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COMPANY REGISTRATION NUMBER: 10906782
Rainmaker Renewables Gamma Ltd
Filleted Abridged Financial Statements
31 December 2023
Rainmaker Renewables Gamma Ltd
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
2,976,896
3,677,862
Tangible assets
6
676
970
------------
------------
2,977,572
3,678,832
Current assets
Debtors
99,224
102,835
Cash at bank and in hand
445,783
911,852
---------
------------
545,007
1,014,687
Creditors: amounts falling due within one year
491,419
700,060
---------
------------
Net current assets
53,588
314,627
------------
------------
Total assets less current liabilities
3,031,160
3,993,459
Creditors: amounts falling due after more than one year
5,869,020
6,564,546
------------
------------
Net liabilities
( 2,837,860)
( 2,571,087)
------------
------------
Capital and reserves
Called up share capital
170
170
Profit and loss account
( 2,838,030)
( 2,571,257)
------------
------------
Shareholders deficit
( 2,837,860)
( 2,571,087)
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Rainmaker Renewables Gamma Ltd
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 17 July 2024 , and are signed on behalf of the board by:
Mr WL Callcott-Stevens
Director
Company registration number: 10906782
Rainmaker Renewables Gamma Ltd
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales (Company number 10906782 ). The trading and registered office address is 205 Albert House 256-260 Old Street, London, United Kingdom, EC1V 9DD.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis on the understanding that the shareholders will continue to provide financial support, as required, to enable the company to continue trading for a period of at least 12 months from the date of approval of these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Solar PV license
-
18% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. The company writes off the remaining value of the Solar PV license as soon as they fall below £1,000.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only enters into basic financial instrument transactions . A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial instruments are subsequently measured at amortised cost using the effective interest rate method. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
5. Intangible assets
£
Cost
At 1 January 2023
5,536,470
Additions
( 67,460)
------------
At 31 December 2023
5,469,010
------------
Amortisation
At 1 January 2023
1,858,608
Charge for the year
633,506
------------
At 31 December 2023
2,492,114
------------
Carrying amount
At 31 December 2023
2,976,896
------------
At 31 December 2022
3,677,862
------------
6. Tangible assets
£
Cost
At 1 January 2023 and 31 December 2023
1,470
-------
Depreciation
At 1 January 2023
500
Charge for the year
294
-------
At 31 December 2023
794
-------
Carrying amount
At 31 December 2023
676
-------
At 31 December 2022
970
-------
7. Summary audit opinion
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditors' report was unqualified
The senior statutory auditor was Mark Rogers FCCA
The auditor was HJS (Reading) Limited
17 July 2024
8. Related party transactions
The directors have an equal shareholding in the company. There is no ultimate controlling of the company as no shareholder holds a majority interest in the company. Amounts owed to related parties:
2023 2022
£ £
Rainmaker Energy Holdings UK Limited 194,907 182,041
The company paid interest amounting to £12,867 (2022 - £12,032) on the loan owed to Rainmaker Energy Holdings UK Limited. Rainmaker Energy Holdings UK Limited is related to the company by virtue of common key management personnel.