Company registration number: 10192806
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present this Strategic Report for RES Energy Services Limited (the 'Company') for the fiscal year ended 31 December 2024. The financial results stated refer to the 2024 Financial Statements of RES Energy Services Limited.
RES Energy Services Limited is a private company, limited by shares, registered in England & Wales. The Company’s principal place of business is Third Floor STV, Pacific Quay, Glasgow G51 1PQ.
Overview of RES Energy Services Limited
RES Energy Services Limited, part of the global RES Group (Renewable Energy Systems Holdings Limited and its subsidiaries), is a leading provider of renewable energy solutions, dedicated to the development, construction, and operation of wind, solar, energy storage, and green hydrogen projects. With over 30 years of experience, we are at the forefront of the energy transition, delivering innovative and sustainable energy solutions to support the global shift toward clean energy.
Our services include engineering, procurement, and construction (EPC), as well as long-term operations and maintenance (O&M) of renewable energy assets. We specialize in offshore and onshore wind, solar energy, battery storage systems (BESS), and the emerging field of green hydrogen.
As of 2024, RES Energy Services Limited has expanded its presence, increasing our operational footprint across the UK and internationally. We continue to lead in wind energy, with a strong focus on scaling up energy storage and green hydrogen capabilities to meet growing market demands.
RES Energy Services Limited is a private company, limited by shares, registered in England & Wales. The Company’s principal place of business is Third Floor STV, Pacific Quay, Glasgow G51 1PQ.
Overview of RES Energy Services Limited
RES Energy Services Limited, part of the global RES Group (Renewable Energy Systems Holdings Limited and its subsidiaries), is a leading provider of renewable energy solutions, dedicated to the development, construction, and operation of wind, solar, energy storage, and green hydrogen projects. With over 30 years of experience, we are at the forefront of the energy transition, delivering innovative and sustainable energy solutions to support the global shift toward clean energy.
Our services include engineering, procurement, and construction (EPC), as well as long-term operations and maintenance (O&M) of renewable energy assets. We specialize in offshore and onshore wind, solar energy, battery storage systems (BESS), and the emerging field of green hydrogen.
As of 2024, RES Energy Services Limited has expanded its presence, increasing our operational footprint across the UK and internationally. We continue to lead in wind energy, with a strong focus on scaling up energy storage and green hydrogen capabilities to meet growing market demands.
The renewable energy sector remains a key focus for the UK as part of its decarbonization strategy to meet net-zero carbon goals by 2050. Wind, solar, and energy storage will play crucial roles in achieving these targets, alongside the integration of green hydrogen as a promising solution for decarbonizing sectors that are difficult to electrify.
For RES Energy Services Limited, the sector outlook is positive, with continued demand for large-scale renewable projects. Our focus remains on offshore and onshore wind developments, as well as expanding our energy storage portfolio to ensure a reliable energy supply.
Additionally, the green hydrogen market is poised for significant growth in 2025, with increasing investments in production, storage, and distribution systems. RES Energy Services Limited is strategically positioned to lead in this area, leveraging our technological expertise and experience in energy transition projects.
Turnover for the year was £12.2m (2023: £17.2m). The reduction reflects the transfer of project activities to another group entity, with the company now focused on maintenance contracts. These retained activities provide a more stable and predictable revenue base and carry higher margins than the project activities.
Gross margin increased to 67% (2023: 45%), highlighting the improved profitability of the ongoing operations. The company reported a profit after tax of £75k (2023: £429k), with the movement versus the prior year mainly reflecting the change in business mix together with higher administrative expenses associated with increased staff costs and investment in operations.
Net assets at year end were £1.2m (2023: £2.0m). The balance sheet reflects continued investment in people and operations, together with prudent provisioning, ensuring the company is well placed to deliver long-term services to its renewable energy customers.
The company continues to be financially supported by its parent and, following its integration into the wider RES Group, is expected to benefit from new projects and enhanced capabilities, further strengthening its position in the UK renewable energy market.
For RES Energy Services Limited, the sector outlook is positive, with continued demand for large-scale renewable projects. Our focus remains on offshore and onshore wind developments, as well as expanding our energy storage portfolio to ensure a reliable energy supply.
Additionally, the green hydrogen market is poised for significant growth in 2025, with increasing investments in production, storage, and distribution systems. RES Energy Services Limited is strategically positioned to lead in this area, leveraging our technological expertise and experience in energy transition projects.
Turnover for the year was £12.2m (2023: £17.2m). The reduction reflects the transfer of project activities to another group entity, with the company now focused on maintenance contracts. These retained activities provide a more stable and predictable revenue base and carry higher margins than the project activities.
Gross margin increased to 67% (2023: 45%), highlighting the improved profitability of the ongoing operations. The company reported a profit after tax of £75k (2023: £429k), with the movement versus the prior year mainly reflecting the change in business mix together with higher administrative expenses associated with increased staff costs and investment in operations.
Net assets at year end were £1.2m (2023: £2.0m). The balance sheet reflects continued investment in people and operations, together with prudent provisioning, ensuring the company is well placed to deliver long-term services to its renewable energy customers.
The company continues to be financially supported by its parent and, following its integration into the wider RES Group, is expected to benefit from new projects and enhanced capabilities, further strengthening its position in the UK renewable energy market.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
RES Energy Services Limited has identified the following risks in conducting its business strategy in the UK market:
Economic risk
The UK economy is currently navigating a period of economic slowdown, with a growth forecast revision indicating a reduction in 2025 GDP growth to around 1% (down from previous projections of 2%). This is mainly due to high inflation, which continues to impact the cost of raw materials and commodities. The inflationary pressure, combined with a tight labour market, has led to higher wage demands, thus increasing business operational costs and affecting profitability. Despite these challenges, the UK is still experiencing a strong labour market, which has helped mitigate some risks.
To address these issues, RES Energy Services Limited is executing a diversification strategy, focusing on expanding its client base, diversifying suppliers, and introducing new business models. In response to fluctuating costs, the company is also adjusting its margins to maintain profitability and is closely monitoring its procurement strategies to ensure cost control.
Employee related risk
The UK job market remains competitive, with a high employment rate leading to increased wages and the need for companies to offer signing bonuses to attract talent. This presents a challenge in retaining skilled employees, especially in sectors with high demand for technical expertise.
To mitigate this, RES Energy Services Limited has implemented robust talent management processes, including i) effective recruitment strategies, ii) performance appraisals, iii) retention initiatives for high-performing individuals, and iv) continuous professional development programs to ensure the workforce remains highly skilled and committed.
Health & safety risk
Health and safety remain core priorities for RES Energy Services Limited, particularly within its operations in the O&M sector, a key area for RES Energy Services Limited. As competition for skilled labour increases, the ability to attract and retain qualified professionals is vital to maintaining safe and effective operations. RES Energy Services Limited continues to place a strong emphasis on its HQSE (Health, Quality, Safety, and Environment) department, which monitors daily operations and ensures compliance with rigorous health, safety, and sustainability standards. The department tracks a wide array of Key Performance Indicators (KPIs), focusing on maintaining safe working conditions in the Service division.
Supplier and procurement risk
The ongoing global uncertainties, including the geopolitical context and fluctuations in raw material prices, continue to challenge supply chains. As a result, RES Energy Services Limited has been proactive in seeking alternative suppliers and diversifying its procurement channels to mitigate risks related to shortages and price volatility. The company ensures that all suppliers adhere to the strict Code of Conduct set by RES Group, ensuring ethical practices and compliance with sustainability standards.
Economic risk
The UK economy is currently navigating a period of economic slowdown, with a growth forecast revision indicating a reduction in 2025 GDP growth to around 1% (down from previous projections of 2%). This is mainly due to high inflation, which continues to impact the cost of raw materials and commodities. The inflationary pressure, combined with a tight labour market, has led to higher wage demands, thus increasing business operational costs and affecting profitability. Despite these challenges, the UK is still experiencing a strong labour market, which has helped mitigate some risks.
To address these issues, RES Energy Services Limited is executing a diversification strategy, focusing on expanding its client base, diversifying suppliers, and introducing new business models. In response to fluctuating costs, the company is also adjusting its margins to maintain profitability and is closely monitoring its procurement strategies to ensure cost control.
Employee related risk
The UK job market remains competitive, with a high employment rate leading to increased wages and the need for companies to offer signing bonuses to attract talent. This presents a challenge in retaining skilled employees, especially in sectors with high demand for technical expertise.
To mitigate this, RES Energy Services Limited has implemented robust talent management processes, including i) effective recruitment strategies, ii) performance appraisals, iii) retention initiatives for high-performing individuals, and iv) continuous professional development programs to ensure the workforce remains highly skilled and committed.
Health & safety risk
Health and safety remain core priorities for RES Energy Services Limited, particularly within its operations in the O&M sector, a key area for RES Energy Services Limited. As competition for skilled labour increases, the ability to attract and retain qualified professionals is vital to maintaining safe and effective operations. RES Energy Services Limited continues to place a strong emphasis on its HQSE (Health, Quality, Safety, and Environment) department, which monitors daily operations and ensures compliance with rigorous health, safety, and sustainability standards. The department tracks a wide array of Key Performance Indicators (KPIs), focusing on maintaining safe working conditions in the Service division.
Supplier and procurement risk
The ongoing global uncertainties, including the geopolitical context and fluctuations in raw material prices, continue to challenge supply chains. As a result, RES Energy Services Limited has been proactive in seeking alternative suppliers and diversifying its procurement channels to mitigate risks related to shortages and price volatility. The company ensures that all suppliers adhere to the strict Code of Conduct set by RES Group, ensuring ethical practices and compliance with sustainability standards.
Non-financial
RES Energy Services Limited manages its operations through different business units, diversifying the market risks the company faces on its daily operations, detailed below in this document. For these reasons, the Company believes that the disclosure of Key Performance Indicators is not appropriate for an understanding of the development and performance of the business of RES Energy Services Limited.
Financial
The company measures its performance against the level of turnover, gross profit percentage and net profit achieved.
2024 2023
Turnover £12,219,202 £17,166,252
Gross profit (%) 67% 45%
Net profit £75,481 £429,269
The directors are satisfied with the performance of the financial key performance indicators.
RES Energy Services Limited manages its operations through different business units, diversifying the market risks the company faces on its daily operations, detailed below in this document. For these reasons, the Company believes that the disclosure of Key Performance Indicators is not appropriate for an understanding of the development and performance of the business of RES Energy Services Limited.
Financial
The company measures its performance against the level of turnover, gross profit percentage and net profit achieved.
2024 2023
Turnover £12,219,202 £17,166,252
Gross profit (%) 67% 45%
Net profit £75,481 £429,269
The directors are satisfied with the performance of the financial key performance indicators.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
RES Energy Services Limited has identified the following opportunities in conducting its business strategy in the UK market:
Despite the challenges, RES Energy Services Limited sees several opportunities for growth in the coming years, driven by the UK’s regulatory commitment to the transition towards renewable energy. The UK continues to pursue an ambitious energy strategy, with significant investments aimed at meeting EU’s 2030 renewable energy targets and the UK’s own national objectives. Both offshore and onshore renewable energy projects offer substantial growth prospects, creating an attractive environment for investment in the coming years.
The shift towards cleaner energy presents not only environmental benefits but also significant economic opportunities, with potential for long-term expansion and innovation in renewable energy sectors.
Despite the challenges, RES Energy Services Limited sees several opportunities for growth in the coming years, driven by the UK’s regulatory commitment to the transition towards renewable energy. The UK continues to pursue an ambitious energy strategy, with significant investments aimed at meeting EU’s 2030 renewable energy targets and the UK’s own national objectives. Both offshore and onshore renewable energy projects offer substantial growth prospects, creating an attractive environment for investment in the coming years.
The shift towards cleaner energy presents not only environmental benefits but also significant economic opportunities, with potential for long-term expansion and innovation in renewable energy sectors.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors who served during the year were:
The profit for the year, after taxation, amounted to £75,481 (2023 - £429,269).
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 to set out within the company's Strategic Report the Company's Report Information Required by Schedule 7 of the Large and Medium Sized Companies (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RES ENERGY SERVICES LIMITED (FORMERLY INGETEAM UK LIMITED)
We have audited the financial statements of RES Energy Services Limited (Formerly Ingeteam UK Limited) (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, 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).
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 are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard 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.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RES ENERGY SERVICES LIMITED (FORMERLY INGETEAM UK LIMITED) (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RES ENERGY SERVICES LIMITED (FORMERLY INGETEAM UK LIMITED) (CONTINUED)
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.
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:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙The Companies Act 2006;
∙Financial Reporting Standard 102;
∙UK employment legislation;
∙UK health and safety legislation; and
∙General Data Protection Regulations.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙Posting of journals to the accounting software which are of a non-routine nature in terms of timing and amount; and
∙Estimates adopted by management in connection with the recognition of a stock provision, warranty and contract provisions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements 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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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RES ENERGY SERVICES LIMITED (FORMERLY INGETEAM UK LIMITED) (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 10
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 12
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RES Energy Services Limited (Formerly Ingeteam UK Limited) is a private Company limited by shares, incorporated in the United Kingdom under the Companies Act 2006, and is registered in England & Wales. The address of the Company's registered office is disclosed on the Company information page. The Company's principal place of business is disclosed in the Strategic Report.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
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).
A letter of support has been provided by the parent company, Renewable Energy Systems Holdings Limited, confirming that they will provide ongoing financial support, so that the entity can continue to meet its financial obligations as they fall due.
As a result, the Director's continue to adopt the going concern basis of accounting in preparing the annual financial statements as they have a reasonable expectation that the Company has adequate resources to continue operational existence for the foreseeable future.
As a result, the Director's continue to adopt the going concern basis of accounting in preparing the annual financial statements as they have a reasonable expectation that the Company has adequate resources to continue operational existence for the foreseeable future.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Revenue on maintenance contracts is recognised evenly over the term of the contract.
Revenue on service contracts is recognised on the date that the service is provided.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
An outflow of funds will probably be necessary to settle the obligation, and the amount may be reliably estimated. Provisions are not recognised for future operating losses.
Any provisions which are recognised are carried at the present value of forecast payments that are expected to be required to settle the obligation, using a rate before taxes that reflects the current market assessment of the time value of money and the specific risks of the obligation. Adjustments to the provision as a result of updating are recognised as a financial expense as they accrue.
Meanwhile, contingent liabilities are those possible liabilities arising as a result of past events, whose materialisation depends on whether future events that are beyond the control of the Company occur or not.
These contingent liabilities are not recognised in the financial statements, but provisions for liquidated damages are disclosed in note 15.
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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 the Statement of Income and Retained Earnings.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Provision for liquidated and compensation damages
The Company recognises provisions for risks of incurring liquidated and compensation damages in accordance with the accounting policy indicated in Note 2.8 of this financial statements. The Company has made judgments and estimates regarding the probability of occurrence of such risks, as well as the amount thereof, and has recorded a provision when the risk has been considered probable, estimating the cost that would give rise to such obligation.
Provision for onerous contracts
The Company recognises provisions for risks of onerous contracts. A contract is considered onerous when the unavoidable costs of meeting the obligations under the contract exceed the expected economic benefits to be received.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 19
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
On 30 November 2023, the company transferred the trade and assets of a significant revenue stream to a newly formed company in the group Ingeteam Ltd.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £95,926 (2023 - £84,623) . Contributions totalling £19,017 (2023 - £15,165) were payable to the fund at the reporting date and are included in creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
As at the year end, the parent undertaking of the smallest group is Renewable Energy Systems Limited, a Company incorporated in the United Kingdom. The parent undertaking of the largest group, which includes the Company and for which consolidated financial statements are prepared, is Renewable Energy Systems Holdings Limited, a Company incorporated in the United Kingdom. The address of their registered office is: Beaufort Court, Egg Farm Lane Off Station Road, Kings Langley, Hertfordshire, WD4 8LR.
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