Company registration number 09263901 (England and Wales)
INGENIOUS AG JV MEMBER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
INGENIOUS AG JV MEMBER LIMITED
COMPANY INFORMATION
Director
Mr D M Reid
Secretary
Ms S Cruickshank
Company number
09263901
Registered office
Parcels Building
14 Bird Street
London
United Kingdom
W1U 1BU
Auditor
BDO LLP
55 Baker Street
London
United Kingdom
W1U 7EU
Bankers
Metro Bank PLC
One Southampton Row
London
WC1B 5HA
INGENIOUS AG JV MEMBER LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 15
INGENIOUS AG JV MEMBER LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The Company is a wholly-owned subsidiary within the Ingenious Capital Management Holdings Limited Group ("the Group"). The principal activity of the Company was being a member in a Limited Liability Partnership investing in clean energy projects, however the Company ceased trading in the prior year and is currently in the process of winding up. The principal place of business is Parcels Building, 14 Bird Street, London, W1U 1BU.

 

Going concern

The Company ceased trading in the prior year, and the director intends to liquidate the Company. Therefore, the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern.

 

No adjustments have been made to the financial statements as a result of being prepared on a basis other than going concern. Any unforeseen fees which are incurred as part of the liquidation process will be incurred by the parent company.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr D M Reid
Auditor

In accordance with the Company's articles, a resolution proposing that BDO LLP be reappointed as auditor of the Company will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INGENIOUS AG JV MEMBER LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

Principal risks and uncertainties

The key business risks faced by the Company can be affected by a number of factors some of which may result from matters beyond the Company's control. This may include for example conditions in the domestic and global financial markets and the wider economy, as well as changes in legislation. The financial risk and operational management policies are determined for the Group as a whole and are discussed in the Group's annual reports and financial statements. The Company is exposed to financial risk through its financial assets and liabilities. The most important components of financial risk are:

 

(a) Liquidity risk

Liquidity risk is the risk that the Company could have short-term funding requirements to meet its payment obligations to counterparties. The Group operates a group-wide treasury management strategy to manage the liquidity requirements of the Group as a whole (including the Company) and is discussed in the Group's annual report and financial statements.

 

(b) Credit risk

The Company’s principal financial assets are loans with the Company’s credit risk primarily attributable to its trade loans. Where possible the Company reviews the credit rating of its partners and undertakes regular detailed reviews of any outstanding receivable balances. The amounts presented in the Balance Sheet are net of allowances for doubtful receivables.

 

(c) Interest rate risk

The Company is exposed to interest rate risk on its loans and deposit balances. The Company seeks to maximise its margin on interest receivable, subject to the requirements of liquidity risk noted above.

 

(d) Business risk

Business risk is the failure of the business to execute its business strategy and therefore being unsuccessful in achieving projected returns. This includes changes to tax legislation or financial regulation.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr D M Reid
Director
28 March 2025
INGENIOUS AG JV MEMBER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INGENIOUS AG JV MEMBER LIMITED
- 3 -
Opinion

In our opinion:

 

We have audited the financial statements of Ingenious AG JV Member Limited (“the Company”) for the year ended 30 June 2024 which comprise the Income statement, Statement of financial position, Statement of changes in equity, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 1.2 to the financial statements which explains that the Company ceased trading in the prior year, and the director intends to liquidate the Company. Therefore, the Director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements 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 financial statements, 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 financial statements 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.

INGENIOUS AG JV MEMBER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGENIOUS AG JV MEMBER LIMITED
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director’s Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of director

As explained more fully in the Statement of Director’s responsibilities, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the Director determines are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the Director is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

INGENIOUS AG JV MEMBER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGENIOUS AG JV MEMBER LIMITED
- 5 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Extent to which the audit was capable of detecting irregularities, including fraud

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Non-compliance with laws and regulations

Based on:

 

Our procedures in respect of the above included:

 

We considered the significant laws and regulations to be United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation.

 

The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be the Companies Act 2006.

 

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

 

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls.

 

Our procedures in respect of the above included:

 

INGENIOUS AG JV MEMBER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGENIOUS AG JV MEMBER LIMITED
- 6 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

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.

Peter Smith (Senior Statutory Auditor)
For and on behalf of BDO LLP, statutory auditor
London, United Kingdom
28 March 2025
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
INGENIOUS AG JV MEMBER LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(2,663)
(30,130)
Loss before taxation
(2,663)
(30,130)
Tax on loss
4
-
0
-
0
Loss for the financial year
(2,663)
(30,130)
INGENIOUS AG JV MEMBER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
6
1,064,135
1,137,792
Cash at bank and in hand
41,232
30,238
1,105,367
1,168,030
Creditors: amounts falling due within one year
7
(5,119)
(65,119)
Net current assets
1,100,248
1,102,911
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
9
1,100,247
1,102,910
Total equity
1,100,248
1,102,911

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

The financial statements were approved and signed by the director and authorised for issue on 28 March 2025
Mr D M Reid
Director
Company registration number 09263901 (England and Wales)
INGENIOUS AG JV MEMBER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
1
1,133,040
1,133,041
Year ended 30 June 2023:
Loss and total comprehensive expense
-
(30,130)
(30,130)
Balance at 30 June 2023
1
1,102,910
1,102,911
Year ended 30 June 2024:
Loss and total comprehensive expense
-
(2,663)
(2,663)
Balance at 30 June 2024
1
1,100,247
1,100,248
INGENIOUS AG JV MEMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Company information

Ingenious AG JV Member Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parcels Building, 14 Bird Street, London, United Kingdom, W1U 1BU.

 

The Company is a wholly-owned subsidiary within the Ingenious Capital Management Holdings Limited Group ("the Group"). The principal activity of the Company was being a member in a Limited Liability Partnership investing in clean energy projects, however the Company has ceased trading in the prior year and is currently in the process of winding up and is therefore no longer a going concern. The principal place of business is Parcels Building, 14 Bird Street, London, United Kingdom, W1U 1BU.

1.1
Accounting convention

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.

The financial statements are prepared in pound sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the Group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its Group.

1.2
Going concern

The Company ceased trading in the prior year, and the director intends to liquidate the Company. Therefore, the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern.

 

No adjustments have been made to the financial statements as a result of being prepared on a basis other than going concern. Any unforeseen fees which are incurred as part of the liquidation process will be incurred by the parent company.

1.3
Fixed asset investments

Interests in jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the Company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash at bank and in hand

Cash at bank and in hand 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.

INGENIOUS AG JV MEMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors, loans to fellow group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

1.7
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

INGENIOUS AG JV MEMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There were no critical accounting judgements or key sources of uncertainty around estimations during the year.

3
Employees

The Company did not have any employees in either the current or prior year, other than its director.

The Company incurred no staff costs nor paid any remuneration to its director during the current or prior year. The emoluments of the director were paid and borne by other Group undertakings and none of their remuneration was specifically attributable to his services to the Company.

INGENIOUS AG JV MEMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
4
Taxation

The tax assessed for the year is higher than (2023: higher than) the rate of corporation tax in the UK for the accounting period of 25% (2023: 20.5%). The differences are explained below:

2024
2023
£
£
Loss before taxation
(2,663)
(30,130)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(666)
(6,177)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
6,171
Group relief surrendered
666
1,531
Transfer pricing
-
0
(1,525)
Taxation charge for the year
-
-

Factors affecting the future tax charge

As the Company ceased trading in the prior period, the carried forward losses have been reduced to £nil. Therefore, there is no potential deferred tax asset (2023: £1,666).

INGENIOUS AG JV MEMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
-
0
-
0
Movements in fixed asset investments
Shares in jointly controlled entities
£
Cost or valuation
At 1 July 2023 & 30 June 2024
100
Impairment
At 1 July 2023 & 30 June 2024
100
Carrying amount
At 30 June 2024
-
At 30 June 2023
-

The Company holds a 50% partnership interest in Ingenious AG JV LLP, a jointly controlled entity. In the prior year, the Company fully impaired the investment due to the investee entity winding down operations and uncertainty around the recoverable amount of the investment.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,064,135
1,064,134
Other debtors
-
0
73,658
1,064,135
1,137,792
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
30,000
Other creditors
5,119
35,119
5,119
65,119
INGENIOUS AG JV MEMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,102,910
1,133,040
Loss for the year
(2,663)
(30,130)
At the end of the year
1,100,247
1,102,910

The income statement represents cumulative profits or losses, net of dividends paid and other adjustments.

10
Ultimate controlling party

The immediate parent undertaking is Ingenious Capital Management Holdings Limited, a company incorporated in the United Kingdom, for which the registered office is Parcels Building, 14 Bird Street, London, England, W1U 1BU.

 

The immediate parent company is the smallest group to consolidate the results of the Company, and the Group financial statements can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

 

The ultimate controlling party is Mr P A McKenna.

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