Registered number: 12353488
QUANTUM POWER TRANSFORMATION LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
|
QUANTUM POWER TRANSFORMATION LIMITED
REGISTERED NUMBER: 12353488
BALANCE SHEET
AS AT 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
NET CURRENT (LIABILITIES)/ASSETS
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
|
QUANTUM POWER TRANSFORMATION LIMITED
REGISTERED NUMBER: 12353488
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 9 form part of these financial statements.
|
QUANTUM POWER TRANSFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Quantum Power Transformation Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Bradfield Centre, 184 Cambridge Science Park, Cambridge, CB4 0GA.
The Company's functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
|
|
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
As detailed in Note 10, subsequent to the year end the Company issued 100,090 Ordinary shares of £0.0001 each for total consideration of £1,238k. Following receipt of this funding and given the cash balance held at the time of approving these financial statements thereon, combined with their ongoing support, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore they continue to adopt the going concern basis.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is expected to be 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
|
QUANTUM POWER TRANSFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
|
|
CASH AND CASH EQUIVALENTS
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
QUANTUM POWER TRANSFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
The average monthly number of employees, including directors, during the year was 3 (2022 - 3).
|
|
QUANTUM POWER TRANSFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
The intangible fixed asset comprises capitalised development expenditure in relation to the development of a product. The product is not yet ready to be marketed and therefore no amortisation has been charged.
|
|
QUANTUM POWER TRANSFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBTORS: AMOUNTS FALLING DUE IN ONE YEAR
|
|
|
|
|
|
|
|
|
|
Called up share capital not paid
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
QUANTUM POWER TRANSFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
CREDITORS: AMOUNTS FALLING DUE IN ONE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans represents a Government backed 'bounce back' loan, which was drawn down in May 2020. The loan is repayable in monthly instalments until May 2030 with interest charged at 2.5% per annum.
Other loans are unsecured, bear interest at 15% per annum and are repayable in full on 3 June 2024.
|
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans represents a Government backed 'bounce back' loan, which was drawn down in May 2020. The loan is repayable in monthly instalments until May 2030 with interest charged at 2.5% per annum.
|
|
QUANTUM POWER TRANSFORMATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
ALLOTTED, CALLED UP AND FULLY PAID
|
|
|
|
|
|
|
|
|
|
328,469 (2022 - 300,897) Ordinary shares of £0.0001 each
|
|
|
|
|
|
|
|
|
|
ALLOTTED, CALLED UP AND UNPAID
|
|
|
|
|
|
|
|
|
|
1,000,000 (2022 - 1,000,000) Ordinary shares of £0.0001 each
|
|
|
Share issue
On 5 October 2023 the Company issued 27,572 Ordinary shares of £0.0001 each at a rate of £12.58 per share. An amount of £346,856 being the difference between the total consideration and the total nominal value of £3 for the shares issued, has been included in the share premium account.
Warrants
On 27 August 2022 the Company granted 79,225 warrants for Ordinary shares of £0.0001 each at an exercise price of £4.0499. The warrants are exercisable immediately and expire on 25 April 2039 if unexercised.
Share capital has been restated to reclassify 79,225 warrants over Ordinary shares previously included within share capital. The adjustment appropriately reflects the substance of the agreement. The impact of this change is a reduction in in closing reserves of £8 at 31 December 2023.
Intangible fixed assets have been restated to reflect a change in accounting policy to recognise capitalised costs in relation to product development previously included within the profit and loss account. The impact of the change in accounting policy in the year ended 31 December 2022 is an increase in the profit and loss account of £379,533, with a corresponding increase in intangible fixed assets. The adjustment has also decreased the negative profit and loss account brought forward at 1 January 2022 by £267,265.
|
POST BALANCE SHEET EVENTS
|
Between 29 March 2024 and 30 April 2024 the Company issued 100,090 Ordinary shares of £0.0001 each for total consideration of £1,238k.
|