Acorah Software Products - Accounts Production 16.6.950 false true true 31 January 2024 1 February 2023 false 1 February 2024 31 January 2025 31 January 2025 11780524 Mr Daniele Stiglitz Mrs Gabriella Palla iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11780524 2024-01-31 11780524 2025-01-31 11780524 2024-02-01 2025-01-31 11780524 frs-core:CurrentFinancialInstruments 2025-01-31 11780524 frs-core:Non-currentFinancialInstruments 2025-01-31 11780524 frs-core:PlantMachinery 2025-01-31 11780524 frs-core:PlantMachinery 2024-02-01 2025-01-31 11780524 frs-core:PlantMachinery 2024-01-31 11780524 frs-core:WithinOneYear 2025-01-31 11780524 frs-core:ShareCapital 2025-01-31 11780524 frs-core:RetainedEarningsAccumulatedLosses 2025-01-31 11780524 frs-bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 11780524 frs-bus:FilletedAccounts 2024-02-01 2025-01-31 11780524 frs-bus:SmallEntities 2024-02-01 2025-01-31 11780524 frs-bus:AuditExempt-NoAccountantsReport 2024-02-01 2025-01-31 11780524 frs-bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 11780524 frs-bus:OrdinaryShareClass2 2024-02-01 2025-01-31 11780524 frs-bus:OrdinaryShareClass2 2025-01-31 11780524 frs-bus:OrdinaryShareClass3 2024-02-01 2025-01-31 11780524 frs-bus:OrdinaryShareClass3 2025-01-31 11780524 frs-core:CostValuation 2024-01-31 11780524 frs-core:DisposalsRepaymentsInvestments 2025-01-31 11780524 frs-core:CostValuation 2025-01-31 11780524 frs-core:ProvisionsForImpairmentInvestments 2024-01-31 11780524 frs-core:ProvisionsForImpairmentInvestments 2025-01-31 11780524 frs-bus:Director1 2024-02-01 2025-01-31 11780524 frs-bus:Director2 2024-02-01 2025-01-31 11780524 frs-countries:EnglandWales 2024-02-01 2025-01-31 11780524 2023-01-31 11780524 2024-01-31 11780524 2023-02-01 2024-01-31 11780524 frs-core:CurrentFinancialInstruments 2024-01-31 11780524 frs-core:Non-currentFinancialInstruments 2024-01-31 11780524 frs-core:WithinOneYear 2024-01-31 11780524 frs-core:ShareCapital 2024-01-31 11780524 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 11780524 frs-bus:OrdinaryShareClass2 2023-02-01 2024-01-31 11780524 frs-bus:OrdinaryShareClass3 2023-02-01 2024-01-31
Registered number: 11780524
Queequeg Renewables Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2025
Main Office
Queequeg Renewables Ltd
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—8

Page 1
Queequeg Renewables Ltd
Balance Sheet
As At 31 January 2025
Balance Sheet
Registered number: 11780524

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 100,329 |  | 100,764
Fixed asset Investments | 5 |  | 48,354 |  | 48,837
|  |  | 148,683 |  | 149,601
CURRENT ASSETS
Debtors | 6 | 1,390,134 |  | 1,644,231 |
Cash at bank and in hand |  | 895,625 |  | 955,267 |
|  | 2,285,759 |  | 2,599,498 |
Creditors: Amounts Falling Due Within One Year | 7 | (1,285,317 ) |  | (1,652,773 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 1,000,442 |  | 946,725
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,149,125 |  | 1,096,326
Creditors: Amounts Falling Due After More Than One Year | 8 |  | (44,690 ) |  | (25,317 )
PROVISIONS FOR LIABILITIES
Deferred Taxation | 10 |  | (10,033 ) |  | (10,033 )
NET ASSETS |  |  | 1,094,402 |  | 1,060,976
CAPITAL AND RESERVES
Called up share capital | 11 |  | 1,000 |  | 1,000
Profit and Loss Account |  |  | 1,093,402 |  | 1,059,976
SHAREHOLDERS' FUNDS |  |  | 1,094,402 |  | 1,060,976

Page 1
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Queequeg Renewables Ltd
Balance Sheet (continued)
As At 31 January 2025
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements of Queequeg Renewables Ltd (registered number: 11780524) were approved and authorised for issue by the board of directors on 30/10/2025. They were signed on its behalf by:

Mrs Gabriella Palla Director
30/10/2025

The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Queequeg Renewables Ltd
Notes to the Financial Statements
For The Year Ended 31 January 2025
Notes to the Financial Statements
1. General Information
Queequeg Renewables Ltd (the "Company") 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 its registered office is 1st Floor, The Works, 14 Turnham Green Terrace Mews, London, W4 1QU, England, United Kingdom.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' issued by the Financial Reporting Council 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 FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in accordance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Management has considered the areas of judgement and estimation applicable to the company and concluded that there are no critical judgements or key sources of estimation uncertainty that are expected to have a material impact on the financial statements.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight- line or reducing balance basis over its expected useful life, as follows:

Plant & Machinery | 3-4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5. Investments
Fixed asset Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at cost less impairment.
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Queequeg Renewables Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
2.6. Leasing and Hire Purchase Contracts
The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive of Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
2.7. Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a 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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
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Queequeg Renewables Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
2.8. Foreign Currencies
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
2.9. Taxation
Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
2.10. Group accounts exemption
Group accounts exemption s399
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.
During the year, the composition of the group was simplified following an internal reorganisation. These changes do not affect the Company’s eligibility to apply the small-group exemption.
2.11. Called up share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from proceeds.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 33 (2024: 22)
33 22
4. Tangible Assets

| Plant & Machinery
--- | ---
| £
Cost
As at 1 February 2024 | 148,113
Additions | 62,286
Disposals | (28,420 )
As at 31 January 2025 | 181,979
Depreciation
As at 1 February 2024 | 47,349
Provided during the period | 38,554
Disposals | (4,253 )
As at 31 January 2025 | 81,650
Net Book Value
As at 31 January 2025 | 100,329
As at 1 February 2024 | 100,764

Leased assets included above:
Page 5
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Queequeg Renewables Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025

At Net book value |  | Motor Vehicles
|  | £
At 31 January 2025 |  | 70,494
At 31 January 2024 |  | 41,746

5. Fixed asset Investments

| Subsidiaries | Associates | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 February 2024 | 48,788 | 49 | 48,837
Disposals | (483 ) | - | (483 )
As at 31 January 2025 | 48,305 | 49 | 48,354
Provision
As at 1 February 2024 | - | - | -
As at 31 January 2025 | - | - | -
Net Book Value
As at 31 January 2025 | 48,305 | 49 | 48,354
As at 1 February 2024 | 48,788 | 49 | 48,837

Investments in shares

Name of entity | Registered office | Nature of business | Class of shares | Ownership 31.01.2025 | Ownership 31.01.2024
Queequeg Renewables Due Srl (SPV) | Milano ( MI), Piazza Cinque Giornate, 10 CAP, 20129, Italy | Other Engineering Activities | Nominal | 100.00% | 100.00%
Queequeg Renewables Tre Srl (SPV) | Milano ( MI), Piazza Cinque Giornate, 10 CAP, 20129, Italy | Other Engineering Activities | Nominal | 100.00% | 100.00%
ETP-QQR Energy Limited | 2nd Floor, The Works, 14 Turnham Green Terrace Mews, London, England, W41QU | Other Engineering Activities | Ordinary | 49.00% | 49.00%
Queequeg Renewables Italia Ltd | 2nd Floor, The Works, 14 Turnham Green Terrace Mews, London, England, W41QU | Other Engineering Activities | Ordinary | 100.00% | 100.00%
Queequeg Renewables UK Ltd | 2nd Floor, The Works, 14 Turnham Green Terrace Mews, London, England, W41QU | Other Engineering Activities | Ordinary | 100.00% | 100.00%
QQR Project Company 9 Ltd | 2nd Floor, The Works, 14 Turnham Green Terrace Mews, London, England, W41QU | Other Engineering Activities | Ordinary | 100.00% | 100.00%

During the year, management identified that the prior year’s disclosure of fixed asset investments included certain entities that were not owned by the Company. The disclosure has been corrected in the current year’s financial statements.
In addition, as part of a group restructuring, certain investments were transferred to other group entities.
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Queequeg Renewables Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
6. Debtors

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | 737,014 |  | 1,519,945
Other debtors | 653,120 |  | 124,286
| 1,390,134 |  | 1,644,231

7. Creditors: Amounts Falling Due Within One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 18,716 |  | 12,350
Trade creditors | 617,222 |  | 538,972
Taxation and social security | 171,244 |  | 195,846
Other creditors | 289,011 |  | 595,355
Amounts owed to subsidiaries | 2 |  | 2
Amounts owed to parent undertaking | 11,851 |  | 16,851
Amounts owed to associates | 177,271 |  | 293,397
| 1,285,317 |  | 1,652,773

There are no amounts included above in respect of which any security has been given by the small entity.
Amounts owed to group undertakings are repayable on demand and bear no interest.
8. Creditors: Amounts Falling Due After More Than One Year

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other creditors | 44,690 |  | 25,317

There are no amounts included above in respect of which any security has been given by the small entity.
9. Obligations Under Finance Leases and Hire Purchase

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 18,716 |  | 12,350

10. Deferred Taxation
No movement has been recognised in the current year, as the company did not have material timing differences between accounting and taxable profits at 31 January 2025. The directors consider it appropriate to maintain the deferred tax liability balance carried forward until the timing differences are reversed.

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Other timing differences | 10,033 |  | 10,033

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Queequeg Renewables Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 January 2025
11. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
950 Ordinary A shares of £ 1.00 each | 950 |  | 950
50 Ordinary B shares of £ 1.00 each | 50 |  | 50
| 1,000 |  | 1,000

12. Pension Commitments
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The charge for the year was £63,478 (2024: £19,402). A liability due to the fund of £14,528 (2024: £8,977) is including in the creditors.
13. Post Balance Sheet Events
There have been no events after the balance sheet date which materially affect these financial statements.
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