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Company registration number: 14780442







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


INGETEAM LTD.






































img0148.png                        

 


INGETEAM LTD.
 


 
COMPANY INFORMATION


Directors
A. Cordoba Ruiz 
A. Gandiaga Osoro 
D. Sole Lopez 
E. Alacuart (appointed 1 January 2025, resigned 1 March 2024)




Registered number
14780442



Registered office
Unit 10 Gordano
Garanor Way

Portbury

Bristol

BS20 7XE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


INGETEAM LTD.
 



CONTENTS



Page
Statement of Financial Position
1
Statement of Changes in Equity
2
Notes to the Financial Statements
3 - 7


 


INGETEAM LTD.
REGISTERED NUMBER:14780442



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,383
-

  
36,383
-

Current assets
  

Stocks
  
42,292
-

Debtors: amounts falling due within one year
 5 
6,077,486
8,782,644

Bank and cash balances
  
691,673
193,185

  
6,811,451
8,975,829

Creditors: amounts falling due within one year
 6 
(5,529,499)
(7,750,070)

Net current assets
  
 
 
1,281,952
 
 
1,225,759

Total assets less current liabilities
  
1,318,335
1,225,759

Provisions for liabilities
  

Deferred tax
  
(9,096)
-

  
 
 
(9,096)
 
 
-

Net assets
  
1,309,239
1,225,759


Capital and reserves
  

Allotted, called up and fully paid share capital
  
3,000
3,000

Capital contribution
  
1,081,125
1,081,125

Profit and loss account
  
225,114
141,634

  
1,309,239
1,225,759


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 statement of income and retained earnings 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. Gandiaga Osoro
Director

Date: 4 April 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 


INGETEAM LTD.
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital contribution
Profit and loss account
Total equity

£
£
£
£



Profit for the period
-
-
141,634
141,634

Capital contribution
-
1,081,125
-
1,081,125

Shares issued during the period
3,000
-
-
3,000



At 1 January 2024
3,000
1,081,125
141,634
1,225,759



Profit for the year
-
-
83,480
83,480


At 31 December 2024
3,000
1,081,125
225,114
1,309,239


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 


INGETEAM LTD.
 


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

1.


General information

Ingeteam Ltd. is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business are the same and are disclosed on the Company information page.
The Company was incorporated on 4 April 2023 and commenced trading in October 2023. Therefore the prior period in which the results are shown is shorter than 12 months.

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.

 
2.2

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.

 
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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 


INGETEAM LTD.
 


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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting 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 reporting 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 reporting date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 


INGETEAM LTD.
 


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

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Over 10 years
Computer equipment
-
Over 5 years
Other fixed assets
-
Over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.9

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 4).

Page 5

 


INGETEAM LTD.
 


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

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Tools and equipment
Total

£
£
£
£



Cost or valuation


Additions
28,302
7,639
898
36,839



At 31 December 2024

28,302
7,639
898
36,839



Depreciation


Charge for the year on owned assets
236
205
15
456



At 31 December 2024

236
205
15
456



Net book value



At 31 December 2024
28,066
7,434
883
36,383



At 31 December 2023
-
-
-
-


5.


Debtors

2024
2023
£
£


Trade debtors
1,381,286
2,698,714

Amounts owed by group undertakings
721,608
54,818

Other debtors
3,000
1,827

Prepayments and accrued income
3,971,592
6,027,285

6,077,486
8,782,644


Page 6

 


INGETEAM LTD.
 


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

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
35,485
1,041

Amounts owed to group undertakings
4,504,110
7,536,086

Corporation tax
19,366
47,212

Other taxation and social security
576,164
2,296

Other creditors
-
6,011

Accruals and deferred income
394,374
157,424

5,529,499
7,750,070



7.


Parent Undertaking

As at the year end, the parent undertaking of the smallest group is Ingeteam Power Technology S.A., a Company incorporated in Spain. The registered office address is: Parque Tecnologico de Bizkaia, Edificio 106, 48170, Zamudio, Spain.


8.


Auditors' information

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

The audit report was signed on 4 April 2025 by Andrew Hookway FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 7