REGISTERED NUMBER: |
ARISE RENEWABLE ENERGY UK LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
17 AUGUST 2021 TO 31 DECEMBER 2022 |
REGISTERED NUMBER: |
ARISE RENEWABLE ENERGY UK LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE PERIOD |
17 AUGUST 2021 TO 31 DECEMBER 2022 |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Statement of Financial Position | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
ARISE RENEWABLE ENERGY UK LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Celixir House |
Stratford Business and Technology Park |
Stratford-upon-Avon |
Warwickshire |
CV37 7GZ |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
STRATEGIC REPORT |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
The directors present their strategic report for the period 17 August 2021 to 31 December 2022. |
REVIEW OF BUSINESS |
Arise Renewable Energy UK Limited is a wholly owned subsidiary of Arise Wind HoldCo 5 AB. The company is part of the Arise Group, which develops, constructs and sells solar and wind farms and asset management of these farms. Arise AB (publ) is a Swedish public limited liability company listed on Nasdaq Stockholm. |
The results for the year and financial position of the Company are shown in the annexed financial statements. |
The company was incorporated on 17 August 2021, the first accounting period being made up to 31 December 2022. |
During its first year of operation, the company incurred development costs for future sales and thus shows a negative result of £361,357. |
The start-up of the company has required intra-group loans, which at the end of the year amounts to £456,002. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's principal risk is external risks. Arise believes there will be demand for electricity produced from wind and solar power for the foreseeable future. However, continuing technological development could mean that technologies other than wind and solar power become more competitive in the future. |
Furthermore, Arise is dependent on income from divesting operational and construction-ready projects to external investors. Through its comprehensive project portfolio and its platform for construction and asset management, Arise is, in terms of its competitive advantages, one of few players in the market able to provide landowners and investors with a complete concept for solar and wind farm construction, including project rights, grid connections and large scale procurement of panels and turbines. The market is competitive and there is the risk that Arise will not be able to adapt its projects to industrial and technological developments to thereby ensure its future competitiveness. An industrial perspective, combined with the company's own control over the expansion of the operations, are some of the most important prerequisites for the Group's future competitiveness. |
The Company is also exposed to the following risks: |
Financial risks |
As a result of the following factors - energy price movements, certificate price, currency, interest rate, financing, capital, liquidity and credit |
Operational risks |
As a result of the following factors - operations, operating expenses and capital expenditures, permits and other rights, key individuals, sub-contractors, contracts, disputes, insurance, IT environment and other risk management' |
FUTURE DEVELOPMENTS |
Solar - DCO scale solar + storage facility under development in Southern England on behalf of Arise AB. Land under exclusivity, grid connection accepted in Q1 2023 and tendering underway to appoint key development consultants. |
Wind - up to 20 WTG development near Broadford on the Isle of Skye on behalf of Arise. Land under exclusivity, grid applied for and EIA assessments well underway. |
ON BEHALF OF THE BOARD: |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
The directors present their report with the financial statements of the company for the period 17 August 2021 to 31 December 2022. |
INCORPORATION |
The company was incorporated on 17 August 2021 and commenced trading on the same date. |
DIVIDENDS |
No dividends will be distributed for the period ended 31 December 2022. |
DIRECTORS |
The directors who have held office during the period from 17 August 2021 to the date of this report are as follows: |
All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
DIRECTORS INDEMNITY INSURANCE |
Qualifying third party indemnity provision is in place for the benefit of all directors of the company. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
AUDITORS |
The auditors, Murphy Salisbury Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARISE RENEWABLE ENERGY UK LIMITED |
Opinion |
We have audited the financial statements of Arise Renewable Energy UK Limited (the 'company') for the period ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 Auditors' 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 UK, including the FRC'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. |
Conclusions relating to going concern |
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. |
In forming our opinion, which is not qualified, we have considered the adequacy of the disclosure made in note 2 of the financial statements concerning the company's ability to continue as a going concern. As at 31 December 2022 the company had net current liabilities of £361,357. These conditions along with the other matters explained in note 2 to the financial statements indicate the existence of material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. |
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. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARISE RENEWABLE ENERGY UK LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was considered capable of detecting irregularities, including fraud |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARISE RENEWABLE ENERGY UK LIMITED |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to going concern. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation. |
Audit response to risks identified |
As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reading minutes of meetings of those charged with governance; |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARISE RENEWABLE ENERGY UK LIMITED |
Use of our report |
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 a Report of the Auditors 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 and Statutory Auditors |
Celixir House |
Stratford Business and Technology Park |
Stratford-upon-Avon |
Warwickshire |
CV37 7GZ |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
Notes | £ |
TURNOVER |
Administrative expenses |
OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
) |
Tax on loss | 5 |
LOSS FOR THE FINANCIAL PERIOD | ( |
) |
Retained earnings at beginning of period |
RETAINED EARNINGS AT END OF PERIOD |
( |
) |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
RESERVES |
Retained earnings | 10 | ( |
) |
( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
STATEMENT OF CASH FLOWS |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Share issue |
Net cash from financing activities |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of period |
2 |
Cash and cash equivalents at end of period |
2 |
18,152 |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Loss before taxation | ( |
) |
Increase in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Period ended 31 December 2022 |
31.12.22 | 17.8.21 |
£ | £ |
Cash and cash equivalents | 18,152 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 17.8.21 | Cash flow | At 31.12.22 |
£ | £ | £ |
Net cash |
Cash at bank | - | 18,152 | 18,152 |
- | 18,152 |
Total | - | 18,152 | 18,152 |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Arise Renewable Energy UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Arise Renewable Energy UK Limited are a renewable energy provider. |
The functional currency of the Company and the presentation currency of the financial statements is the Pound Sterling (£) which is the financial currency of the company and rounded to the nearest £1. |
Going concern |
The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. |
During the year the company made a loss of £361,357 and as at 31 December 2022, the company had net current liabilities of £611,832 and net liabilities of £361,357, which could indicate that the company has insufficient resources to continue trading for the foreseeable future. However, the directors believe that it is appropriate to prepare the financial statements on the going concern basis due to the ongoing financial support of its parent entity, Northampton Town Ventures Limited and its directors. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
Useful economic lives of property, plant and equipment |
The annual depreciation charge for property, plant and equipment is sensitive to changes in estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. |
Impairment of trade receivables |
The company makes an estimate of the recoverable amount of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. |
Tangible fixed assets |
Long leasehold | - |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the assets have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining liability. |
Rentals payable under operating leases are charged to in the statement of comprehensive income on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company operates a defined contribution pension scheme. The contributions are recognised as an expense when they are due. Amounts not paid are shown in other creditors in the statement of financial position. |
Holiday pay |
Holiday pay is recognised as an expense in the period in which the service is received. |
3. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Directors |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
3. | EMPLOYEES AND DIRECTORS - continued |
2022 |
£ |
Wages and salaries | 268,715 |
Social security costs | 39,127 |
Other pension costs | 6,960 |
314,802 |
The average monthly number of employees during the year was as follows: |
2022 |
Directors | 2 |
2 |
£ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
£ |
Other operating leases |
Auditors' remuneration |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the period. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
£ |
Loss before tax | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Losses carried forward | 68,677 |
Total tax charge | - |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
6. | TANGIBLE FIXED ASSETS |
Long |
leasehold |
£ |
COST |
Additions |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
VAT |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accruals and deferred income |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
£ |
Within one year |
10. | RESERVES |
Retained |
earnings |
£ |
At 17 August 2021 |
Deficit for the period | ( |
) |
At 31 December 2022 | ( |
) |
11. | PENSION COMMITMENTS |
The cost to the Company during the year was £6,960. The outstanding contributions payable at 31 December 2022 amounted to £1,114. |
ARISE RENEWABLE ENERGY UK LIMITED (REGISTERED NUMBER: 13569939) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 17 AUGUST 2021 TO 31 DECEMBER 2022 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking is Arise AB which is registered in Sweden. |
At the date of approval of these financial statements, the smallest and the largest group in which the company's accounts are consolidated is that headed by Arise AB, the accounts of which can be obtained from Box 808, 301 18 Halmstad, Sweden |