Year Ended
Registration number:
Ripple Energy Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Ripple Energy Limited
Company Information
Directors |
Miss S Merrick Mr W Dodd Mr M Parrag Mr S Peltenburg |
Registered office |
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Accountants |
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Ripple Energy Limited
Balance Sheet
31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Net assets/(liabilities) |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Ripple Energy Limited
Balance Sheet
31 March 2020
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 10565718
Ripple Energy Limited
Statement of Changes in Equity
Year Ended 31 March 2020
Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2019 |
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( |
( |
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
New share capital subscribed |
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- |
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Other share premium reserve movements |
- |
( |
- |
( |
At 31 March 2020 |
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( |
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2018 |
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( |
( |
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
New share capital subscribed |
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- |
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Other share premium reserve movements |
- |
( |
- |
( |
At 31 March 2019 |
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( |
( |
Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors’ have prepared the financial statements on a going concern basis. In forming this opinion the directors, having made all necessary enquiries and, in particular, note the following key points:
• Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity’s ability to continue as a going concern.
• The company continues to meet its liabilities as they fall due and expects to continue to do so for the foreseeable future, being no less than 12 months from the date of approval of these accounts.
• The directors have conducted and implemented a strategic review of the operations of the company, to include a full review of future funding requirements and sources and have scaled growth plans based on current market conditions.
Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Key accounting judgements and sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key estimates and judgements that have a significant effect on the amounts recognised in the financial statements are described below:
Going concern
As referred to in the policy above, the directors have used their judgement to ascertain that the company is a going concern.
Debtor recoverability
Other debtors receivable from Co-Pilot Wind Project Limited are valued at transaction price less any bad debt provision. This requires estimation regarding recoverability of the amounts receivable. The carrying amount is £87,815 (2019: £Nil).
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks |
10% straight line |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Short term convertible loans.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Short term convertible loans are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The residual amount is then recognised as equity. In subsequent periods the movement in the present value will be recognised as an interest expense.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Intangible assets |
Trademarks |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Amortisation |
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At 1 April 2019 |
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Amortisation charge |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Debtors |
2020 |
2019 |
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Other debtors |
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Prepayments |
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- |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Loans and borrowings |
- |
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Trade creditors |
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Social security and other taxes |
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- |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Convertible debt |
- |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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702.98 |
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500.10 |
On 2 August 2019, the 5001 ordinary shares in issue of £500, were subdivided into 500,100 shares of 0.1p each.
New shares allotted
During the year |
Other share premium reserve movements
The other movements in share premium of £33,299 (2019- £5,200) have arisen as a result of the costs of issuing shares being offset against share premium.
Ripple Energy Limited
Notes to the Financial Statements
Year Ended 31 March 2020
Related party transactions |
Advances to directors |
2020 |
At 1 April 2019 |
Advances to director |
Repayments by director |
At 31 March 2020 |
Director |
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Interest-free loan repayable on demand |
97 |
- |
( |
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2019 |
At 1 April 2018 |
Advances to director |
Repayments by director |
At 31 March 2019 |
Director |
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Interest-free loan repayable on demand |
- |
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- |
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Summary of transactions with other related parties