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REGISTERED NUMBER: 12294861 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

WATT ELECTRIC VEHICLE
COMPANY LIMITED

WATT ELECTRIC VEHICLE
COMPANY LIMITED (REGISTERED NUMBER: 12294861)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WATT ELECTRIC VEHICLE
COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr R R Mustard
Mr N Yates
Mr P T Faithfull





REGISTERED OFFICE: 1c St. Columb Industrial Estate
St. Columb
Cornwall
TR9 6SF





REGISTERED NUMBER: 12294861 (England and Wales)

WATT ELECTRIC VEHICLE
COMPANY LIMITED (REGISTERED NUMBER: 12294861)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,451 29,934

CURRENT ASSETS
Debtors 5 40,321 76,566
Cash at bank 3,771 5,367
44,092 81,933
CREDITORS
Amounts falling due within one year 6 2,208,926 1,058,336
NET CURRENT LIABILITIES (2,164,834 ) (976,403 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,133,383

)

(946,469

)

CREDITORS
Amounts falling due after more than one year 7 319,634 30,200
NET LIABILITIES (2,453,017 ) (976,669 )

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 74,980 74,980
Retained earnings (2,528,097 ) (1,051,749 )
(2,453,017 ) (976,669 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

WATT ELECTRIC VEHICLE
COMPANY LIMITED (REGISTERED NUMBER: 12294861)

BALANCE SHEET - continued
30 SEPTEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 November 2024 and were signed on its behalf by:





Mr N Yates - Director


WATT ELECTRIC VEHICLE
COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Watt Electric Vehicle Company 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.

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

It is recognised at the point the goods are supplied to the end customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

Taxation
Taxation for the year 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 balance sheet date.

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.

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.

WATT ELECTRIC VEHICLE
COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade 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.

Going concern
During the year ended 30 September 2024, the company incurred a loss for the year of £1,476,348 and had net liabilities at that date of £2,453,017.

The director considers the going concern basis to be appropriate due to the availability of support from the company's parent undertaking (including that undertaking not requesting repayment of any amounts owed to them by the company whilst any other creditors of the company remain unpaid, except to the extent that the company is able to discharge all its debts and liabilities as they fall due) and other mitigating actions that can be taken during that period.

The financial statements do not reflect any adjustments that would be necessary should the going concern basis not be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 17 ) .

WATT ELECTRIC VEHICLE
COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2023 3,500 1,168 3,025
Additions - 3,250 -
At 30 September 2024 3,500 4,418 3,025
DEPRECIATION
At 1 October 2023 - 182 149
Charge for year - 501 454
At 30 September 2024 - 683 603
NET BOOK VALUE
At 30 September 2024 3,500 3,735 2,422
At 30 September 2023 3,500 986 2,876

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 13,008 12,800 33,501
Additions - 6,374 9,624
At 30 September 2024 13,008 19,174 43,125
DEPRECIATION
At 1 October 2023 2,319 917 3,567
Charge for year 1,301 5,851 8,107
At 30 September 2024 3,620 6,768 11,674
NET BOOK VALUE
At 30 September 2024 9,388 12,406 31,451
At 30 September 2023 10,689 11,883 29,934

WATT ELECTRIC VEHICLE
COMPANY LIMITED (REGISTERED NUMBER: 12294861)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,976 -
Amounts owed by group undertakings - 1,173
Other debtors 38,345 75,393
40,321 76,566

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,751 10,126
Trade creditors 25,569 75,964
Amounts owed to group undertakings 1,927,992 879,018
Taxation and social security 54,459 18,658
Other creditors 190,155 74,570
2,208,926 1,058,336

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 319,634 30,200