Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01falseDeveloping advanced sustainable power conversion solutions33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12353488 2023-01-01 2023-12-31 12353488 2022-01-01 2022-12-31 12353488 2023-12-31 12353488 2022-12-31 12353488 1 2023-01-01 2023-12-31 12353488 d:Director4 2023-01-01 2023-12-31 12353488 c:PlantMachinery 2023-01-01 2023-12-31 12353488 c:PlantMachinery 2023-12-31 12353488 c:PlantMachinery 2022-12-31 12353488 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12353488 c:OfficeEquipment 2023-01-01 2023-12-31 12353488 c:OfficeEquipment 2023-12-31 12353488 c:OfficeEquipment 2022-12-31 12353488 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12353488 c:ComputerEquipment 2023-01-01 2023-12-31 12353488 c:ComputerEquipment 2023-12-31 12353488 c:ComputerEquipment 2022-12-31 12353488 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12353488 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12353488 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12353488 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12353488 c:CurrentFinancialInstruments 2023-12-31 12353488 c:CurrentFinancialInstruments 2022-12-31 12353488 c:Non-currentFinancialInstruments 2023-12-31 12353488 c:Non-currentFinancialInstruments 2022-12-31 12353488 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 12353488 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 12353488 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 12353488 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 12353488 c:ShareCapital 2023-12-31 12353488 c:ShareCapital 2022-12-31 12353488 c:SharePremium 2023-12-31 12353488 c:SharePremium 2022-12-31 12353488 c:RetainedEarningsAccumulatedLosses 2023-12-31 12353488 c:RetainedEarningsAccumulatedLosses 2022-12-31 12353488 d:OrdinaryShareClass1 2023-01-01 2023-12-31 12353488 d:OrdinaryShareClass1 2023-12-31 12353488 d:OrdinaryShareClass1 2022-12-31 12353488 d:FRS102 2023-01-01 2023-12-31 12353488 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12353488 d:FullAccounts 2023-01-01 2023-12-31 12353488 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12353488 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 12353488 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

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

2023
As restated 2022
Note
£
£

FIXED ASSETS
  

Intangible assets
  
1,093,194
646,798

Tangible assets
 5 
38,156
4,592

  
1,131,350
651,390

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
31,342
31,260

Cash at bank and in hand
  
117,552
299,895

  
148,894
331,155

Creditors: amounts falling due within one year
 7 
(207,354)
(86,155)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(58,460)
 
 
245,000

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,072,890
896,390

Creditors: amounts falling due after more than one year
 8 
(30,090)
(35,646)

  

NET ASSETS
  
1,042,800
860,744


CAPITAL AND RESERVES
  

Called up share capital 
 9 
133
130

Share premium account
  
1,674,971
1,328,115

Profit and loss account
  
(632,304)
(467,501)

  
1,042,800
860,744


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.
Page 1

 
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: 




R J Baines
Director

Date: 31 July 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

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

 
2.1

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:

 
2.2

GOING CONCERN

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.

 
2.3

RESEARCH AND DEVELOPMENT

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.

 
2.4

INTANGIBLE ASSETS

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.

Page 3

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

TANGIBLE FIXED ASSETS

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:

Plant and machinery
-
25%
straight-line
Office equipment
-
33%
straight-line
Computer equipment
-
33%
straight-line

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.

 
2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.7

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.

 
2.8

CREDITORS

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.

Page 4

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TAXATION

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Development expenditure

£



COST


At 1 January 2023
646,798


Additions
446,396



At 31 December 2023

1,093,194






NET BOOK VALUE



At 31 December 2023
1,093,194



At 31 December 2022
646,798

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.



Page 6

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



COST


At 1 January 2023
4,723
170
6,325
11,218


Additions
39,844
116
-
39,960



At 31 December 2023

44,567
286
6,325
51,178



DEPRECIATION


At 1 January 2023
2,936
91
3,599
6,626


Charge for the year on owned assets
4,234
54
2,108
6,396



At 31 December 2023

7,170
145
5,707
13,022



NET BOOK VALUE



At 31 December 2023
37,397
141
618
38,156



At 31 December 2022
1,787
79
2,726
4,592


6.


DEBTORS: AMOUNTS FALLING DUE IN ONE YEAR

2023
2022
£
£


Other debtors
24,512
24,125

Called up share capital not paid
100
100

Prepayments and accrued income
6,730
7,035

31,342
31,260


Page 7

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE IN ONE YEAR

2023
2022
£
£

Bank loans
5,556
5,556

Other loans
108,630
-

Trade creditors
65,121
44,846

Other taxation and social security
1,351
-

Other creditors
-
31

Accruals and deferred income
26,696
35,722

207,354
86,155


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. 


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
30,090
35,646

30,090
35,646


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. 

Page 8

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



328,469 (2022 - 300,897) Ordinary shares of £0.0001 each
32.8469
30.0897

ALLOTTED, CALLED UP AND UNPAID



1,000,000 (2022 - 1,000,000) Ordinary shares of £0.0001 each
100.0000
100.0000


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.


10.


PRIOR YEAR ADJUSTMENT

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.


11.


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.

Page 9