Company registration number 14353824 (England and Wales)
POWERSAVING (HOLDINGS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 15 DECEMBER 2024
POWERSAVING (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr A Richardson
Mr G H Maxwell
(Appointed 16 December 2024)
Mr T Cummins
(Appointed 16 December 2024)
Company number
14353824
Registered office
Units 1 - 7 Dukeries Court
Medenside
Meden Vale
Mansfield
Nottinghamshire
NG20 9QU
Accountants
Jamieson Alexander Audit Limited
Unit B2
The Point
Weaver Road
Lincoln
LN6 3QN
POWERSAVING (HOLDINGS) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
POWERSAVING (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 15 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the period ended 15 December 2024.

Principal activities

The principal activity of the company is to act as a holding company for entities involved in the manufacture, hire and sale of battery power units for commercial use.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mrs H K Richardson
(Resigned 12 September 2024)
Mr A Richardson
Mr G H Maxwell
(Appointed 16 December 2024)
Mr T Cummins
(Appointed 16 December 2024)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr A Richardson
Director
13 January 2025
POWERSAVING (HOLDINGS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POWERSAVING (HOLDINGS) LIMITED FOR THE PERIOD ENDED 15 DECEMBER 2024
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Powersaving (Holdings) Limited for the period ended 15 December 2024 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Powersaving (Holdings) Limited, as a body, in accordance with the terms of our engagement letter dated 4 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Powersaving (Holdings) Limited and state those matters that we have agreed to state to the board of directors of Powersaving (Holdings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Powersaving (Holdings) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Powersaving (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Powersaving (Holdings) Limited. You consider that Powersaving (Holdings) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Powersaving (Holdings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Jamieson Alexander Audit Limited
13 January 2025
Chartered Accountants
Unit B2
The Point
Weaver Road
Lincoln
LN6 3QN
POWERSAVING (HOLDINGS) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 15 DECEMBER 2024
- 3 -
Period
Year
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(5,125)
-
0
Loss before taxation
(5,125)
-
0
Tax on loss
-
0
-
0
Loss for the financial period
(5,125)
-
0

The profit and loss account has been prepared on the basis that all operations are continuing operations.

POWERSAVING (HOLDINGS) LIMITED
BALANCE SHEET
AS AT 15 DECEMBER 2024
15 December 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
100
-
0
Current assets
Debtors
5
1,025
-
0
Cash at bank and in hand
1
1
1,026
1
Creditors: amounts falling due within one year
6
(6,150)
-
0
Net current (liabilities)/assets
(5,124)
1
Net (liabilities)/assets
(5,024)
1
Capital and reserves
Called up share capital
101
1
Profit and loss reserves
(5,125)
-
0
Total equity
(5,024)
1

For the financial period ended 15 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Mr A Richardson
Director
Company registration number 14353824 (England and Wales)
POWERSAVING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 15 DECEMBER 2024
- 5 -
1
Accounting policies
Company information

Powersaving (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 1 - 7 Dukeries Court, Medenside, Meden Vale, Mansfield, Nottinghamshire, NG20 9QU.

1.1
Reporting period

The company has prepared financial statements to the day before the acquisition of the company's entire share capital by Project Volta Bidco Limited, resulting in a 50 week financial period. Accordingly, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has adopted FRS 102 in the period. There are no changes to the company's previously reported financial information.

The company has taken advantage of the exemption conferred by section 399 of the Companies Act 2006 not to prepare consolidated accounts on the basis that the group of which the company is the parent entity qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

The financial statements have been prepared on the going concern basis, notwithstanding the fact that the company incurred a net loss of £5,125 during the period ended 15 December 2024 and, as of that date, the company’s current liabilities exceeded its total assets by £5,024. The directors believe this treatment to be appropriate for the following reasons.

 

The company is dependent for its working capital on funds provided to it by other members of the Project Volta Topco group. On 16 December 2024, the group received significant investment from LDC, the private equity investor which is part of Lloyds Banking Group. The new ultimate parent company has committed to allocate funding across the group to meet its operational cash flow requirements.

 

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

POWERSAVING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 15 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

POWERSAVING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 15 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
-
0
POWERSAVING (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 15 DECEMBER 2024
4
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
100
At 15 December 2024
100
Carrying amount
At 15 December 2024
100
At 31 December 2023
-

During the period the company acquired a 100% interest in PR Powersaving Solutions Limited by way of a share-for-share exchange. As the criteria for merger relief set out in section 612 of the Companies Act 2006 were met, the investment has been recorded at nominal value with no share premium recorded on the issue of the consideration shares by the company.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,025
-
0
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,150
-
0
7
Events after the reporting date

On 16 December 2024 the company became a wholly owned subsidiary of Project Volta Bidco Limited, a company registered in England and Wales whose registered office is situated at Units 1-7 Dukeries Court, Medenside, Meden Vale, Nottinghamshire, NG20 9QU.

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