Registered number
14161993
FRV Powertek Limited
Report and Accounts
31 December 2023
FRV Powertek Limited
Report and accounts
Contents
Page
Company information 1
Directors' Report 2-3
Independent Auditor's Report 4-6
Statement of Comprehensive Income 7
Satatement of Financial Position 8
Statement of Changes in Equity 9
Notes to the Financial Statements 10-18
FRV Powertek Limited
Company Information
Directors
Preeti Yardi
Deniz Bayazidov Saidov (resigned 5 June 2024)
Andrea Fontana Gribodo
Tristan Jacob Higuero Jiminez
David Menendez Martin
Ravinder Singh Shan
Thomas Lloyd Guilfoyle (appointed 5 June 2024)
Ravishankar Tumuluri (resigned 13 July 2023)
Independent auditor
Ernst & Young LLP
25 Churchill Place
London
United Kingdom
E14 5EY
Registered office
Building 7 Chiswick Park
566 Chiswick High Road
London
W4 5YG
Registered number
14161993
FRV Powertek Limited
Directors' Report
The Directors present their report and financial statements for FRV Powertek Limited (the 'Company') for the year ended 31 December 2023.
Directors' responsibilities statement
The Directors are responsible for preparing the Directors Report and financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law),including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these accounts, the Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activities
This Company is a holding company for a platform to develop, construct, own and operate a portfolio of energy storage system projects in the United Kingdom.
Change of name
The Company changed its name from FRV TH Powertek Limited to FRV Powertek Limited on 6 June 2024.
Directors
The following persons served as directors during the year:
Preeti Yardi
Deniz Bayazidov Saidov (resigned 5 June 2024)
Andrea Fontana Gribodo
Tristan Jacob Higuero Jiminez
David Menendez Martin
Ravinder Singh Shan
Thomas Lloyd Guilfoyle (appointed 5 June 2024)
Ravishankar Tumuluri (resigned 13 July 2023)
Going concern
During the year, the Company made a loss of £833,127 and had net liabilities of £1,317,259 at 31 December 2023. The Company is dependent on its parent company for the working capital needs. The Company's parent entity has confirmed that for at least the next 12 months from the date of approval of these financial statements, it will continue to make available such funds that are needed by the Company. Based on these the Directors believe that it is appropriate to prepare the financial statements on a going concern basis.
Disclosure of information to auditors
Each person who was a Director at the time when this Directors' Report was approved confirms that:
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
the Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Ernst & Young LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 5 March 2025 and signed on its behalf.
Ravinder Singh Shan David Menendez Martin
Director Director
FRV Powertek Limited
Independent Auditor's Report
to the members of FRV Powertek Limited
Opinion
We have audited the financial statements of FRV Powertek Limited (the 'Company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 15, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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 Company's affairs as at 31 December 2023 and of its loss for the year 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial staements in the UK, including the FRC’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.
Other Matter
The financial statements of the Company for the period ended 31 December 2022 were unaudited.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The Directors are 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.
Opinions 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 Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report has 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement set out on page 2, the Directors are 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 Directors determine 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 Directors are responsible for assessing the 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 Directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the accounts
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 auditor’s 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 financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to United Kingdom Generally Accepted Accounting Practice, relevant direct and indirect tax compliance, and the Companies Act.
We understood how the Company is complying with those frameworks by making enquiries of management and by seeking representation from those charged with governance to understand how the Company maintains and communicates its policies and procedures in these areas. We corroborated this by reviewing relevant policy and procedures manuals.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by making enquiries of management and those charged with governance to understand where they considered there was susceptibility to fraud. We performed journal entry testing by specific risk criteria, with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the Company’s business.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expense and review of meeting minutes of the board.
A further description of our responsibilities for the audit of the accounts is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 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 auditor's 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.
Thomas Culhane (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
5 March 2025
FRV Powertek Limited
Statement of Comprehensive Income
for the year ended 31 December 2023
(Unaudited Restated)*
9 June 2022 to 31 December 2022
Note 2023
£ £
Turnover - -
Cost of sales (267,823) (65,948)
Gross loss (267,823) (65,948)
Administrative expenses 3 (888,227) (400,810)
Operating loss (1,156,050) (466,758)
Interest payable (115,777) (17,475)
Loss before taxation (1,271,827) (484,233)
Tax on loss 4 438,700 -
Loss for the financial year (833,127) (484,233)
The notes on pages 10 to 18 form part of these financial statements.
There is no other comprehensive income in the year ended 31 December 2023.
* Please refer to note 2.16 for explanation of restatement of prior year comparative figures.
FRV Powertek Limited
Statement of Financial Position
as at 31 December 2023
(Unaudited Restated) *
Notes 2023 2022
£ £
Fixed assets
Tangible fixed assets 6 68,770 2,518
Current assets
Debtors: amounts falling due after more than one year 7 438,700 -
Debtors: amounts falling due within one year 7 733,984 156,743
Cash and cash equivalents 236,052 1,159,432
1,408,736 1,316,175
Creditors: amounts falling due within one year 9 (361,602) (85,439)
Net current assets 1,047,134 1,230,736
Total assets less current liabilities 1,115,904 1,233,254
Creditors: amounts falling due after more than one year 10 (2,433,163) (1,717,386)
Net liabilities (1,317,259) (484,132)
Capital and reserves
Called up share capital 12 100 100
Preference share capital 1 1
Profit and loss account (1,317,360) (484,233)
Shareholders' funds (1,317,259) (484,132)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2025.
Ravinder Singh Shan David Menendez Martin
Director Director
The notes on pages 10 to 18 form part of these financial statements.
* Please refer to note 2.16 for explanation of restatement of prior year comparative figures.
FRV Powertek Limited
Statement of Changes in Equity
for the year ended 31 December 2023
Ordinary Preference Profit Total
Share Share and loss
capital capital account
£ £ £
At 9 June 2022 (date of incorporation) - - - -
Shares issued 100 1 - 101
Loss for the period - - (484,233) (484,233)
At 31 December 2022 (Unaudited Restated) * 100 1 (484,233) (484,132)
At 1 January 2023 100 1 (484,233) (484,132)
Loss for the financial year - - (833,127) (833,127)
At 31 December 2023 100 1 (1,317,360) (1,317,259)
The notes on pages 10 to 18 form part of these financial statements.
* Please refer to note 2.16 for explanation of restatement of prior year comparative figures.
FRV Powertek Limited
Notes to the Financial Satements
for the year ended 31 December 2023
1 General information
FRV Powertek Limited (the 'Company') is a private company limited by shares incorporated on 9 June 2022 in England and Wales, registration number 14161993. The Company's registered address is Building 7 Chiswick Park, 566 Chiswick High Road, United Kingdom, W4 5YG.
This Company is a holding company for a platform to develop, construct, own and operate a portfolio of energy storage system projects in the United Kingdom.
The Company's functional currency is the same as the primary economic environment in which it operates. All figures are presented in Pounds Sterling (£), rounded to the nearest Pound.
The Company's comparative accounting period from 9 June 2022 (the date of incorporation) to 31 December 2022 is not audited. Please refer to note 2.16 for explanation of restatement of prior year comparative figures.
2 Accounting policies
2.1 Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Companies Act 2006. 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.
2.2 Going concern
During the year, the Company made a loss of £833,127 and had net liabilities of £1,317,259 at 31 December 2023. The Company is dependent on its parent company for the working capital needs. The Company's parent entity has confirmed that for at least the next 12 months from the date of approval of these financial statements, it will continue to make available such funds that are needed by the Company. Based on these the Directors believe that it is appropriate to prepare the financial statements on a going concern basis.
2.3 Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.4 Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The Company has not generated turnover to date.
2.5 Cost of sales
Cost of sales is measured at the fair value of the consideration paid or payable, net of discounts and value added taxes. Cost of sales includes costs of the developing project that have not reached critical milestones to capitalise (see accounting policy 2.9 'Tangible fixed assets').
2.6 Administration costs
Administration costs are measured on an accruals basis at the fair value of the consideration paid or payable, net of discounts and value added taxes.
2.7 Interest payable
Interest payable is the amount of interest paid or payable on company borrowings (note 10).
2.8 Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2.9 Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

office equipment - Straight line depreciation, 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

The depreciation expense is charged to administrative expenses within the Statement of Comprehensive Income.
Development costs are capitalised and called 'assets under construction' based on the feasibility of the project being successful, as per the group capitalisation policy. These are not depreciated straight away but once construction is complete, these costs will be depreciated over the life of the asset. If the project is not successful, the capitalised costs are expensed.
2.10 Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.11 Cash and cash equivalents
Cash is represented by cash in the bank 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.
2.12 Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.13 Financial instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts represented in teh financial statements when there is a leglly 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
2.14 Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2.15 Judgements and key sources of estimation uncertainty
In preparing these financial statements, the Directors have made the following judgements:

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives considering the residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.

Development costs
Development costs are capitalised based on the feasibility of the project being successful, as per the group capitalisation policy. These are not depreciated straight away but once construction is complete these costs will be depreciated over the life of the asset. If the project is not successful, the capitalised costs are expensed.
2.16 Restatement of prior year comparative figures
The following table represents restatement made to Cost of sales and Debtors balances to adjust for receivable balance which was incorrectly reported as an expense in the 31 December 2022 unaudited financial statements.
Unaudited Unaudited Unaudited
31 Dec. 2022 adjustment restatement
as previously reported total
£ £ £
Unaudited statement of financial position
Fixed assets
Tangible fixed assets 2,518 - 2,518
Current assets
Debtors 89,093 67,650 156,743
Cash and cash equivalents 1,159,432 - 1,159,432
Creditors: amounts falling due within one year (85,439) - (85,439)
Net current assets 1,163,086 67,650 1,230,736
Total assets less current liabilities 1,165,604 67,650 1,233,254
Creditors: amounts falling due after more than one year (1,717,386) - (1,717,386)
Net liabilities (551,782) 67,650 (484,132)
Capital and reserves
Called up share capital 101 - 101
Profit and loss account (551,883) 67,650 (484,233)
Shareholders’ funds (551,782) 67,650 (484,132)
Statement of comprehensive income
Cost of sales (133,598) 67,650 (65,948)
Gross loss (133,598) 67,650 (65,948)
Adminstrative expenses (400,810) - (400,810)
Operating loss (534,408) 67,650 (466,758)
Interest payable (17,475) - (17,475)
Loss before taxation (551,883) 67,650 (484,233)
Loss for the financial period (551,883) 67,650 (484,233)
Statement of changes in equity
Shares issued 100 - 100
Preference share capital 1 - 1
Profit and loss account (551,883) 67,650 (484,233)
(551,782) 67,650 (484,132)
3 Operating loss
(Unaudited)
The operating loss is stated after charging: 9 June 2022 to 31 December 2022
2023
£ £
Depreciation 630 630
Audit fee 18,000 -
There are no non-audit services provided by the auditor.
4 Taxation (Unaudited)
9 June 2022 to 31 December 2022
2023
Corporation tax £ £
Current tax on profits for the year - -
Total current tax - -
Deferred tax (438,700) -
Total deferred tax (438,700) -
Tax on loss (438,700) -
Factors effecting tax charge for the year
The main rate of corporation tax changed from 19% to 25% from 1 April 2023 for companies with profits over £250,000. The tax assessed for the year is greater than (2022 - less than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:
(Unaudited)
9 June 2022 to 31 December 2022
2023
£ £
Loss on ordinary activities before taxation (1,271,827) (484,233)
Loss on ordinary activities before taxation multiplied by standard UK corporation tax of 23.52% (2022: 19.00%) (299,134) (92,004)
Effects of:
Expenses not deductible for tax purposes 148 148
Changes to tax rates (23,999) -
Deferred tax asset not recognised - 91,856
Deferred tax asset now recognised (115,715) -
(438,700) -
As at 31 December 2023 the Company has losses of £1,754,800 (2022: £483,603) to carry forward. The future benefit of these losses has been recognised in the accounts to the extent where ultimate recoverability is probable.
Factors that may affect future tax charges
From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less are continuing to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase. Deferred tax recognised during the year has been calculated at 25%.
5 Employees 2023 2022
Number Number
Average number of persons employed by the Company - -
There were no employee or director emoluments or company contributions to a defined contribution pension scheme in the year to 31 December 2023 (2022: none)
6 Tangible fixed assets
Assets under construction Office equipment Total
£ £ £
Cost
At 1 January 2023 - 3,148 3,148
Additions 66,882 - 66,882
At 31 December 2023 66,882 3,148 70,030
Depreciation
At 1 January 2023 - 630 630
Charge for the year - 630 630
At 31 December 2023 - 1,260 1,260
Net book value
At 31 December 2023 66,882 1,888 68,770
At 31 December 2022 - 2,518 2,518
(Unaudited Restated)*
7 Debtors 2023 2022
£ £
Due after more than one year
Deferred tax asset 438,700 -
438,700 -
Due within one year
Prepayments 690,539 68,500
VAT recoverable 43,445 88,243
733,984 156,743
* Please refer to note 2.16 for explanation of restatement of prior year comparative figures.
(Unaudited)
8 Deferred tax asset 2023 2022
£ £
Deferred tax asset brought forward - -
Deferred tax credit to comprehensive income 438,700 -
Deferred tax asset carried forward 438,700 -
The deferred tax asset is made up as follows: (Unaudited)
2023 2022
£ £
Losses 438,700 -
438,700 -
(Unaudited)
9 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 23,873 9,689
Amounts owed to group undertakings 217,729 -
Taxation and social security costs - -
Accruals 120,000 75,750
361,602 85,439
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
(Unaudited)
10 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings 2,433,163 1,717,386
Amount owed to group undertakings are subject to 6% per annum interest charge. They are unsecured and have no repayment date.
11 Commitments under operating leases
The Company has no commitments under operating leases.
(Unaudited)
12 Called up share capital 2023 2022
£ £
Ordinary shares:
Alloted, called up and fully paid
100 Ordinary shares of £1.00 each 100 100
100 100
Preference shares:
1 Preference share of £1.00 each 1 1
1 1
The Company has one class of ordinary shares which carry voting right, but no right to fixed income.
The Company has one class of preference shares which carry no voting right, no right to fixed income but a preference on share dividends over Ordinary shares.
13 Related party transactions
The Company has taken advantage of the exemption offered in FRS102, not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the same parent undertaking.
14 Controlling party
The Company's controlling party is FRV Devco Energy S.L., a company registered in Spain. The registered office of the controlling party is Calle Maria De Molina No. 40, 5th Floor, Madrid, Spain, 28006.
The smallest group for which consolidated financial statements are prepared is that headed by FRV Devco Energy S.L. The largest group for which consolidated financial statements are prepared is that headed by Fotowatio Renewable Ventures S.L.
15 Events after the reporting date
On 6 June 2024, the Company changed its name from FRV TH Powertek Limited to FRV Powertek Limited.
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