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Registration number: 14684298

POWEN DG UK LTD

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

POWEN DG UK LTD

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Income Statement

9

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 20

 

POWEN DG UK LTD

Company Information

Directors

J Benjumea

M Andrada-Vanderwilde Benjumea

Registered office

1st Floor
25 King Street
Bristol
BS1 4PB

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

Auditor

ECOVIS Wingrave Yeats LLP Waverley House
7-12 Noel Street
London
W1F 8GQ

 

POWEN DG UK LTD

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the development of renewable energy assets and sale of energy generated by those assets.

Directors' of the company

The directors, who held office during the year, were as follows:

J Benjumea

M Andrada-Vanderwilde Benjumea (appointed 9 February 2024)

Financial risk management objectives and policies
The management of the company and the execution of its strategy are subject to a number of risks.
The principal risk and uncertainties affecting the group include the following.

Liquidity and credit risk
In order to maintain liquidity, and to ensure sufficient funds are available for ongoing operations and
future developments, the company uses working capital funding from its bankers.

The company does not undertake any hedging in this area.

Credit risk
Management has a credit policy in place and exposure to credit risk is monitored on an ongoing basis. Credit evaluations are carried out on all customers requiring credit. The company minimises this risk by use of credit insurance and trade finance instruments such as letter of credit. At the balance sheet date there were no significant concentrations of credit risk.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

 

POWEN DG UK LTD

Directors' Report for the Year Ended 31 December 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the board on 5 May 2025 and signed on its behalf by:
 

.........................................
J Benjumea
Director

 

POWEN DG UK LTD

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the 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 UK adopted International Financial Reporting Standards (IFRSs). 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 financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK adopted International Financial Reporting Standards (IFRSs) 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.

 

POWEN DG UK LTD

Independent Auditor's Report to the Members of POWEN DG UK LTD

Opinion

We have audited the financial statements of Powen DG UK Ltd (the 'Company') for the period ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards in accordance with the provisions of the Companies Act 2006.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its 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 Company 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 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 financial statements 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.

 

POWEN DG UK LTD

Independent Auditor's Report to the Members of POWEN DG UK LTD

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
 

Opinion on other matter 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 period 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;

we have not received all the information and explanations we require for our audit.

 

POWEN DG UK LTD

Independent Auditor's Report to the Members of POWEN DG UK LTD

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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.
 

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 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 determined that the laws and regulations which are directly relevant to the financial statements are those that relate to the reporting framework (IFRS) and the relevant tax compliance regulations in the jurisdictions in which the Company operates. We evaluated the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, there are other significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those laws and regulations relating to environmental, occupational health and safety, data protection, fraud, bribery and corruption. For these laws and regulations, the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through fines or litigation being imposed. As required by the auditing standards, auditing procedures in respect of non-compliance with these identified laws and regulations are limited to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by meeting with a number of individuals and conducted interviews to understand where they considered there was susceptibility to fraud.

 

POWEN DG UK LTD

Independent Auditor's Report to the Members of POWEN DG UK LTD

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations and fraud risks identified in the paragraphs above. In addition to the audit procedures, we communicated the identified laws and regulations to the audit team and remained alert to any indications of non-compliance throughout the audit. The specific audit procedures performed included:

o Review of large and unusual bank transactions;
o Challenging assumptions and judgements made by management in its significant accounting estimates;
o Identifying and testing journal entries;
o Identification of related parties.
 

There are inherent limitations of an audit. There is a higher risk that irregularities, including fraud, will not be detected during the audit as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The primary responsibility for the prevention and detection of non-compliance with all laws and regulations and fraud lies with both those charged with governance of the entity and management.

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.

Use of our report

This report is made solely to the 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 '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 and the 's members, as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Stuart Hinds (Senior Statutory Auditor)
For and on behalf of ECOVIS Wingrave Yeats LLP
Chartered Accountants and Statutory Auditors

Waverley House
7-12 Noel Street
London
W1F 8GQ

6 May 2025

 

POWEN DG UK LTD

Income Statement for the Year Ended 31 December 2024

Note

2024
£

2023
£

Revenue

156,514

46,452

Cost of sales

 

(10,534)

(4,798)

Gross profit

 

145,980

41,654

Administrative expenses

 

(49,728)

(44,589)

Other operating income

2,009

1,441

Other operating expenses

 

52,745

(117,963)

Operating profit/(loss)

151,006

(119,457)

Finance costs

 

(158,851)

(54,956)

Loss before tax

 

(7,845)

(174,413)

Loss for the year

 

(7,845)

(174,413)

The above results were derived from continuing operations.

 

POWEN DG UK LTD

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Loss for the year

(7,845)

(174,413)

Total comprehensive income for the year

(7,845)

(174,413)

 

POWEN DG UK LTD

(Registration number: 14684298)
Statement of Financial Position as at 31 December 2024

Note

31 December
2024
£

31 December
2023
£

Assets

Non-current assets

 

Property, plant and equipment

5

3,419,173

2,072,438

Current assets

 

Trade and other receivables

6

304,605

954,304

Cash and cash equivalents

173,286

235,811

 

477,891

1,190,115

Total assets

 

3,897,064

3,262,553

Equity and liabilities

Equity

 

Share capital

8

(100)

(100)

Retained earnings

 

182,258

174,413

Total equity

 

182,158

174,313

Current liabilities

 

Trade and other payables

7

(4,079,222)

(3,436,866)

Total equity and liabilities

 

(3,897,064)

(3,262,553)

Approved by the board on 5 May 2025 and signed on its behalf by:
 

.........................................
J Benjumea
Director

 

POWEN DG UK LTD

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

(174,413)

(174,313)

Loss for the year

-

(7,845)

(7,845)

Total comprehensive income

-

(7,845)

(7,845)

At 31 December 2024

100

(182,258)

(182,158)

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(174,413)

(174,413)

Total comprehensive income

-

(174,413)

(174,413)

New share capital subscribed

100

-

100

At 31 December 2023

100

(174,413)

(174,313)

 

POWEN DG UK LTD

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(7,845)

(174,413)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

68,450

26,416

Finance costs

158,851

54,956

 

219,456

(93,041)

Working capital adjustments

 

Decrease/(increase) in trade and other receivables

6

684,770

(858,470)

(Decrease)/increase in trade and other payables

7

(79,296)

107,324

Net cash flow from operating activities

 

824,930

(844,187)

Cash flows from investing activities

 

Acquisitions of property, plant and equipment

(1,415,185)

(2,098,854)

Cash flows from financing activities

 

Loan to group undertakings

 

(35,071)

(95,834)

Loans from group undertakings

 

721,652

3,329,542

Interest payable

 

(158,851)

(54,956)

Issue of share capital

 

-

100

Net cash flows from financing activities

 

527,730

3,178,852

Net (decrease)/increase in cash and cash equivalents

 

(62,525)

235,811

Cash and cash equivalents at 1 January

 

235,811

-

Cash and cash equivalents at 31 December

 

173,286

235,811

 

POWEN DG UK LTD

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
1st Floor
25 King Street
Bristol
BS1 4PB
United Kingdom

These financial statements were authorised for issue by the board on 5 May 2025.

2

Accounting policies

Statement of compliance

The company financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("UK adopted IFRSs").

Summary of material accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

The financial statements have been prepared in accordance with adopted IFRSs and under historical cost accounting rules.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The company’s immediate parent company Kishoa S.L. have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

 

POWEN DG UK LTD

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition

In accordance with IFRS 15, an entity must recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

The company recognises revenue based on the amount of performance of the service at the balance sheet date, provided the value can be reliably estimated. Revenue from the provision of services is recognised when each of the following conditions are met:

• the amount of income can be reliably assessed;
• it is probable that the consideration to which the entity is entitled to in exchange for the services can be collected; and
• the costs incurred, or to be incurred, in connection with the transaction can be reliably valued.

Income is recorded on an accrual basis i.e. when the actual flow of goods and services they represent occurs, regardless of when the monetary or financial flow derived from them occurs. Such income is measured at the fair value of the consideration received, net of discounts and taxes. For the accounting recording of income, the Company follows a process consisting of the following successive stages:

1. Identify the contract (or contracts) with the client, understood as an agreement between two or more parties that creates enforceable rights and obligations for them.

2. Identify the obligation(s) to be fulfilled in the contract, representative of the commitments to transfer goods or provide services to a customer.

3. Determine the price of the transaction, or consideration of the contract, to which the company expects to be entitled in exchange for the transfer of goods or the provision of services committed to the client.

4. Assign the price of the transaction to the obligations to be fulfilled, which must be carried out on the basis of the individual sales prices of each different good or service that have been committed in the contract, or, where appropriate, following an estimate of the sale price when it is not independently observable.

5. Recognise income from ordinary activities when the company fulfils a committed obligation through the transfer of a good or the provision of a service. Such compliance takes place when the customer obtains control of that good or service, so that the amount of income from ordinary activities recognized will be the amount assigned to the contractual obligation satisfied.

 

POWEN DG UK LTD

Notes to the Financial Statements for the Year Ended 31 December 2024

Revenue recognition (continued)

The Company recognises the revenue derived from a contract with a customer when control over the goods or services committed (i.e. the obligation(s)) to be fulfilled is transferred to the customer. In this regard, the method chosen by the Company to measure the value of goods and services whose control is transferred to the customer over time is the product method. Specifically, the applicable product method is that of production milestones achieved.

In addition, revenue from the provision of services is recognised when the result of the transaction can be reliably estimated, considering the percentage of performance of the service at the end of the year. Where the result of a transaction involving the provision of services cannot be reliably estimated, revenue is recognised in the amount at which the recognised expenses are considered recoverable.

Interest received on financial assets is recognized using the effective interest rate method. In any event, interest on financial assets accrued after the time of acquisition is recognized as income in the company's profit and loss account.

Tax

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The income tax expense or benefit for the period is the tax payable on that period's taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
• When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or
• When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
 

 

POWEN DG UK LTD

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it's probable that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset.

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously.

Property, plant and equipment

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Assets in the course of construction

Assets in the course of construction are recognised based on the estimated value of work completed as at the balance sheet date, less any recognised impairment loss. The cost of assets in the course of construction includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

Technical Installations

Technical installations are recognised and measured at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to operate. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Technical installations

4% straight line

 

POWEN DG UK LTD

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Trade receivables

Trade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised the transaction price.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

3

Employees

The company has no employees other than the directors, who did not receive any remuneration.

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

2

2

2

2

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

18,500

17,500

 

POWEN DG UK LTD

Notes to the Financial Statements for the Year Ended 31 December 2024


 

5

Property, plant and equipment

Assets under construction
£

Technical installations
£

Total
£

Cost or valuation

At 1 January 2024

570,000

1,528,854

2,098,854

Additions

653,202

761,983

1,415,185

Transfers between classes

(948,325)

948,325

-

At 31 December 2024

274,877

3,239,162

3,514,039

Depreciation

At 1 January 2024

-

26,416

26,416

Charge for the year

-

68,450

68,450

At 31 December 2024

-

94,866

94,866

Carrying amount

At 31 December 2024

274,877

3,144,296

3,419,173

Depreciation is recorded within other operating expenses in the Income Statement.

6

Trade and other receivables

Current

31 December
2024
£

31 December
2023
£

Trade receivables

7,026

45,228

Amounts due from group undertakings

130,905

95,834

Prepayments and accrued income

4,874

322,563

Other debtors

12,621

12,621

VAT

149,179

478,058

 

304,605

954,304

Amounts due from group undertakings are repayable on demand, unsecured and interest free.

 

POWEN DG UK LTD

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Trade and other payables

31 December
2024
£

31 December
2023
£

Trade payables

10,578

11,449

Accruals

36,259

95,875

Amounts due to group undertakings

4,032,385

3,329,542

4,079,222

3,436,866

Amounts due to group undertakings are unsecured, repayable on demand and bear interest at a rate of 4.75%.

8

Share capital

Allotted, called up and fully paid shares

 

31 December
2024

31 December
2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Related party transactions

Amounts due from group undertakings consists of a loan payable by Powen Corporate UK Ltd. The loan is repayable on demand, unsecured and interest free.

Amounts due to group undertakings consists of a loan from Kishoa S. L. The loan is unsecured, repayable on demand and bears interest at a rate of 4.75%.

10

Parent and ultimate parent undertaking

The company's immediate parent is Kishoa S.L., a company incorporated in Spain.

There is no ultimate controlling party.

The most senior parent entity producing publicly available financial statements is Kishoa S.L..