Registered number:
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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I M POWER PLC
COMPANY INFORMATION
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I M POWER PLC
CONTENTS
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I M POWER PLC
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
The directors present their strategic report of the company and the group for the period 1 April 2022 to 30 September 2023.
The results for the period and the financial position of the Group and the company are as shown in the annexed financial statements.
The company and it's subsidiary company I M Power Group Limited have not traded during the period and the company has made a loss of £110,609. The Group has net assets of £41,990 as at 30 September 2023.
Management are aware of the risks facing the business. The directors take a pro-active approach to mitigating these risks.
Liquidity risk Management actively monitors its cash reserves to ensure that the company has sufficient funds available for its operations. Operational risk The company manages operational risks in the business by operating a strong control environment and compliance with internal policies and procedures.
This report was approved by the board and signed on its behalf.
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I M POWER PLC
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
The director presents his report and the financial statements for the period ended 29 September 2023.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the period were:
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I M POWER PLC
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
The auditors, McMillan Woods Audits Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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I M POWER PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC
We have audited the financial statements of I M Power PLC (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 29 September 2023, which comprise the Consolidated Income Statement, the Consolidated Statement of Financial Position, the Company Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed and as stated in note 1.3 of the financial statements, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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I M POWER PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's Report.
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I M POWER PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk faced by the company, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006, distributable profits legislation and UK pensions and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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I M POWER PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
42-44 Bishopsgate
United Kingdom
EC2N 4AH
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I M POWER PLC
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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I M POWER PLC
REGISTERED NUMBER: 13276733
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 SEPTEMBER 2023
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 January 2025.
The notes on pages 12 to 17 form part of these financial statements.
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I M POWER PLC
REGISTERED NUMBER: 13276733
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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I M POWER PLC
REGISTERED NUMBER: 13276733
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 SEPTEMBER 2023
The notes on pages 12 to 17 form part of these financial statements.
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I M POWER PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
1.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 29 September 2023.
The financial statements have been prepared on a going concern basis, as the company expects to continue operations in the foreseeable future. The following key developments support this assumption:
1. Investment from RAB Capital: The company is in the final stages of discussions with RAB Capital, which is interested in investing USD 500,000 for a 20% equity stake. These discussions have taken approximately a year and are expected to conclude soon. 2. Project Finance Deal in Bangladesh: The company is finalizing a $4 billion project finance deal with the Ministry of Railway in Bangladesh, with a Heads of Terms agreement expected to be signed in the coming week. This deal is expected to provide significant financial support. Based on these factors, management believes the company will be able to meet its obligations and continue as a going concern. The directors continue to provide financial support for a period of at least 12 months from the date of approval of financial statements for the smooth running of the business. Therefore, the directors believe that the going concern is appropriate and have prepared the financial statements on a going concern basis.
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I M POWER PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
1.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
I M Power Plc is a private limited, registered in England and Wales. The company is The principal activitives of the company is engineering activities.
The presentation currency of the financial statement in Pound sterling (£).
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I M POWER PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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I M POWER PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
5.Debtors (continued)
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I M POWER PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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I M POWER PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
9.Provisions (continued)
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