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REGISTERED NUMBER: 10044404 (England and Wales)















INTELLIGENT POWER GENERATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INTELLIGENT POWER GENERATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: S R Hansford
J M Rushton-Turner : Executive Chairman





REGISTERED OFFICE: 4 The Gables
Vale Of Health
London
NW3 1AY





REGISTERED NUMBER: 10044404 (England and Wales)





ACCOUNTANTS: Atkinson Finch & Co
Chartered Accountants
Central Chambers
45-47 Albert Street
Rugby
Warwickshire
CV21 2SG

INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,018 21,850

CURRENT ASSETS
Debtors 5 352,232 412,892
Cash at bank 50,581 424,741
402,813 837,633
CREDITORS
Amounts falling due within one year 6 71,804 258,268
NET CURRENT ASSETS 331,009 579,365
TOTAL ASSETS LESS CURRENT
LIABILITIES

348,027

601,215

CREDITORS
Amounts falling due after more than one
year

7

996,634

16,310
NET (LIABILITIES)/ASSETS (648,607 ) 584,905

CAPITAL AND RESERVES
Called up share capital 9 3,764 3,764
Share premium 10 6,648,663 6,648,663
Retained earnings 10 (7,301,034 ) (6,067,522 )
(648,607 ) 584,905

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)

BALANCE SHEET - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th August 2024 and were signed on its behalf by:





J M Rushton-Turner : Executive Chairman - Director


INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Intelligent Power Generation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost. The company has no subsidiaries.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fit out - 33% on reducing balance
Computer Equipment - 33% on reducing balance
Machinery - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Tax losses are recognised only to the extent that it is probable that they will be recovered including through repayable research and development tax credits.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

The company has invested approximately £8.5m of funds in its development work to date and holds granted patents registered at the UK Intellectual Property Office and has been granted patents, and has filed for grant, in various other countries further to the Patent Co-Operation Treaty.

INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company makes contributions alongside employees to a defined contribution workplace pension scheme operated by NEST. Contributions payable by the company are charged to profit or loss in the period to which they relate.

Hire purchase and lease commitments
Rentals paid under operating leases are charged to profit of loss on a straight line basis over the period of the lease.

Intangible asset
The company has (thus far) expensed all of its Research and Development Spend and not sought to recognise a carrying value for an intangible asset in respect of the intellectual property resulting from such work. See note 15 for the comparator position if an intangible asset had been recognised (for example under FRS 102 Para 18.8H).

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Computer
Fit out Equipment Machinery Totals
£    £    £    £   
COST
At 1st April 2023 19,023 7,757 12,032 38,812
Additions 3,676 - - 3,676
At 31st March 2024 22,699 7,757 12,032 42,488
DEPRECIATION
At 1st April 2023 6,341 6,610 4,011 16,962
Charge for year 5,452 382 2,674 8,508
At 31st March 2024 11,793 6,992 6,685 25,470
NET BOOK VALUE
At 31st March 2024 10,906 765 5,347 17,018
At 31st March 2023 12,682 1,147 8,021 21,850

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,000 -
Other debtors 16,753 30,855
Tax credits repayable 305,620 322,977
Rent deposits 11,808 11,160
Prepayments 8,051 47,900
352,232 412,892

INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

The Research and Development Payable Tax Credit represent the amount accrued from 1st April 2023. The RDTC at 31st March 2023 was repaid in September 2023.

The company has an office in London and has signed a license through to 31st January 2025 and has provided a rent deposit (£11,808).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 40,683 95,447
Social security and other taxes 24,026 153,398
Accruals and deferred income 7,095 9,423
71,804 258,268

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

20242023
Working Capital Facility Agreement££

Capital Element

964,262

-
Interest Element32,37216,310
996,63416,310


The WCFA is provided by Mr Rushton-Turner (the leading shareholder). Amounts outstanding under it are restated to be repayable from, but limited in recourse (absent default events) to, future R&D tax credit repayments and/or input VAT credits. Within the overall limit of £800,000 on capital outstanding, (as may be increased with lender consent and as was increased in the year), further advances may be made against anticipated future credits. Interest at 5% pa accrues on any outstanding capital balance from time to time and on the prior year end interest balance at the subsequent year end, such interest being repayable only after all capital is repaid. Advances of £964,262 were made in the year.The company may repay the facility at any time. It is anticipated that further advances will be made in the next accounting period.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 73,200 70,500
Between one and five years 42,205 66,205
115,405 136,705

The above commitments are in respect of the Company's business office in London and its test plant facility in Hertfordshire.

INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

9. CALLED UP SHARE CAPITAL

2024 2023


Number
Nominal
Value

Number
Nominal
Value
£ £
A1 Ordinary Shares 2,999,000 2,999 2,999,000 2,999
A2 Ordinary Shares 1,000 1 1,000 1
B Ordinary Shares 763,664 764 763,664 764
Total Shares 3,763,664 3,764 3,500,000 3,764
Share Premium 6,648,663 6,648,427
Aggregate 6,652,427 6,652,427

All the ordinary shares participate pro rata to their nominal value in income, dividends, distributions, capital, surplus and assets in a winding up.

All shares carry two votes in general meetings save that until a value hurdle is achieved: (1) the A1 Ordinary Shares carry only one vote (2) but the A2 Ordinary Shares (together) also have one vote for each A1 Ordinary Share in issue.

The Company also has authority to issue options to qualifying employees under an approved EMI share scheme to subscribe in the future for C Ordinary Shares (with the same rights as the other ordinary shares) - shares held under such options not to exceed 10% of the total share capital.

As at the year end options had been granted over 250,000 such shares of which 194,800 options have vested and the balance vest in equal semi-annual instalments up to 15th December 2024. The vesting and exercise of options are subject to conditions in accordance with what is understood to be best practice for employee share schemes.

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1st April 2023 (6,067,522 ) 6,648,663 581,141
Deficit for the year (1,233,512 ) (1,233,512 )
At 31st March 2024 (7,301,034 ) 6,648,663 (652,371 )

11. RETAINED EARNINGS

£
Retained Deficit carried forward per prior year accounts (6,067,522 )
Current Year
Loss Before Taxation (1,539,132 )
RDTCs 305,620
(7,301,034 )

INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

12. DEVELOPMENT EXPENDITURE - INTANGIBLE ASSET - COMPARATOR

We refer to Note 2 (Intangible Asset). We set out below the position if the company's direct development expenditure had been fully recognised as an intangible asset rather than fully expensed as revenue cost through the profit and loss account. A reasonable approximation of the direct development expenditure is the qualifying expenditure for Research and Development Tax Credits ("RDTCs") (which excludes all other business costs and indirect and overhead expenditure).


No Recognition
(current position)
Comparator
Recognition
£ £
Other Assets & Liabilities (648,607 ) (648,607 )
Intangible Asset - 8,524,414
Net Assets (648,607 ) 7,875,807

Share Capital and Share Premium 6,652,427 6,652,427
Retained Earnings (7,301,034 ) 1,223.380
Shareholders Funds (648,607 ) 7,875,807