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REGISTERED NUMBER: 08980303 (England and Wales)











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: V Evdokimenko
M Semenov





REGISTERED OFFICE: 10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA





REGISTERED NUMBER: 08980303 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Ltd
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 - 691

CURRENT ASSETS
Debtors 6 4,954 4,954
Cash at bank 24,313 24,313
29,267 29,267
CREDITORS
Amounts falling due within one year 7 (190,088 ) (182,088 )
NET CURRENT LIABILITIES (160,821 ) (152,821 )
TOTAL ASSETS LESS CURRENT LIABILITIES (160,821 ) (152,130 )

CREDITORS
Amounts falling due after more than one
year

8

(646,793

)

(615,119

)
NET LIABILITIES (807,614 ) (767,249 )

CAPITAL AND RESERVES
Called up share capital 11 105 105
Share premium 6,195 6,195
Equity reserves 18,366 18,366
Retained earnings (832,280 ) (791,915 )
SHAREHOLDERS' FUNDS (807,614 ) (767,249 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





M Semenov - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 53,103
AMORTISATION
At 1 May 2023 52,412
Charge for year 691
At 30 April 2024 53,103
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 691

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,954 4,954

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,200 1,200
Amounts owed to group undertakings 38,779 38,779
Taxation and social security 14 14
Other creditors 150,095 142,095
190,088 182,088

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 646,793 615,119

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: £    £   
10,500 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.