General Information
Odqa Renewable Energy Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 11008126, registration address Unit 7 Centremead, Osney Mead, Oxford, OX2 0ES.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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)
Going concern basis
The company operates in a nascent industry and market developing new processes around heat transfer and in common with companies at a similar stage, expects to incur further losses until revenue from research and development activities materialises.
The company's contínued operations therefore depend on its ability to raise further funds. The directors are pursuing various funding opportunities to ensure that the company is able to meet its obligations as they fall due. The directors have a reasonable expectation that such funding will be forthcoming and have therefore prepared the financial statements on the going concern basis.
Turnover
Turnover comprises the receipt of grants from Innovate UK.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Research and development expenditure
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
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.
Tangible fixed assets
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Investments in non-derivative instruments that are equity to the issuer are measured: - at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.
| Plant and Machinery |
25% Straight Line
|
| Computer Equipment |
33% Straight Line
|
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
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 balance sheet 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.
|
| 2. |
Average number of employees
Average number of employees during the year was 21 (2023 : 15).
|
| 3. |
Intangible fixed assets
| Cost |
Software License |
|
Total |
| |
£ |
|
£ |
| At 01 November 2023 |
50,000 |
|
50,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 October 2024 |
50,000 |
|
50,000 |
| Amortisation |
| At 01 November 2023 |
6,667 |
|
6,667 |
| Charge for year |
2,500 |
|
2,500 |
| On disposals |
- |
|
- |
| At 31 October 2024 |
9,167 |
|
9,167 |
| Net book values |
| At 31 October 2024 |
40,833 |
|
40,833 |
| At 31 October 2023 |
43,333 |
|
43,333 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
Improvements to property |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 November 2023 |
397,744 |
|
- |
|
58,558 |
|
25,725 |
|
482,027 |
| Additions |
85,585 |
|
12,249 |
|
46,898 |
|
167,877 |
|
312,609 |
| Disposals |
(850) |
|
- |
|
- |
|
- |
|
(850) |
| At 31 October 2024 |
482,479 |
|
12,249 |
|
105,456 |
|
193,602 |
|
793,786 |
| Depreciation |
| At 01 November 2023 |
155,747 |
|
- |
|
26,344 |
|
1,288 |
|
183,379 |
| Charge for year |
112,103 |
|
817 |
|
21,071 |
|
21,357 |
|
155,348 |
| On disposals |
(673) |
|
- |
|
- |
|
- |
|
(673) |
| At 31 October 2024 |
267,177 |
|
817 |
|
47,415 |
|
22,645 |
|
338,054 |
| Net book values |
| Closing balance as at 31 October 2024 |
215,302 |
|
11,432 |
|
58,041 |
|
170,957 |
|
455,732 |
| Opening balance as at 01 November 2023 |
241,997 |
|
- |
|
32,214 |
|
24,437 |
|
298,648 |
The net book value of Improvements to property includes £ 170,957 (2023 £24,437) in respect of assets leased under finance leases or hire purchase contracts.
|
| 5. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 01 November 2023 |
2,576 |
|
2,576 |
| Additions |
18,812 |
|
18,812 |
| Transfer to/from tangible fixed assets |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 October 2024 |
21,388 |
|
21,388 |
|
| 6. |
Debtors: amounts falling due within one year
|
2024
£ |
|
2023
£ |
| Prepayments & Accrued Income |
699,692 |
|
69,962 |
| Accrued Income |
19,400 |
|
72,139 |
| Other Debtors |
35,033 |
|
4,536 |
| Corporation Tax |
486,942 |
|
600,345 |
| VAT |
98,155 |
|
27,593 |
|
1,339,222 |
|
774,575 |
|
| 6. |
Debtors: amounts falling due after one year
|
2024
£ |
|
2023
£ |
| Amount Owed by Participating Interests |
274,227 |
|
- |
|
274,227 |
|
- |
|
| 7. |
Creditors: amount falling due within one year
|
2024
£ |
|
2023
£ |
| Trade Creditors |
134,012 |
|
1,674 |
| PAYE & Social Security |
57,195 |
|
83,232 |
| Accrued Expenses |
79,747 |
|
20,538 |
| Other Creditors |
59,023 |
|
6,666 |
|
329,977 |
|
112,110 |
|
| 8. |
Share premium account
|
2024
£ |
|
2023
£ |
| Equity Share Premium b/fwd |
5,948,900 |
|
5,749,242 |
| Equity Share Premium - New Issue |
8,748,597 |
|
199,658 |
|
14,697,497 |
|
5,948,900 |
|
| 9. |
Reserves
|
2024
£ |
|
2023
£ |
| Transfers to/from Other Reserves |
- |
|
29,106 |
|
- |
|
29,106 |
|
| 10. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2024
£ | | 2023
£ | | 2024
£ | | 2023
£ |
|---|
| Odqa Spain SL | - | | - | | 274,227 | | - |
|
4
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