Company registration number 08313356 (England and Wales)
POWERVAULT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
POWERVAULT LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
POWERVAULT LTD (REGISTERED NUMBER: 08313356)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Intangible assets
3
1,246
2,493
Property, plant and equipment
4
35,599
36,525
36,845
39,018
Current assets
Inventories
797,213
699,338
Trade and other receivables
5
351,750
345,211
Cash and cash equivalents
677,705
2,313,173
1,826,668
3,357,722
Current liabilities
6
(507,426)
(437,668)
Net current assets
1,319,242
2,920,054
Total assets less current liabilities
1,356,087
2,959,072
Non-current liabilities
7
(1,110,032)
(214,611)
Net assets
246,055
2,744,461
Equity
Called up share capital
8
8,163
8,163
Share premium account
15,901,470
15,901,470
Retained earnings
(15,663,578)
(13,165,172)
Total equity
246,055
2,744,461

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

POWERVAULT LTD (REGISTERED NUMBER: 08313356)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
Mr R Stopford
Director
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Powervault Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Garrick Industrial Estate, Irving Way, Hendon, London, England, NW9 6AQ.

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 £1.

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Patents
10 years
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Property, plant and equipment

Property, plant and equipment 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:

Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
20% straight line

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.

1.7
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

1.8
Taxation

The tax expense represents the sum of the tax currently receivable.

1.9
Retirement benefits

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

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
24
22
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024 and 31 December 2024
12,469
Amortisation and impairment
At 1 January 2024
9,976
Amortisation charged for the year
1,247
At 31 December 2024
11,223
Carrying amount
At 31 December 2024
1,246
At 31 December 2023
2,493
POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Property, plant and equipment
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2024
36,534
74,342
73,633
184,509
Additions
-
0
4,296
5,199
9,495
At 31 December 2024
36,534
78,638
78,832
194,004
Depreciation and impairment
At 1 January 2024
32,305
45,051
70,628
147,984
Depreciation charged in the year
1,058
7,730
1,633
10,421
At 31 December 2024
33,363
52,781
72,261
158,405
Carrying amount
At 31 December 2024
3,171
25,857
6,571
35,599
At 31 December 2023
4,229
29,291
3,005
36,525
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
9,864
9,960
Other receivables
341,886
335,251
351,750
345,211
6
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
45
-
0
Trade payables
316,685
9,128
Taxation and social security
42,273
47,603
Other payables
148,423
380,937
507,426
437,668

Included within other payables is a warranty provision of £87,126 (2023: £84,548).

POWERVAULT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Non-current liabilities
2024
2023
£
£
Other payables
1,110,032
214,611

Other payables of £898,000 (2023: £nil) represents investor convertible loan notes and a warranty provision of £212,032 (2023: £214,611).

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 0.01p each
79,634,400
79,634,400
8,010
8,010
Investment B of 0.01p each
1,525,500
1,525,500
153
153
81,159,900
81,159,900
8,163
8,163
9
Operating lease commitments
Lessee

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

2024
2023
£
£
99,204
208,874
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