Company registration number 08313356 (England and Wales)
POWERVAULT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
POWERVAULT LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
POWERVAULT LTD (REGISTERED NUMBER: 08313356)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
3
2,493
3,740
Property, plant and equipment
4
36,525
43,807
39,018
47,547
Current assets
Inventories
699,338
832,855
Trade and other receivables
5
345,211
603,301
Cash and cash equivalents
2,313,173
3,344,181
3,357,722
4,780,337
Current liabilities
6
(437,668)
(502,504)
Net current assets
2,920,054
4,277,833
Total assets less current liabilities
2,959,072
4,325,380
Non-current liabilities
7
(214,611)
(321,554)
Net assets
2,744,461
4,003,826
Equity
Called up share capital
8
8,163
7,942
Share premium account
15,901,470
15,570,192
Retained earnings
(13,165,172)
(11,574,308)
Total equity
2,744,461
4,003,826
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
POWERVAULT LTD (REGISTERED NUMBER: 08313356)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 July 2024 and are signed on its behalf by:
Mr J Warren
Director
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Powervault Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Garrick Industrial Estate, Irving Way, Hendon, London, England, NW9 6AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods 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.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
10 years
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
20% straight line
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.
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
20
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
12,469
Amortisation and impairment
At 1 January 2023
8,729
Amortisation charged for the year
1,247
At 31 December 2023
9,976
Carrying amount
At 31 December 2023
2,493
At 31 December 2022
3,740
4
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
36,534
71,940
70,663
179,137
Additions
2,402
2,970
5,372
At 31 December 2023
36,534
74,342
73,633
184,509
Depreciation and impairment
At 1 January 2023
30,895
35,507
68,928
135,330
Depreciation charged in the year
1,410
9,544
1,700
12,654
At 31 December 2023
32,305
45,051
70,628
147,984
Carrying amount
At 31 December 2023
4,229
29,291
3,005
36,525
At 31 December 2022
5,639
36,433
1,735
43,807
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
9,960
120,882
Other receivables
335,251
482,419
345,211
603,301
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Trade and other receivables
(Continued)
- 6 -
6
Current liabilities
2023
2022
£
£
Trade payables
9,128
86,753
Taxation and social security
47,603
50,193
Other payables
380,937
365,558
437,668
502,504
Included within other payables is a warranty provision of £84,548 (2022: £105,906) and deferred income of £nil (2022: £2,500).
7
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
128,302
Other payables
214,611
193,252
214,611
321,554
As at the balance sheet date, there was a long term loan of £nil (2022: £128,302), this is secured against the assets of the company.
Other payables represents a warranty provision of £214,611 (2022: £193,253).
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 0.01p each
79,634,400
77,896,100
8,010
7,790
Investment B of 0.01p each
1,525,500
1,525,500
153
152
81,159,900
79,421,600
8,163
7,942
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
208,874
242,798