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Registered number: 02886463










POWERVAMP LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
POWERVAMP LIMITED
 
 
COMPANY INFORMATION


Directors
E Jalil 
L Jamet 
J Mearns (resigned 12 July 2024)
N Verin 
T B Johnson (appointed 12 July 2024)




Company secretary
T B Johnson



Registered number
02886463



Registered office
Third Floor
One London Square

Cross Lanes

Guildford

Surrey

GU1 1UN




Independent auditors
MHA
Chartered Accountants & Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU




Bankers
HSBC
209 Bedford Road

Kempston

Bedfordshire

MK42 8DD





 
POWERVAMP LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11 - 12
Statement of changes in equity
 
13
Notes to the financial statements
 
14 - 32


 
POWERVAMP LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
In continuation to 2023 growth (+48%), the Company experienced in 2024 a turnover increase of 58%, reaching £23,400,031. The continuous demand for electric ground support equipment (eGSE), in particular mobile ground power units (GPU) continues to drive the business expansion.
The turnover increase allowed the Company to absorb fixed costs and thus achieve economies of scale. The growth combined with effort made on product engineering and quality made Powervamp profitable in 2024. 
2025 is expected to be a year of consolidation for the Company with a stable turnover.
The tension on supply chain has generally decreased, even if the situations varied greatly depending on the components and sources of supply. The Company therefore continued to develop new purchasing alternatives in order to be able to deliver to our customers.
The Company continues to invest significantly in R&D activities as we continue to improve existing products, innovate, reduce costs as well as seeking new markets.
Balance Sheet Review
The working capital of the Company slightly decreased in 2024 mainly driven by stock coverage improvement, cash collection improvement and controlled payables. The company monitors its working capital by tracking inventory, trade receivables and trade payables—specifically analysing how long it takes to convert inventory into cash, how quickly customers settle their invoices, and the time taken to pay suppliers. 
There has not been any significant capitalised expenditure for 2024.

Page 1

 
POWERVAMP LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The Company operates mainly in the aviation sector. The sector was strongly impacted by the COVID-19 crisis but experienced a strong recovery since 2022. The current rebound is also linked the group strategy with “Leaner & Greener” products fully in line with demand. of its customers and a diversified sales network.
Liquidity risk
The Company aims to mitigate liquidity risk by managing cash generation by its operations and applying cash collection targets. The Company also relies on the availability of funding from the Group to fund investment and cover operating losses where they arise. The Group manages liquidity risk via revolving credit facilities and long term-debt.
Credit risk
The Company’s principal financial assets are bank balances, cash, trade and other debtors.
The Company’s credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.
The Company has no significant concentration of credit risk, with exposure spread over many counterparties and customers.
Non-Financial Risk
No specific risk identified.

Financial key performance indicators
 
The Company’s key performance indicators are its turnover, gross profit and net loss. These are as
follows for the last two years:
                             
2024    2023
Turnover   £23,400,031  £14,812,481
Gross profit        £8,852,740  £4,102,900
Net profit/(loss)        £2,542,537            (£330,951)           


This report was approved by the board and signed on its behalf.



................................................
T B Johnson
Director

Date: 28 May 2025

Page 2

 
POWERVAMP LIMITED
 
 
 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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 activity

The principal activity of the Company is the design and manufacture of specialist power equipment for the aviation and automotive sectors.

Results and dividends

The profit for the year, after taxation, amounted to £2,542,537 (2023 - loss £330,951).

Directors

The directors who served during the year were:

E Jalil 
L Jamet 
J Mearns (resigned 12 July 2024)
N Verin 
T B Johnson (appointed 12 July 2024)

Page 3

 
POWERVAMP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

2025 is expected to be a year of consolidation for the Company with a stable turnover after 2 years of important growth. The market is stabilizing. The growth is currently coming from the diversification of our sales through the development of new products driven by the “Leaner & Greener” Group strategy.
New and exciting opportunities are opening up for Powervamp products. We are working with various goup entities, alongside Alvest Group SAS, the parent entity, to combine resources and technology, creating new products and additional revenue streams for years to come. 

Qualifying third party indemnity provisions

Director's liability and indemnity insurance was in force throughout the year to cover the directors and officers of the Company against actions brought against them in personal capacities. Cover is not provided where the individual has acted fraudulently or dishonestly. 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006

Page 4

 
POWERVAMP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf.
 





................................................
T B Johnson
Director

Date: 28 May 2025

Third Floor
One London Square
Cross Lanes
Guildford
Surrey
GU1 1UN

Page 5

 
POWERVAMP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POWERVAMP LIMITED
 

Opinion


We have audited the financial statements of Powervamp Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and 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 2024 and of its profit 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 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.


Page 6

 
POWERVAMP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POWERVAMP LIMITED (CONTINUED)


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 ReportOur 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 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have 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 Strategic report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 7

 
POWERVAMP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POWERVAMP LIMITED (CONTINUED)


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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•  Obtaining an understanding of the legal and regulatory frameworks that the company operates in; key     correspondence with regulatory authorities;
•  Reviewing key correspondence with regulatory authorities;
•  Testing for evidence of management override;
• Enquiry of management to identify any instances of non-compliance with laws and regulations;
• Enquiry of management around actual and potential litigation and claims;
• Enquiry of management to identify any instances of known or suspected instances of fraud;
•  Discussing among the engagement team regarding how and where fraud might occur.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.


Page 8

 
POWERVAMP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF POWERVAMP LIMITED (CONTINUED)


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 2006Our 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern FCA (Senior Statutory Auditor)
For and on behalf of MHA, Statutory Auditor
London, United Kingdom
Date:
 
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

29 May 2025
Page 9

 
POWERVAMP LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
23,400,031
14,812,481

Cost of sales
  
(14,647,291)
(10,709,581)

Gross profit
  
8,752,740
4,102,900

Distribution costs
  
(483,990)
(215,189)

Administrative expenses
  
(5,568,262)
(4,152,182)

Other operating income
 5 
388,298
323,919

Operating profit
 6 
3,088,786
59,448

Interest payable and similar expenses
 10 
(457,858)
(390,399)

Profit/(loss) before tax
  
2,630,928
(330,951)

Tax on profit/(loss)
 11 
(88,391)
-

Profit/(loss) for the financial year
  
2,542,537
(330,951)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 32 form part of these financial statements.

All activities derive from continuing operations.

Page 10

 
POWERVAMP LIMITED
REGISTERED NUMBER: 02886463

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
756,414
684,303

Tangible assets
 13 
4,175,577
4,494,366

  
4,931,991
5,178,669

Current assets
  

Stocks
 14 
4,268,957
5,271,045

Debtors: amounts falling due within one year
 15 
7,538,356
4,683,942

Cash at bank and in hand
 16 
1,432,899
803,915

  
13,240,212
10,758,902

Creditors: amounts falling due within one year
 17 
(7,898,792)
(12,942,471)

Net current assets/(liabilities)
  
 
 
5,341,420
 
 
(2,183,569)

Total assets less current liabilities
  
10,273,411
2,995,100

Creditors: amounts falling due after more than one year
 18 
(6,900,000)
(2,905,012)

Provisions for liabilities
  

Other provisions
 21 
(1,339,740)
(598,954)

Net assets/(liabilities)
  
2,033,671
(508,866)


Capital and reserves
  

Called up share capital 
 22 
32,728
32,728

Share premium account
 23 
432,729
432,729

Capital redemption reserve
 23 
9
9

Profit and loss account
 23 
1,568,205
(974,332)

  
2,033,671
(508,866)


Page 11

 
POWERVAMP LIMITED
REGISTERED NUMBER: 02886463
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T B Johnson
Director

Date: 28 May 2025

The notes on pages 14 to 32 form part of these financial statements.

Page 12

 
POWERVAMP LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
32,728
432,729
9
(643,381)
(177,915)


Comprehensive income for the year

Loss for the year
-
-
-
(330,951)
(330,951)



At 1 January 2024
32,728
432,729
9
(974,332)
(508,866)


Comprehensive income for the year

Profit for the year
-
-
-
2,542,537
2,542,537


At 31 December 2024
32,728
432,729
9
1,568,205
2,033,671


The notes on pages 14 to 32 form part of these financial statements.

Page 13

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Powervamp Limited ("the Company") is a private company limited by shares, incorporated in England and Wales under the Companies Act.  
The registered number and address of the registered office are given in the Company information.  
The nature of the Company's operations and its principal activities are set out in the Directors' Report on page 3.  
The functional and presentational currency of the Company is pounds sterling (£) and rounded to the nearest whole pound. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Alvest Group SAS as at 31 December 2024 and these financial statements may be obtained from 100-104 Boulevard du Montparnasse, 75014 Paris, France.

Page 14

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company had net current assets of £5,069,796 (2023: £2,183,569 net current liabilities) at the balance sheet date.
Based on future cash flows on ongoing contracts and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty with regards to the entity's ability to continue as a going concern. The financial statements have been prepared on a going concern basis as the parent company, Alvest Group SAS, has indicated its support of the company for at least 12 months from the date of approval of the financial statements.

 
2.4

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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.6

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.

Page 16

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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 4 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.

 
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 year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension 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 other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 17

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 18

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
Research and development costs
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 is 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 to the profit and loss account on a straight-line basis over their expected useful economic lives, which is 5 years. Amortisation begins when the intangible asset is available for use, i.e. when it is in the location and condition necessary for it to be usable in the manner intended by management. The expected useful economic life of development costs are estimated based on business plans which set out the development plan and time to market for the associated project. 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.
Computer software 
Where computer software developments are expected to generate future revenues in excess of the costs of developing the software and all other capitalisation criteria are met, expenditure on these  is capitalised and treated as an intangible fixed asset and amortised over their expected useful life of 5 years.  
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.
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.

 Amortisation is provided on the following bases:

Development expenditure
-
5 years on a straight line basis
Computer Software
-
5 years on a straight line basis

 
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.

Page 19

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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:

Freehold property
-
20 years
Plant and machinery
-
5 years
Fixtures and fittings
-
4-5 years
Computer equipment
-
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 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.

 
2.16

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.

 
2.17

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.

Page 20

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

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 Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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 profit or loss.
 
Page 21

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The directors consider that the critical judgements are required to make in relation to recoverability of debtors and warranty provisions. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Page 22

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
18,588,414
14,790,337

Other revenue
4,811,617
22,144

23,400,031
14,812,481


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,645,263
1,820,303

Rest of Europe
15,704,616
2,258,384

Rest of the world
5,050,152
10,733,794

23,400,031
14,812,481



5.


Other operating income

2024
2023
£
£

Other operating income
415,053
336,886

Net rents receivable
(26,755)
(12,967)

388,298
323,919



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
458,036
455,126

Exchange differences
(81,562)
(259,725)

Other operating lease rentals
15,845
25,766

Page 23

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
30,900
30,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,773,528
3,158,155

Social security costs
355,599
286,364

Cost of defined contribution pension scheme
231,851
211,219

4,360,978
3,655,738


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4



Administrative
44
37



Direct labour
31
26

79
67

Page 24

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
118,129
90,052

Company contributions to defined contribution pension schemes
3,853
3,363

121,982
93,415


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
402
-

Interest payable on cash pooling facility
305,240
238,599

Loans from group undertakings
152,216
151,800

457,858
390,399

Page 25

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£


Current tax on profits for the year
350,084
-

Total current tax
350,084
-


Origination and reversal of timing differences
(261,693)
-

Total deferred tax
(261,693)
-

Tax on profit/(loss)
 
88,391
 
-

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
2,630,928
(330,951)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
657,732
(82,738)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
395
18,906

Adjustment to brougt forward values
-
(73,621)

Adjusment to tax charge in respect of prior period deferred tax
-
(554,987)

Remeasurement of deferred tax for changes in tax rates
-
(8,646)

Deferred tax asset not previously recognised
(569,736)
701,086

Total tax charge for the year
88,391
-


Factors that may affect future tax charges

The Deferred tax losses were not recognised at 31.12.2023 as it was not probable at that date that the amounts would be recoverable.
There were no factors that may affect future tax charges.

Page 26

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2024
1,683,419
3,959
320,386
2,007,764


Additions
255,725
-
-
255,725


Disposals
-
-
(320,386)
(320,386)



At 31 December 2024

1,939,144
3,959
-
1,943,103



Amortisation


At 1 January 2024
1,001,084
1,991
320,386
1,323,461


Charge for the year
182,295
1,319
-
183,614


On disposals
-
-
(320,386)
(320,386)



At 31 December 2024

1,183,379
3,310
-
1,186,689



Net book value



At 31 December 2024
755,765
649
-
756,414



At 31 December 2023
682,335
1,968
-
684,303



Page 27

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2024
5,404,068
312,754
255,438
134,984
6,107,244


Additions
4,065
25,571
-
15,327
44,963



At 31 December 2024

5,408,133
338,325
255,438
150,311
6,152,207



Depreciation


At 1 January 2024
1,066,118
266,388
188,872
91,500
1,612,878


Charge for the year
270,280
16,155
49,865
27,452
363,752



At 31 December 2024

1,336,398
282,543
238,737
118,952
1,976,630



Net book value



At 31 December 2024
4,071,735
55,782
16,701
31,359
4,175,577



At 31 December 2023
4,337,950
46,366
66,566
43,484
4,494,366




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold property
4,071,735
4,337,950



14.


Stocks

2024
2023
£
£

Raw materials and consumables
3,502,251
3,836,931

Work in progress (goods to be sold)
477,904
914,110

Finished goods and goods for resale
288,802
520,004

4,268,957
5,271,045


Page 28

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£
£


Trade debtors
262,982
1,043,821

Amounts owed by group undertakings
6,847,047
3,117,548

Other debtors
101,866
202,760

Prepayments and accrued income
64,768
319,813

Deferred taxation - note 20
261,693
-

7,538,356
4,683,942



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,432,899
803,915



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Intercompany loans
-
3,994,988

Trade creditors
816,013
2,444,772

Amounts owed to group undertakings
6,017,973
5,171,397

Corporation tax
350,084
-

Other taxation and social security
88,904
77,020

Other creditors
113,704
531,886

Accruals and deferred income
512,114
722,408

7,898,792
12,942,471


Intercompany loans are unsecured and bear interest at commercial rates.

Page 29

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Intercompany loans
6,900,000
2,905,012


Intercompany loans are unsecured and bear interest at commercial rates.


19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within 1 year

Other loans
-
3,994,988

Amounts falling due 1-2 years

Other loans
6,900,000
2,905,012

6,900,000
6,900,000



20.


Deferred taxation




2024


£






Charged to profit or loss
261,693



At end of year
261,693

Page 30

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
20.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(82,017)
-

Short term timing differences
343,710
-

261,693
-

Deferred tax assets were not recognised at 31 December 2023 as the directors did not consider it probable at that date that such assets would be recovered against the reversal of deferred tax liabilities or other future taxable profits. The taxation charge at 31 December 2024 has been reduced by £569,736 reflecting the impact of these deferred tax assets, with £343,710 of deferred tax assets recognised at 31 December 2024, (2023 £nil).  


21.


Provisions




Warranty Provision
Other provision
Total

£
£
£





At 1 January 2024
598,954
-
598,954


Charged to profit or loss
640,786
100,000
740,786



At 31 December 2024
1,239,740
100,000
1,339,740

The warranty provision is £1,239,740 of which £613,963 is to cover customers 2 years warranty and another £625,777 related to electric battery replacement and reclycling process, representing the estimated cost to related warranties. The electric battery technology is still native and its cost today is uncertain. The provision is to cover both costs over a longer horizon (battery life is estimated at 10 years). The Company offers its customers a 2-year warranty on its products. This provision is based on the historical warranty costs and the directors' best estimate. The Company anticipates the provision will be settled within the next couple of years.
The other provision of £100,000 relates to a fire incident where the company may have a liability.Any uninsured liability and the timing of the payment are both uncertain.  The directors’ best estimate has resulted in the provision of £100,000, with the payment expected to be before 2028. 


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



32,728 (2023 - 32,728) Ordinary shares of £1.00 each
32,728
32,728

Page 31

 
POWERVAMP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.Share capital (continued)



23.


Reserves

Share premium account

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

Capital redemption reserve

The nominal value of shares repurchased.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. 


24.


Pension commitments

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held seperately from those of the Company in an independently administered fund. Contributions totalling £106,649 (2023: £16,721) were payable to the fund at the year end and are included in other creditors.


25.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
14,813
17,254

Later than 1 year and not later than 5 years
22,911
7,021

37,724
24,275


26.


Parent entity and ultimate controlling party

Alvest Group SAS is the immediate parent and is the smallest group for which consolidated accounts including Powervamp Limited are prepared. Alvest Group SAS is a company incorporated in France and whose registered office is 100-104 Boulevard du Montparnasse, 75014 Paris, France.
Alvest Holding SAS is the ultimate controlling party and the largest group for which consolidated accounts including Powervamp Limited are prepared. Alvest Holding SAS is a company incorporated in France and whose registered office is 100 Boulevard du Montparnasse, 75014 Paris, France.

 
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