Company registration number 08291461 (England and Wales)
G24 POWER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
G24 POWER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
G24 POWER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
4
19,474
21,049
Current assets
Stocks
25,364
27,955
Debtors
5
309,297
487,829
Cash at bank and in hand
21,117
609
355,778
516,393
Creditors: amounts falling due within one year
6
(255,177)
(206,918)
Net current assets
100,601
309,475
Total assets less current liabilities
120,075
330,524
Creditors: amounts falling due after more than one year
7
(17,806,994)
(16,253,369)
Net liabilities
(17,686,919)
(15,922,845)
Capital and reserves
Called up share capital
1
1
Share premium account
3,760,577
3,760,577
Capital redemption reserve
1
1
Profit and loss reserves
(21,447,498)
(19,683,424)
Total equity
(17,686,919)
(15,922,845)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

G24 POWER LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 February 2025
Dr Y Mendiuk
Director
Company Registration No. 08291461
G24 POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

G24 Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is South Lake Drive, Imperial Park, Newport, United Kingdom, NP10 8AS.

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 £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company relies on its investor shareholders for financial support which to date have been provided by equity investment and short term loans. The shareholders have considered forecasts prepared by the company of its future cash flows. These forecasts indicate that further support may be required from either existing or new investors by the Company.true

 

The financial statement have been prepared on the going concern basis. If the assumption proved invalid the preparation of the financial statements on a going concern basis may prove to have been inappropriate in which case adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for further liabilities that might arise and to reclassify fixed asset and long term liabilities as current assets and liabilities.

1.3
Turnover

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts. The Company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Sale of goods

 

The Company manufactures and sells advanced solar materials. Sales of goods are recognised when the Company has despatched the goods to the customer.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Rental income is treated as revenue.

G24 POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill

Purchased licenses are stated at historic cost less accumulated amortisation and any accumulated impairment losses, and are amortised over a period of 5 years, which is the period over which the Company believes it will derive benefit.

Patents
Fully amortised
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5 years
Plant and machinery
5 years
Fixtures, fittings & equipment
3 - 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 

1.7
Stocks

Inventories are stated at the lower of cost and net realisable value. Cost is determined on a Standard Cost basis and comprises all costs of purchase, costs of conversion and other costs incurred in bringing them to their present location and condition.

G24 POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 and cash and bank balances, 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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

G24 POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.10
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.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

The functional and presentation currency for the Company is Sterling, being the currency of the primary economic environment in which the Company operates. Transactions denominated in foreign currencies are translated into the functional currency at the prevailing rate on the date of the transaction. Assets and liabilities are translated into sterling at the year end rate of exchange, with differences taken to the Income Statement.

G24 POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
3
Intangible fixed assets
Intellecttual Property
£'000
Cost
At 1 January 2023 and 31 December 2023
1,654,192
Amortisation and impairment
At 1 January 2023 and 31 December 2023
1,654,192
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0

The original intangible asset represents intellectual property purchased from the Administrators of G24 Innovations Limited, which includes a licence purchased from Konarka Technologies that entitles the Company to manufacture and sell DSSC products based on Konarka patents in perpetuity. The Company has chosen not to attribute a value to this licence.

G24 POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£'000
£'000
£'000
£'000
Cost
At 1 January 2023
69,769
1,400,446
27,574
1,497,789
Additions
-
0
-
0
2,232
2,232
Disposals
-
0
(4,290)
-
0
(4,290)
At 31 December 2023
69,769
1,396,156
29,806
1,495,731
Depreciation and impairment
At 1 January 2023
69,769
1,380,337
26,634
1,476,740
Depreciation charged in the year
-
0
3,046
761
3,807
Eliminated in respect of disposals
-
0
(4,290)
-
0
(4,290)
At 31 December 2023
69,769
1,379,093
27,395
1,476,257
Carrying amount
At 31 December 2023
-
0
17,063
2,411
19,474
At 31 December 2022
-
0
20,109
940
21,049
5
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
1,958
237,022
Other debtors
307,339
250,807
309,297
487,829
6
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Bank loans and overdrafts
-
0
7,522
Trade creditors
179,314
123,725
Taxation and social security
7,117
5,330
Other creditors
68,746
70,341
255,177
206,918

Included in other creditors is an amount due to the director of £28,503. Payment terms have been agreed and the loan is non interest bearing.

G24 POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
7
Creditors: amounts falling due after more than one year
2023
2022
£'000
£'000
Other creditors
17,806,994
16,253,369
8
Operating lease commitments

 

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£'000
£'000
5,250
192
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

As at the year end, a loan remained outstanding owed to Innovations Management Limited of £17,806,994 (2022: £16,238,676). Interest is payable at 5.5% above the base rate and £1,148,200 (2022: £827,295) has been accrued in relation to the period.

10
Parent company

The ultimate controlling party is considered to be Innovation Management Limited by virtue of their majority shareholding. Their address being PO Box 145, Level 6, 10A Prospect Hill, Douglas, Isle of Man, IM99 1FY.

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