Queequeg Renewables Ltd

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

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

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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.

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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)

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:

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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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