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COMPANY REGISTRATION NUMBER: SC597624
Ryse Energy Limited
Filleted Unaudited Financial Statements
31 December 2023
Ryse Energy Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Ryse Energy Limited
Officers and Professional Advisers
The board of directors
Alistair Munro
Richard Caldow
Registered office
7 Palmerston Place
Edinburgh
EH12 5AH
Accountants
Gibson McKerrell Burrows Limited
Chartered Accountants
28 Rutland Square
Edinburgh
EH1 2BW
Ryse Energy Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
4
86,125
105,625
Investments
5
100,000
100,000
----------
----------
186,125
205,625
Current assets
Debtors
6
294,503
254,669
Cash at bank and in hand
1,716
19,933
----------
----------
296,219
274,602
Creditors: amounts falling due within one year
7
1,121,543
1,088,223
-------------
-------------
Net current liabilities
825,324
813,621
----------
----------
Total assets less current liabilities
( 639,199)
( 607,996)
----------
----------
Net liabilities
( 639,199)
( 607,996)
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 639,299)
( 608,096)
----------
----------
Shareholders deficit
( 639,199)
( 607,996)
----------
----------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ryse Energy Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
Alistair Munro
Director
Company registration number: SC597624
Ryse Energy Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 7 Palmerston Place, Edinburgh, EH12 5AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis as the director has confirmed there will be support from the group companies to allow the company to continue to trade.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Business intellectual property
-
10% straight line
Business name
-
10% straight line
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.
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:
Plant and machinery
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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.
4. Intangible assets
Business intellectual property
Business name
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
165,000
30,000
195,000
----------
---------
----------
Amortisation
At 1 January 2023
75,625
13,750
89,375
Charge for the year
16,500
3,000
19,500
----------
---------
----------
At 31 December 2023
92,125
16,750
108,875
----------
---------
----------
Carrying amount
At 31 December 2023
72,875
13,250
86,125
----------
---------
----------
At 31 December 2022
89,375
16,250
105,625
----------
---------
----------
5. Investments
Shares in group undertaking
£
Cost
At 1 January 2023 and 31 December 2023
100,000
----------
Impairment
At 1 January 2023 and 31 December 2023
----------
Carrying amount
At 31 December 2023
100,000
----------
At 31 December 2022
100,000
----------
Subsidiary undertakings
Country of Proportion of voting Nature of
incorporation Holding rights and shares held business
All held by the company:
Supply, installation
Ryse Energy and maintenance of
(UK) Limited England Ordinary 100% energy saving systems
The net liabilities of Ryse Energy (UK) Limited at 31 December 2023 were £897,856 (2022 - £661,427). The loss for the year was £236,429 (2022 - £515,468).
Under the provision of section 384 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
198,702
178,914
Ryse Energia SL loan
95,801
68,635
Other debtors
7,120
----------
----------
294,503
254,669
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,248
Accruals and deferred income
2,500
3,465
Director loan accounts
183,078
1,069,758
Ryse Energy Holdings Limited loan
916,717
Other creditors
15,000
15,000
-------------
-------------
1,121,543
1,088,223
-------------
-------------
8. Related party transactions
The company was under the control of Alistair Munro throughout the current and previous years. Mr Munro is the managing director. Mr Munro is a director and shareholder of Ryse Energy Holdings Limited, the ultimate parent company. At 31 December 2023, the company was due £183,078 to Mr Munro (2022 - £1,069,758). This loan is interest free with no fixed terms for repayment. The loan is secured by a bond and floating charge over all of the company's assets. At 31 December 2023, the company owed Ryse Energy Holdings Limited £916,717 (2022 - Ryse Energy Holdings Limited owed the company £6,120). This amount is interest free and has no fixed terms of repayment. During the year, the company purchased goods from Ryse Energy (UK) Limited amounting to £nil (2022 - £30,073). At 31 December 2023, Ryse Energy (UK) Limited owed the company £198,702 (2022 - £178,914). This amount is interest free and has no fixed terms of repayment. Mr Munro and Mr Caldow are directors of Ryse Energy (UK) Limited. At 31 December 2023, Ryse Energia SL owed the company £95,801 (2022 -£68,635). This loan is interest free and has no fixed terms of repayment. Mr Munro is a director of Ryse Energia SL.
9. Controlling party
The ultimate parent company is Ryse Energy Holdings Limited , a company incorporated in Abu Dhabi. It's registered office is 2407ResCowork02, 24 Al Silah Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates.