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Basis for opinion |
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 accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, 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. |
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Conclusions relating to going concern |
In auditing the Financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts 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. |
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation. |
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Other information |
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the accounts 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 accounts 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 accounts 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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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and |
● |
the directors’ report has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
For both direct and other laws and regulations, our procedures involved: making enquiry of the directors of the Company for their awareness of any noncompliance of laws or regulations, inquiring about the policies that have been established to prevent non-compliance with laws and regulations by officers and employees. Our audit procedures included: •Examining the supporting documents for all material balances, transactions and disclsoures •enquiry of management and review and inspection of relevant correspondance •evaluation of the selection and application of accounting policies •analytical procedures to identify any unusual or unexpected relationship •review of accounting estimates for biases |
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A further description of our responsibilities for the audit of the accounts 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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Use of our 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 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. |
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Devender Arora ACA |
(Senior Statutory Auditor) |
65 Delamere Road |
for and on behalf of |
The Corporate Practice Limited |
Hayes |
Statutory Auditor |
Middlesex |
17.12.2024 |
UB4 0NN |
|
RENEW POWER INTERNATIONAL LIMITED |
Notes to the Accounts |
for the year ended 31 March 2024 |
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1 |
Accounting policies |
|
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern basis |
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The directors intend to carry on with the company as the holding company of foreign investments. Therefore, the directors adopt the going concern basis of accounting in preparing the financial statements. |
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Statement of cash flows |
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The company is a qualifying entity for the purposes of FRS 102 and has elected to take exemption under paragraph 1.12(b) of FRS 102 not to present the company statement of cash flows. |
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Investment |
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Invesment in joint ventures are measured at cost less any accumulated impairnent. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. |
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Impairment |
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The carrying amount of investment is reviewed for impairment at each balance sheet date if the events or changes in circumstances indicate that the carrying value may not be recoverable. If there are indicators of impairment, an assessment is made to determine whether the carrying value exceeds its recoverable amount. Whenever the carrying value if an assets exceeds the recoverable amount, the carrying value is reduced to its recoverable amount and impairment loss is recognised in profit and loss. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Devender Arora ACA |
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Firm: |
The Corporate Practice Limited |
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Date of audit report: |
17.12.2024 |
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3 |
Employees |
2024 |
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
2 |
|
|
|
|
|
|
|
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4 |
Investments |
|
Other |
investments |
Total Investments |
£ |
£ |
|
Cost |
|
At 1 April 2023 |
24,600,119 |
24,600,119 |
|
Additions |
190,926 |
190,926 |
|
|
At 31 March 2024 |
24,791,045 |
24,791,045 |
|
|
On Dec 14, 2022, Renew Power International Limited entered into a Share Purchase Agreement (SPA) & Share Holders Agreement (SHA) and acquired 40% shareholding in 3E NV, a limited liability unlisted company (NV) incorporated, organised and existing under the laws of Belgium. Based on the terms contained in the Share Holders Agreement, Renew Power International Limited will have equal representation on the board upto first completion and later majority of directors post second completion. The decision about relevant activities requires unanimous consent of the parties sharing control. All the shareholders including Renew Power International Limited have a residual interest in the net assets of 3E. On 30th Dec 2023 RPIL has entered into an agreement to subscribe Optional Convertible debentures(OCDs) in Climate Connect Digital Limited for an aggregate consideration, (in GBP) equivalent to INR 40,000,000. On 8th feb 2024 RPIL has paid Optional Convertible debentures investment of INR 20,000,000 (GBP 190,926) towards subscribing OCDs. The said investment is secured by pledge over securities held by CCD management. |
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|
5 |
Debtors |
2024 |
2023 |
£ |
£ |
|
Advance to vendor |
36,719 |
16,861 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
2,490,195 |
752,444 |
|
|
|
|
|
|
|
|
2,526,914 |
769,305 |
|
|
|
|
|
|
|
|
|
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6 |
Creditors: amounts falling due within one year |
2024 |
2023 |
£ |
£ |
|
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
4,469,306 |
2,288,725 |
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Other creditors |
15,699 |
23,133 |
|
|
|
|
|
|
|
|
4,485,005 |
2,311,858 |
|
|
|
|
|
|
|
|
|
|
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7 |
Controlling party |
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The ultimate controlling party is ReNew Private Limited (formerly known as ReNew Power Private Limited), a company incorporated in India, registered at 138, Ansal Chambers II, Bhikaji Cama Place, DELHI South Delhi DL 110066 INDIA. |
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8 |
Other information |
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RENEW POWER INTERNATIONAL LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
20 Layburn Crescent |
|
Slough |
|
SL3 8QN |