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Registration number: 02549947

PowTechnology Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

PowTechnology Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

PowTechnology Limited

(Registration number: 02549947)
Balance Sheet as at 31 December 2024

Note

31 December
2024
£

31 December
2023
£

Fixed assets

 

Intangible assets

4

412,335

313,392

Tangible assets

5

54,697

76,886

Investments

6

60

60

 

467,092

390,338

Current assets

 

Stocks

7

170,373

167,042

Debtors

8

545,849

444,846

Cash at bank and in hand

 

121,191

135,819

 

837,413

747,707

Creditors: Amounts falling due within one year

9

(758,390)

(674,456)

Net current assets

 

79,023

73,251

Total assets less current liabilities

 

546,115

463,589

Creditors: Amounts falling due after more than one year

9

(346,836)

(423,093)

Net assets

 

199,279

40,496

Capital and reserves

 

Called up share capital

10

39,864

39,864

Share premium reserve

244,020

244,020

Retained earnings

(84,605)

(243,388)

Shareholders' funds

 

199,279

40,496

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

PowTechnology Limited

(Registration number: 02549947)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
D C Oakes
Director

 

PowTechnology Limited

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

1

General information

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

The address of its registered office is:
Unit 12 Ninian Park
Ninian Way
Tamworth
Staffordshire
B77 5ES

These financial statements were authorised for issue by the Board on 29 May 2025.

2

Accounting policies

Summary of significant 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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Having considered all available information about the future, which is at least, but is not limited to, 12 months from the date when these financial statements are authorised for issue, management have concluded that it is appropriate to prepare these financial statements on a going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. 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. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

PowTechnology Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. 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.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Office equipment

20% per annum on net book value

Rental hardware

20% per annum on cost

IT equipment

33.33% per annum on cost

Motor vehicles

25% per annum on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development expenditure

33.33% per annum on cost

 

PowTechnology Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

 

PowTechnology Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 18 (2023: 18).

 

PowTechnology Limited

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

4

Intangible assets

Development expenditure
 £

Total
£

Cost or valuation

At 1 January 2024

536,030

536,030

Additions internally developed

307,746

307,746

At 31 December 2024

843,776

843,776

Amortisation

At 1 January 2024

222,638

222,638

Amortisation charge

208,803

208,803

At 31 December 2024

431,441

431,441

Carrying amount

At 31 December 2024

412,335

412,335

At 31 December 2023

313,392

313,392

The aggregate amount of research and development expenditure recognised as an expense during the period is £11,669 (2023 - £410).
 

 

PowTechnology Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

96,561

25,274

121,835

Additions

1,485

-

1,485

At 31 December 2024

98,046

25,274

123,320

Depreciation

At 1 January 2024

41,837

3,112

44,949

Charge for the year

17,355

6,319

23,674

At 31 December 2024

59,192

9,431

68,623

Carrying amount

At 31 December 2024

38,854

15,843

54,697

At 31 December 2023

54,724

22,162

76,886

6

Investments

31 December
2024
£

31 December
2023
£

Investments in subsidiaries

60

60

Subsidiaries

£

Cost or valuation

At 1 January 2024

60

Provision

Carrying amount

At 31 December 2024

60

At 31 December 2023

60

 

PowTechnology Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Powutilities Limited

Unit 12 Ninian Park
Ninian Way
Tamworth
Staffordshire
B77 5ES

Ordinary £1

100%

100%

Subsidiary undertakings

Powutilities Limited

The principal activity of Powutilities Limited is the provision of specialist metering services. The profit for the financial period of Powutilities Limited was £25,634 and the aggregate amount of capital and reserves at the end of the period was £13,519.

7

Stocks

31 December
2024
£

31 December
2023
£

Other inventories

170,373

167,042

8

Debtors

Current

Note

31 December
2024
£

31 December
2023
£

Trade debtors

 

281,832

255,125

Amounts owed by related parties

13

48,799

60,232

Prepayments

 

28,955

21,217

Other debtors

 

186,263

108,272

   

545,849

444,846

 

PowTechnology Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

31 December
2024
£

31 December
2023
£

Due within one year

 

Loans and borrowings

11

223,737

170,443

Trade creditors

 

146,087

236,282

Taxation and social security

 

132,180

64,939

Accruals and deferred income

 

254,278

200,783

Other creditors

 

2,108

2,009

 

758,390

674,456

Loans and borrowings are secured by charges over the company’s assets.

Creditors: amounts falling due after more than one year

Note

31 December
2024
£

31 December
2023
£

Due after one year

 

Loans and borrowings

11

346,836

423,093

Loans and borrowings are secured by charges over the company’s assets.

10

Share capital

Allotted, called up and fully paid shares

31 December
2024

31 December
2023

No.

£

No.

£

A Ordinary shares of £1 each

20,331

20,331

20,331

20,331

B Ordinary shares of £1 each

1,993

1,993

1,993

1,993

C Ordinary shares of £1 each

17,540

17,540

17,540

17,540

39,864

39,864

39,864

39,864

 

PowTechnology Limited

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

11

Loans and borrowings

Non-current loans and borrowings

31 December
2024
£

31 December
2023
£

Bank borrowings

107,222

177,407

Hire purchase contracts

9,614

15,686

Other borrowings

230,000

230,000

346,836

423,093

Current loans and borrowings

31 December
2024
£

31 December
2023
£

Bank borrowings

217,665

164,371

Hire purchase contracts

6,072

6,072

223,737

170,443

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £48,188 (2023 - £63,646).

 

PowTechnology Limited

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

13

Related party transactions

Loans to related parties

 

Subsidiary

31 December
2024
£

31 December
2023
£

At start of period

60,232

65,469

Repaid

(11,433)

(5,237)

At end of period

48,799

60,232

Terms of loans to related parties

The loan to the subsidiary is unsecured, interest-free, and repayable on demand.
 

Loans from related parties

 

Key management

31 December
2024
£

31 December
2023
£

At start of period

230,000

230,000

At end of period

230,000

230,000

Terms of loans from related parties

Throughout the reporting period, loans totalling £230,000 were owed by the company to certain of the company’s Directors. The loans are subject to interest at 8% per annum, are repayable in March 2026 and are secured by a debenture over the company’s assets.