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Registered number: 13276733









I M POWER PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 SEPTEMBER 2023

 
I M POWER PLC
 
 
COMPANY INFORMATION


Directors
Gordon John Dickie (appointed 18 March 2021)
Adrian Paul Slack (appointed 1 March 2024, resigned 31 July 2024)
Robert Edmund Rabaiotti (appointed 18 March 2021, resigned 5 May 2023)
Dermot Joseph Clarke (appointed 19 November 2022, resigned 20 November 2023)
Michael Alan Hughes (appointed 19 November 2022, resigned 17 February 2024)
Gary Arthur Neville (appointed 19 November 2022, resigned 1 March 2023)
Trevor Norris (appointed 19 November 2022, resigned 17 February 2024)




Company secretary
Robert Edmund Rabaiotti



Registered number
13276733



Registered office
85 Great Portland Street

London

W1W 7LT




Independent auditors
McMillan Woods Audits Limited

42-44 Bishopsgate

London

United Kingdom

EC2N 4AH





 
I M POWER PLC
 

CONTENTS



Page
Group Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Income Statement
8
Consolidated Statement of Financial Position
9
Company Statement of Financial Position
10 - 11
Notes to the Financial Statements
12 - 17


 
I M POWER PLC
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

Introduction
 
The directors present their strategic report of the company and the group for the period 1 April 2022 to 30 September 2023.

Business review
 
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.

Principal risks and uncertainties
 
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.



Gordon John Dickie
Director

Date: 23 January 2025

Page 1

 
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.

Director's responsibilities statement

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.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 2006He 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.

Directors

The directors who served during the period were:

Gordon John Dickie (appointed 18 March 2021)
Adrian Paul Slack (appointed 1 March 2024, resigned 31 July 2024)
Robert Edmund Rabaiotti (appointed 18 March 2021, resigned 5 May 2023)
Dermot Joseph Clarke (appointed 19 November 2022, resigned 20 November 2023)
Michael Alan Hughes (appointed 19 November 2022, resigned 17 February 2024)
Gary Arthur Neville (appointed 19 November 2022, resigned 1 March 2023)
Trevor Norris (appointed 19 November 2022, resigned 17 February 2024)

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

 
I M POWER PLC
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

Auditors

The auditorsMcMillan Woods Audits Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

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.
 



Gordon John Dickie
Director
Date: 23 January 2025

Page 3

 
I M POWER PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 September 2023 and of the Group's loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 4

 
I M POWER PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Director's Report.


Page 5

 
I M POWER PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 6

 
I M POWER PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF I M POWER PLC (CONTINUED)


Use of our report
 

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 2006Our 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.




Krishna Prasad Dahal (Senior Statutory Auditor)
  
for and on behalf of
McMillan Woods Audits Limited
 
42-44 Bishopsgate
London
United Kingdom
EC2N 4AH

23 January 2025
Page 7

 
I M POWER PLC
 
 
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

As restated
2023
2022
Note
£
£

  

Administrative expenses
  
(110,609)
(54,423)

Operating loss
  
(110,609)
(54,423)

Loss for the financial period
  
(110,609)
(54,423)

Loss for the period attributable to:
  

Owners of the parent
  
(110,609)
(54,423)

  
(110,609)
(54,423)

The Company has not traded during the period. During this period, the Company received no income and incurred no expenditure other than exempted payments under the provisions of section 1169 (3)(b) of the Companies Act 2006.

Page 8

 
I M POWER PLC
REGISTERED NUMBER: 13276733

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 29 SEPTEMBER 2023

29 September
As restated
31 March
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
31,582
22,433

Cash at bank and in hand
 6 
19,498
11,173

  
51,080
33,606

Creditors: amounts falling due within one year
 7 
(9,090)
(7,160)

Net current assets
  
 
 
41,990
 
 
26,446

Total assets less current liabilities
  
41,990
26,446

Creditors: amounts falling due after more than one year
 8 
(148,519)
(148,519)

Provisions for liabilities
  

Other provisions
 9 
(30,912)
(15,864)

  
 
 
(30,912)
 
 
(15,864)

Net liabilities
  
(137,441)
(137,937)


Capital and reserves
  

Called up share capital 
  
(894,348)
(974,495)

Share premium account
  
(170,513)
(201,471)

Profit and loss account
  
927,420
1,038,029

  
(137,441)
(137,937)


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.




Gordon John Dickie
Director

The notes on pages 12 to 17 form part of these financial statements.

Page 9

 
I M POWER PLC
REGISTERED NUMBER: 13276733

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 29 SEPTEMBER 2023

29 September
31 March
2023
2022
Note
£
£

Fixed assets
  

Investments
  
1
1

  
1
1

Current assets
  

Debtors: amounts falling due after more than one year
 5 
51,899
15,864

Debtors: amounts falling due within one year
 5 
-
7,702

Cash at bank and in hand
 6 
49
11,148

  
51,948
34,714

Creditors: amounts falling due within one year
 7 
(8,850)
(7,160)

Net current assets
  
 
 
43,098
 
 
27,554

Total assets less current liabilities
  
43,099
27,555

  

Provisions for liabilities
  

Other provisions
 9 
(30,912)
(15,864)

  
 
 
(30,912)
 
 
(15,864)

Net assets excluding pension asset
  
12,187
11,691

Net assets
  
12,187
11,691


Capital and reserves
  

Called up share capital 
  
146,261
66,114

Share premium - equity additions
  
30,958
-

Profit and loss account brought forward
  
(54,423)
-

Loss for the period
  
(110,609)
(54,423)

Profit and loss account carried forward
  
(165,032)
(54,423)

  
12,187
11,691


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.

Page 10

 
I M POWER PLC
REGISTERED NUMBER: 13276733
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 SEPTEMBER 2023


Gordon John Dickie
Director

The notes on pages 12 to 17 form part of these financial statements.

Page 11

 
I M POWER PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

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.

 
1.2

Basis of consolidation

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.

 
1.3

Going concern

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. 

Page 12

 
I M POWER PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

1.Accounting policies (continued)

 
1.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
1.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.7

Creditors

Short-term 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.

 
1.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


2.


General information

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 (£).

Page 13

 
I M POWER PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

3.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
5,000
5,000


4.


Employees




The Group and Company have no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including the director, during the period was as follows:


        2023
        2022
            No.
            No.





0
0


5.


Debtors

Group

29 September
Group
As restated
31 March
Company

29 September
Company
As restated
31 March
2023
2022
2023
2022
£
£
£
£


Due from own subs
-
-
51,899
15,864

-
-
51,899
15,864


Group

29 September
Group
As restated
31 March
Company

29 September
Company
As restated
31 March
2023
2022
2023
2022
£
£
£
£


Other debtors
31,582
11,278
-
47

Called up share capital not paid
-
7,655
-
7,655

Prepayments and accrued income
-
3,500
-
-

31,582
22,433
-
7,702
Page 14

 
I M POWER PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

5.Debtors (continued)




6.


Cash and cash equivalents

Group

29 September
Group
As restated
31 March
Company

29 September
Company
As restated
31 March
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
19,498
11,173
49
11,148

19,498
11,173
49
11,148



7.


Creditors: Amounts falling due within one year

Group

29 September
Group
As restated
31 March
Company

29 September
Company
As restated
31 March
2023
2022
2023
2022
£
£
£
£

Other creditors
290
50
50
50

Accruals and deferred income
8,800
7,110
8,800
7,110

9,090
7,160
8,850
7,160



8.


Creditors: Amounts falling due after more than one year

Group

29 September
Group
As restated
31 March
2023
2022
£
£

Other loans
31,496
31,496

Trade creditors
117,023
117,023

148,519
148,519


Page 15

 
I M POWER PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

9.


Provisions


Group









Provision for bad debts

£





At 1 April 2022
15,864


Charged to profit or loss
15,048



At 29 September 2023
30,912

Page 16

 
I M POWER PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023

           9.Provisions (continued)

Company








Other provision 1
Total

£
£





At 1 April 2022
15,864
15,864


Charged to profit or loss
15,048
15,048



At 29 September 2023
30,912
30,912

Page 17