REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
POWER DRIVE EFFICIENCY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
POWER DRIVE EFFICIENCY LIMITED |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
POWER DRIVE EFFICIENCY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Equity reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
BALANCE SHEET - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Power Drive Efficiency Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at 30th April 2024 the company's liabilities exceeded its assets by 2024: £807,614 (2023: £767,249). These financial statements have been prepared on a going concern basis. The Directors reasonably anticipate that financial instruments outstanding at year-end may be converted to equity upon the company achieving its milestones and next equity investment round, or the maturity may be extended further. In the opinion of the Directors, there is also the reasonable possibility of the company achieving the aforesaid milestones and the investors continuing their support for the business. It is therefore appropriate to adopt the going concern basis of preparation. |
Intangible assets |
Intangible assets represent costs incurred in respect of patents and are amortised over their anticipated useful life of four years. |
Financial instruments |
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Grant funding |
Grant income of a revenue nature has been recognised in the profit and loss account in full in the year of receipt. |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to apply the recognition and measurement principles set out in sections 11 and 12 of FRS 102. |
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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. |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies 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 receipts discounted at a market rate of interest. |
Such assets and liabilities are subsequently carried at amortised cost, using the effective interest rate method. |
Other Financial Liabilities |
Compound financial instruments issued by the company's parent company comprise convertible loan notes that can be converted to share capital at the option of the holder, and the number of shares to be issued may vary with changes in their fair value. |
The liability component of a compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. |
Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. |
The equity component of a compound financial instrument is not re-measured subsequent to initial recognition except on conversion or expiry. |
Finance costs |
Finance costs are charged to the profit and loss account over the duration of the debt instrument using the effective interest method so that the amount charged to profit and loss is at constant rate on the carrying amount.Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Convertible Loan Note | 646,792 | 615,119 |
Liabilities held under convertible loan agreements are secured by way of a debenture over the assets of the Company. |
POWER DRIVE EFFICIENCY LIMITED (REGISTERED NUMBER: 08980303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | FINANCIAL INSTRUMENTS |
The following convertible loans are shown within other creditors due in more than one year: |
Convertible loan one: Principal amount of £147,608; interest of 7%. payable on maturity or at the date of conversion. |
Convertible loan two: Principal amount of £140,000; interest of 7%. payable on maturity or at the date of conversion. |
Convertible loan three: Principal amount is £232,000, of which £128,084 (2023: £128,084) has been drawn down at the balance sheet date. Interest of 2% is payable up to the maturity date in December 2018 or at the date of conversion. This balance is recorded at its carrying value as it is considered that to split out the equity component is not material given this loan had a maturity date of 1st December 2018. |
Convertible loan four: Principal amount is £89,859, of which £44,929 (2023: £44,929) has been drawn down at the balance sheet date. Interest of 3% is payable up to the maturity date in April 2023 or at conversion date. |
The principal loan amounts together with any accrued interest are repayable at any time after the expiry of the first anniversary of the draw down date up to the maturity dates of the loans or conversion date if later. The loans may be converted into equity, with the number of ordinary shares issued in settlement being dependant on their fair value at the date of conversion. |
The carrying value of the liability components at the balance sheet date excluding interest is £461,254 (2023: £461,254). |
Including interest the amount required to settle the convertible loans will amount to £646,793 (2023: £615,119) |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1p | 105 | 105 |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date the company owed a company with a participating interest £38,779 (2023: £38,779). The amount is disclosed within amounts due to group undertakings within creditors due in less than one year. |