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Registered number: 10470832












RENESCO UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

RENESCO UK LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 13


 

RENESCO UK LIMITED
 
COMPANY INFORMATION


Directors
S Lemke 
A Jager 




Registered number
10470832



Registered office
Kp.Cc3.27 Kennington Business Park
1-3 Brixton Road

London

SW9 6DE




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:10470832
RENESCO UK LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
7,737
8,601

Current assets
  

Stocks
 7 
162,720
320,392

Debtors: amounts falling due within one year
 8 
553,461
1,376,710

Cash at bank and in hand
  
2,826,208
1,694,288

  
3,542,389
3,391,390

Creditors: amounts falling due within one year
 9 
(453,808)
(1,016,608)

Net current assets
  
 
 
3,088,581
 
 
2,374,782

Total assets less current liabilities
  
3,096,318
2,383,383

Creditors: amounts falling due after more than one year
 10 
(13,946)
-

Provisions for liabilities
  

Provisions
 12 
(768,949)
(270,000)

  
 
 
(768,949)
 
 
(270,000)

Net assets
  
2,313,423
2,113,383

Page 2


 
REGISTERED NUMBER:10470832
RENESCO UK LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 13 
100
100

Profit and loss account
  
2,313,323
2,113,283

Total equity
  
2,313,423
2,113,383


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 profit and loss account 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 by: 




A Jager
Director

Date: 17 March 2025

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 

RENESCO UK LIMITED

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

1.


General information

Renesco UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is Kp.Cc3.27 Kennington Business Park, 1-3 Brixton Road, London, United Kingdom, SW9 6DE.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved.

Page 4

 

RENESCO UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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:
The company recognises revenue when:
 
a)the significant risks and rewards of ownership have been transferred to the buyer;
b)the company retains no continuing involvement or control over the goods;
c)the amount of revenue can be measured reliably; 
d)it is probable that future economic benefits will flow to the entity; and
e)when the specific criteria relating to each of the company’s sales channels have been met, as described below:

i.The company provides services in respect of construction specialising in waterproofing, profit on long-term contracts is taken as the work is carried out of the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out at the year-end. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
ii.In the course of providing construction and development services the company’s customers will retain a retention amount. The retention amount will be recognised in the accounting period when the Company considers it has fulfilled its obligations under the terms of each of its contracts

All sales are normally made with credit terms. The element of financing is deemed immaterial and disregarded in the measurement of revenue.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Page 5

 

RENESCO UK LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Financial assets
Basic financial assets, including trade and other debtors and intercompany working capital balances, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditor, and intercompany working capital balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

RENESCO UK LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Current and deferred 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 7

 

RENESCO UK LIMITED

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

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

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 profit and loss account within 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 8

 

RENESCO UK LIMITED

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

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Provision for product warranty:
The company provides a warranty for its projects for specific periods of time.
The company provides for estimated warranty costs at the time the projects are completed based on historical warranty claim experience, with consideration given to the expected level of future warranty costs, including current sales trends, the expected number of projects to be affected and the estimated average repair cost for fixing leaks. This provision is continuously monitored to ensure that it is adequate to cover estimated warranty expenses.
 
Long term contracts:
FRS 102 accounting requires management judgement to determine the appropriateness of calculating the revenue and profit to be recognised on long-term contracts. This includes estimating the total expected costs to complete each contract, the future profitability of the contract and also the percentage of completion at the balance sheet date, these judgements directly influence revenue and profit that can be recognised in relation to such contracts. Material changes in these estimates could affect the overall amounts recognised on individual contracts.


4.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 20).


5.


Dividends

2024
2023
£
£


Dividends paid
1,280,000
-

Page 9

 

RENESCO UK LIMITED

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

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost


At 1 January 2024
7,216
2,644
9,860


Additions
-
818
818



At 31 December 2024

7,216
3,462
10,678



Depreciation


At 1 January 2024
798
461
1,259


Charge for the year
902
780
1,682



At 31 December 2024

1,700
1,241
2,941



Net book value



At 31 December 2024
5,516
2,221
7,737



At 31 December 2023
6,418
2,183
8,601


7.


Stocks

2024
2023
£
£

Raw materials and consumables
162,720
320,392



8.


Debtors

2024
2023
£
£


Trade debtors
47,611
605,665

Amounts owed by group undertakings
18,413
285,014

Other debtors
297,252
321,229

Prepayments and accrued income
7,251
47,027

Amounts recoverable on long-term contracts
182,934
117,775

553,461
1,376,710


Page 10

 

RENESCO UK LIMITED

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

8.Debtors (continued)

Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand. 
Included in 2023 in amounts owed by group undertakings is £280,000 which incurred interest at 6.25%. The amount was repaid during the current year.
Included within other debtors is £234,029 relating to retention which is due in more than one year. 


9.


Creditors: amounts falling due within one year

2024
2023
£
£

Trade creditors
25,828
174,183

Amounts owed to group undertakings
51,594
100,912

Corporation tax
111,650
527,406

Other taxation and social security
55,591
-

Obligations under finance lease and hire purchase contracts
7,283
-

Other creditors
83,454
96,323

Accruals and deferred income
118,408
117,784

453,808
1,016,608


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand. 


10.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
13,946
-



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
7,283
-

Between 1-5 years
13,496
-

20,779
-

Page 11

 

RENESCO UK LIMITED

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

12.


Provisions





Warranty provision

£





At 1 January 2024
270,000


Charged to profit or loss
498,949



At 31 December 2024
768,949

A provision has been recognised for potential claims for waterproofing injections. This expenditure may be incurred over the next twelve financial years. The provision has not been discounted since the effect of discounting is immaterial.


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



14.


Commitments under operating leases

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
59,800
22,720

Later than 1 year and not later than 5 years
45,869
4,720

105,669
27,440


15.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.


16.


Controlling party

The parent company of the smallest group for which consolidated accounts are prepared is Renesco Holding AG. Their registered office is Seedorffeldstrasse 21, CH-3302 Miiseedorf, Switzerland.

Page 12

 

RENESCO UK LIMITED

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

17.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 17 March 2025 by Nicholas Winters (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 13