Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falseDeveloping advanced sustainable power conversion solutions4true3falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12353488 2024-01-01 2024-12-31 12353488 2023-01-01 2023-12-31 12353488 2024-12-31 12353488 2023-12-31 12353488 c:Director2 2024-01-01 2024-12-31 12353488 d:PlantMachinery 2024-01-01 2024-12-31 12353488 d:PlantMachinery 2024-12-31 12353488 d:PlantMachinery 2023-12-31 12353488 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12353488 d:OfficeEquipment 2024-01-01 2024-12-31 12353488 d:OfficeEquipment 2024-12-31 12353488 d:OfficeEquipment 2023-12-31 12353488 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12353488 d:ComputerEquipment 2024-01-01 2024-12-31 12353488 d:ComputerEquipment 2024-12-31 12353488 d:ComputerEquipment 2023-12-31 12353488 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12353488 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 12353488 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 12353488 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 12353488 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 12353488 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 12353488 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 12353488 d:CurrentFinancialInstruments 2024-12-31 12353488 d:CurrentFinancialInstruments 2023-12-31 12353488 d:Non-currentFinancialInstruments 2024-12-31 12353488 d:Non-currentFinancialInstruments 2023-12-31 12353488 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 12353488 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12353488 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 12353488 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12353488 d:ShareCapital 2024-12-31 12353488 d:ShareCapital 2023-12-31 12353488 d:SharePremium 2024-12-31 12353488 d:SharePremium 2023-12-31 12353488 d:RetainedEarningsAccumulatedLosses 2024-12-31 12353488 d:RetainedEarningsAccumulatedLosses 2023-12-31 12353488 c:OrdinaryShareClass1 2024-01-01 2024-12-31 12353488 c:OrdinaryShareClass1 2024-12-31 12353488 c:OrdinaryShareClass1 2023-12-31 12353488 c:FRS102 2024-01-01 2024-12-31 12353488 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 12353488 c:FullAccounts 2024-01-01 2024-12-31 12353488 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12353488 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 12353488 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 12353488 d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 12353488 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-12-31 12353488 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 12353488 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12353488









QUANTUM POWER TRANSFORMATION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
QUANTUM POWER TRANSFORMATION LIMITED
REGISTERED NUMBER: 12353488

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

FIXED ASSETS
  

Intangible assets
 4 
2,075,774
1,093,194

Tangible assets
 5 
27,726
38,156

  
2,103,500
1,131,350

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
111,718
31,342

Cash at bank and in hand
  
103,941
117,552

  
215,659
148,894

Creditors: amounts falling due within one year
 7 
(527,851)
(207,354)

NET CURRENT LIABILITIES
  
 
 
(312,192)
 
 
(58,460)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,791,308
1,072,890

Creditors: amounts falling due after more than one year
 8 
(24,535)
(30,090)

  

NET ASSETS
  
1,766,773
1,042,800


CAPITAL AND RESERVES
  

Called up share capital 
 9 
143
133

Share premium account
  
2,863,164
1,674,971

Profit and loss account
  
(1,096,534)
(632,304)

  
1,766,773
1,042,800


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 FRS 102 Section 1A - small entities.
Page 1

 
QUANTUM POWER TRANSFORMATION LIMITED
REGISTERED NUMBER: 12353488
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with 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 by: 




J W Cannings
Director

Date: 18 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Quantum Power Transformation Limited is a private company limited by shares and incorporated in England and Wales. Its registered office address is Bradfield Centre, 184 Cambridge Science Park, Cambridge, CB4 0GA.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the 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.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.

 
2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.4

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which is expected to be 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
20
years

 
2.7

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.

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:

Plant and machinery
-
25%
straight-line
Office equipment
-
33%
straight-line
Computer equipment
-
33%
straight-line

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 profit or loss.

 
2.8

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

Page 4

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.

 
2.10

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.

 
2.11

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).

Page 5

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


INTANGIBLE ASSETS




Patents
Develop-ment expenditure
Total

£
£
£



COST


At 1 January 2024
-
1,093,194
1,093,194


Additions
400,000
595,913
995,913



At 31 December 2024

400,000
1,689,107
2,089,107



AMORTISATION


Charge for the year on owned assets
13,333
-
13,333



At 31 December 2024

13,333
-
13,333



NET BOOK VALUE



At 31 December 2024
386,667
1,689,107
2,075,774



At 31 December 2023
-
1,093,194
1,093,194

Development expenditure comprises capitalised expenditure in relation to the development of a product. The product is not yet ready to be marketed and therefore no amortisation has been charged.



Page 6

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



COST


At 1 January 2024
44,567
286
6,325
51,178


Additions
-
-
960
960



At 31 December 2024

44,567
286
7,285
52,138



DEPRECIATION


At 1 January 2024
7,170
145
5,707
13,022


Charge for the year on owned assets
10,568
45
777
11,390



At 31 December 2024

17,738
190
6,484
24,412



NET BOOK VALUE



At 31 December 2024
26,829
96
801
27,726



At 31 December 2023
37,397
141
618
38,156


6.


DEBTORS

2024
2023
£
£


Trade debtors
23,971
-

Other debtors
62,236
24,512

Called up share capital not paid
100
100

Prepayments and accrued income
25,411
6,730

111,718
31,342


Page 7

 
QUANTUM POWER TRANSFORMATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
5,556
5,556

Other loans
100,000
108,630

Trade creditors
150,658
65,121

Other taxation and social security
70,458
1,351

Other creditors
154,862
-

Accruals and deferred income
46,317
26,696

527,851
207,354


Bank loans represents a Government backed 'bounce-back' loan, which was drawn down in May 2020. The loan is repayable in monthly instalments until May 2030 with interest charged at 2.5% per annum. 
Other loans are unsecured, bear interest at 15% per annum and at present have no fixed repayment date.. 


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
24,535
30,090


Bank loans represents a Government backed 'bounce-back' loan, which was drawn down in May 2020. The loan is repayable in monthly instalments until May 2030 with interest charged at 2.5% per annum. 


9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



429,559 (2023 - 328,469) Ordinary shares of £0.0001 each
42.9559
32.8469

ALLOTTED, CALLED UP AND UNPAID



1,000,000 (2023 - 1,000,000) Ordinary shares of £0.0001 each
100.0000
100.0000


Share issue
Between 29 March 2024 and 30 April 2024 the Company issued 100,090 Ordinary shares of £0.0001 each for total consideration of £1,237,672. An amount of £1,188,154, being the difference between the total consideration and the total nominal value of £10 for the shares issued, less professional charges in relation to the share issues has been included in the share premium account.

Page 8