit or loss
355,086
1,102,241




Financial assets measured at fair value through profit or loss comprise...


8.


Related party transactions

The company paid management fees of €811,088 (2023 - €840,978 to Foresight 85 Degrees Renewables Limited during the year under review.

Page 5

 
85 DEGREES RENEWABLE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Controlling party

The directors regard Foresight 85 Degrees Renewables Limited as being the controlling party by virtue of its shareholding. 


Page 6