Company registration number 11427539 (England and Wales)
FREEVOLT GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
FREEVOLT GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
FREEVOLT GROUP LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,082,000
1,115,829
Current assets
Debtors
5
2,776,899
2,780,049
Creditors: amounts falling due within one year
6
(3,375)
(2,950)
Net current assets
2,773,524
2,777,099
Net assets
3,855,524
3,892,928
Capital and reserves
Called up share capital
8
3,970
3,970
Share premium account
9
4,212,470
4,212,470
Other reserves
7
33,829
Profit and loss reserves
(360,916)
(357,341)
Total equity
3,855,524
3,892,928
FREEVOLT GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 21 January 2025 and are signed on its behalf by:
Rt Hon. Lord P R Drayson PhD FREng
Director
Company Registration No. 11427539
FREEVOLT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Freevolt Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Freeths Llp Routeco Office Park, Davy Avenue, Knowlhill, Milton Keynes, MK5 8HJ.
1.1
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 modified to certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
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.
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.
1.3
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, 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.
1.4
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.
FREEVOLT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Share-based payments
In July 2022, an Enterprise Management Incentive (EMI) scheme was approved by the directors.
In the case of the options granted, fair value is measured by reference to the intrinsic value of the share options. This is based on the directors' expected value of the group and the total shares and options in issuance when the options are granted.
The persons benefitting from the EMI scheme are employees of a subsidiary, Freevolt Technologies Limited and have received options to purchase shares in Freevolt Group Limited.
Due to the group structure, the annual charge related to the EMI scheme will be recognised in the individual financial statements of the subsidiary as an expense and equity.
Within the parent company, the annual charge will be recognised as an adjustment to the investment of the subsidiary and to equity.
There are no longer any employees who were a part of the EMI Share Option Plan employed by Freevolt Technologies Limited and the scheme has now ceased.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
FREEVOLT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
1,082,000
1,115,829
The company owns 100% of the share capital of Freevolt Technologies Limited (2023: 100%). Freevolt Technologies Limited is incorporated in England and Wales and has the same registered office as the company.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
1,115,829
Reversal of EMI scheme investment annual charge
(33,829)
At 30 April 2024
1,082,000
Carrying amount
At 30 April 2024
1,082,000
At 30 April 2023
1,115,829
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,775,980
2,779,130
Other debtors
919
919
2,776,899
2,780,049
FREEVOLT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals
3,375
2,950
7
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 May 2023
5,185,719
Granted
5,185,719
Forfeited
(5,185,719)
Outstanding at 30 April 2024
-
5,185,719
Exercisable at 30 April 2024
There are no options outstanding at 30 April 2024.
In July 2022, an Enterprise Management Incentive (EMI) Scheme was approved by the directors. The scheme has been setup to reward the long service and contribution of specified employees of Freevolt Technologies Limited by offering them share options in Freevolt Group Limited. A total of 5,185,719 options have been granted to five employees who are required to remain in employment for four years following the grant date.
There are no longer any employees who were a part of the EMI Share Option Plan employed by Freevolt Technologies Limited and the scheme has now ceased.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £0.00001 each
397,041,775
397,041,775
3,970
3,970
9
Share premium account
Following an allotment of shares during the period, as at the balance sheet date share premium stood at £4,212,470 (2023 - £4,212,470)
10
Related party transactions
The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with a wholly owned subsidiary undertaking.