Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-302025-05-1342falseThe design, manufacture, installation and maintenance of powersystems, principally low voltage switchgear and primarily for ‘critical’ environments across the IT, utility,healthcare and commercial building sectors2023-01-01false41trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04858593 2023-01-01 2024-06-30 04858593 2022-01-01 2022-12-31 04858593 2024-06-30 04858593 2022-12-31 04858593 c:Director2 2023-01-01 2024-06-30 04858593 d:Buildings d:LongLeaseholdAssets 2023-01-01 2024-06-30 04858593 d:PlantMachinery 2023-01-01 2024-06-30 04858593 d:PlantMachinery 2024-06-30 04858593 d:PlantMachinery 2022-12-31 04858593 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2024-06-30 04858593 d:MotorVehicles 2023-01-01 2024-06-30 04858593 d:FurnitureFittings 2023-01-01 2024-06-30 04858593 d:FurnitureFittings 2024-06-30 04858593 d:FurnitureFittings 2022-12-31 04858593 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2024-06-30 04858593 d:OwnedOrFreeholdAssets 2023-01-01 2024-06-30 04858593 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 04858593 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04858593 d:CurrentFinancialInstruments 2024-06-30 04858593 d:CurrentFinancialInstruments 2022-12-31 04858593 d:Non-currentFinancialInstruments 2024-06-30 04858593 d:Non-currentFinancialInstruments 2022-12-31 04858593 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 04858593 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04858593 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 04858593 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04858593 d:ShareCapital 2024-06-30 04858593 d:ShareCapital 2022-12-31 04858593 d:SharePremium 2023-01-01 2024-06-30 04858593 d:SharePremium 2024-06-30 04858593 d:SharePremium 2022-12-31 04858593 d:RetainedEarningsAccumulatedLosses 2023-01-01 2024-06-30 04858593 d:RetainedEarningsAccumulatedLosses 2024-06-30 04858593 d:RetainedEarningsAccumulatedLosses 2022-12-31 04858593 c:OrdinaryShareClass1 2023-01-01 2024-06-30 04858593 c:OrdinaryShareClass1 2024-06-30 04858593 c:OrdinaryShareClass1 2022-12-31 04858593 c:OrdinaryShareClass2 2023-01-01 2024-06-30 04858593 c:OrdinaryShareClass2 2024-06-30 04858593 c:OrdinaryShareClass2 2022-12-31 04858593 c:OrdinaryShareClass3 2023-01-01 2024-06-30 04858593 c:OrdinaryShareClass3 2024-06-30 04858593 c:OrdinaryShareClass3 2022-12-31 04858593 c:FRS102 2023-01-01 2024-06-30 04858593 c:AuditExempt-NoAccountantsReport 2023-01-01 2024-06-30 04858593 c:FullAccounts 2023-01-01 2024-06-30 04858593 c:PrivateLimitedCompanyLtd 2023-01-01 2024-06-30 04858593 d:WithinOneYear 2024-06-30 04858593 d:WithinOneYear 2022-12-31 04858593 d:BetweenOneFiveYears 2024-06-30 04858593 d:BetweenOneFiveYears 2022-12-31 04858593 2 2023-01-01 2024-06-30 04858593 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2024-06-30 04858593 e:PoundSterling 2023-01-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04858593










PRISM POWER LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
PRISM POWER LTD
REGISTERED NUMBER: 04858593

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 December
2024
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,564
54,506

Tangible assets
 5 
31,002
48,959

  
36,566
103,465

Current assets
  

Stocks
 6 
287,813
295,396

Debtors: amounts falling due within one year
 7 
4,901,015
4,407,717

Cash at bank and in hand
 8 
3,906
283,791

  
5,192,734
4,986,904

Creditors: amounts falling due within one year
 9 
(6,606,313)
(4,670,247)

Net current (liabilities)/assets
  
 
 
(1,413,579)
 
 
316,657

Total assets less current liabilities
  
(1,377,013)
420,122

Creditors: amounts falling due after more than one year
  
(60,473)
-

  

Net (liabilities)/assets
  
(1,437,486)
420,122


Capital and reserves
  

Called up share capital 
 11 
103
103

Share premium account
 12 
199,997
199,997

Profit and loss account
 12 
(1,637,586)
220,022

  
(1,437,486)
420,122

Page 1

 
PRISM POWER LTD
REGISTERED NUMBER: 04858593
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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 period 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.

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 statement of income and retained earnings 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: 




................................................
Richard Russell-Hogg
Director

Date: 13 May 2025

The notes on pages 3 to 14 form part of these financial statements.
Page 2

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Prism Power Ltd is a private company limited by shares, registered in England and Wales, registered number 04858593. The registered office and principal place of business is Caxton Court, Caxton Way, Watford Business Park, Watford, WD18 8RH.

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 Directors continue to monitor economic conditions and routinely consider forecasts of future cash flows and their potential impact on the business. The challenging trading conditions experienced during the 2023/24 period of these accounts placed the business under some strain. Whilst trading conditions substantially improved across late 2024 and into 2025, it was decided that the Directors would invite third party investment to recapitalise the business. This recapitalisation has now been agreed and finalised with a third party investor and as a result the business will have a solid base supporting cash flow needs going forwards.
 
Based on the assessments undertaken and having regard to the resources available to the entity, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 3

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Turnover comprises revenue recognised by the Company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Profit on long term contracts is recognised as the work is carried out, if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as a percentage of the total contract value by considering the actual costs incurred compared to total expected costs. Turnover derived from variations on contracts is recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the period in which they are first foreseen.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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 range from 3 to 6 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 5

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.10

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.

 
2.11

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.


Page 6

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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 either straight line or reducing balance methods..

Depreciation is provided on the following basis:

Leasehold improvements
-
20% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
20% reducing balance
Fixtures and fittings
-
20-33% 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.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 7

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.16

Discounted trade debtors

The Company has entered into an invoice discounting arrangement with a finance company. In accordance with Financial Reporting Standard 102 1A this is in the nature of a secured loan and accordingly the debtors are recorded as current assets and the advances against debtors are shown within creditors due within one year.

 
2.17

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.

 
2.18

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 41 (2022 - 42).

Page 8

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Intangible assets






Develop-ment expenditure

£



Cost


At 1 January 2023
231,942



At 30 June 2024

231,942



Amortisation


At 1 January 2023
177,436


Charge for the period on owned assets
48,942



At 30 June 2024

226,378



Net book value



At 30 June 2024
5,564



At 31 December 2022
54,506



Page 9

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost 


At 1 January 2023
103,539
348,122
451,661


Additions
11,438
11,184
22,622



At 30 June 2024

114,977
359,306
474,283



Depreciation


At 1 January 2023
76,612
326,090
402,702


Charge for the period on owned assets
18,999
21,580
40,579



At 30 June 2024

95,611
347,670
443,281



Net book value



At 30 June 2024
19,366
11,636
31,002



At 31 December 2022
26,927
22,032
48,959


6.


Stocks

30 June
31 December
2024
2022
£
£

Raw materials and WIP
287,813
295,396

287,813
295,396


Page 10

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

7.


Debtors

30 June
31 December
2024
2022
£
£


Trade debtors
3,951,711
1,790,045

Amounts owed by group undertakings
565
201,539

Other debtors
29,963
229,470

Prepayments and accrued income
918,776
2,186,663

4,901,015
4,407,717



8.


Cash and cash equivalents

30 June
31 December
2024
2022
£
£

Cash at bank and in hand
3,906
283,791

Less: bank overdrafts
(247,508)
(420,180)

(243,602)
(136,389)


Page 11

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Creditors: Amounts falling due within one year

30 June
31 December
2024
2022
£
£

Bank overdrafts
247,508
420,180

Trade creditors
2,569,907
2,239,536

Amounts owed to group undertakings
-
2,000

Other taxation and social security
242,424
55,958

Other creditors
612,649
1,794,603

Accruals and deferred income
2,933,825
157,970

6,606,313
4,670,247


Bank overdrafts are secured by a fixed and floating charge over all property or undertakings of the Company.
During the year ended 31 December 2022, the Company entered into a general pledge agreement in favour of HSBC UK Bank plc. as security over the bank overdraft.
Other creditors includes £469,805 (2022 - £1,745,416) in respect of debt factoring advances. These are secured on the Company's book debts.


10.


Creditors: Amounts falling due after more than one year

30 June
31 December
2024
2022
£
£

Other creditors
60,473
-

60,473
-


Page 12

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

11.


Share capital

30 June
31 December
2024
2022
£
£
Allotted, called up and fully paid



8,600 (2022 - 8,600) Ordinary shares of £0.01 each
86
86
1,400 (2022 - 1,400) Ordinary C shares shares of £0.01 each
14
14
257 (2022 - 257) Redeemable Ordinary shares of £0.01 each
3
3

103

103



12.


Reserves

Share premium account

Share premium includes premiums received on issue of share capital. Any transaction costs associated
with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account reserve includes all current and prior period retained profits and losses.


13.


Contingent liabilities

The Company is party to a Composite Company Unlimited Multilateral Guarantee dated 17 December 2014 in respect of all borrowing of the group (comprising of Prism Power Ltd, InTouch IS Limited and SPKGAS Limited) advanced by HSBC bank. At the balance sheet date such borrowing, across all three companies amounted to £469,805 (2022 - £1,745,416). 


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Included within other creditors are contributions amounting to £27,289 (2022: £13,397).

Page 13

 
PRISM POWER LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

15.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
31 December
2024
2022
£
£


Not later than 1 year
329,061
190,666

Later than 1 year and not later than 5 years
1,155,726
26,261

1,484,787
216,927


16.


Related party transactions

There were no transactions undertaken with related parties which are required to be disclosed in accordance with FRS 102 section 1A - small entities.


17.


Controlling party

The ultimate parent company is SPKGAS Limited, a company incorporated in England.
At the period end, the Company’s ultimate controlling party was K A Hall by virtue of shareholding in SPKGAS Limited.

 
Page 14