Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3150The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2024-01-01falseNo description of principal activity56falsetruefalse 04998277 2024-01-01 2024-12-31 04998277 2023-01-01 2023-12-31 04998277 2024-12-31 04998277 2023-12-31 04998277 c:Director1 2024-01-01 2024-12-31 04998277 c:Director3 2024-01-01 2024-12-31 04998277 c:Director4 2024-01-01 2024-12-31 04998277 c:Director5 2024-01-01 2024-12-31 04998277 c:Director6 2024-01-01 2024-12-31 04998277 c:RegisteredOffice 2024-01-01 2024-12-31 04998277 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 04998277 d:Buildings d:ShortLeaseholdAssets 2024-12-31 04998277 d:Buildings d:ShortLeaseholdAssets 2023-12-31 04998277 d:PlantMachinery 2024-01-01 2024-12-31 04998277 d:PlantMachinery 2024-12-31 04998277 d:PlantMachinery 2023-12-31 04998277 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04998277 d:FurnitureFittings 2024-01-01 2024-12-31 04998277 d:FurnitureFittings 2024-12-31 04998277 d:FurnitureFittings 2023-12-31 04998277 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04998277 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04998277 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 04998277 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 04998277 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04998277 d:ComputerSoftware 2024-01-01 2024-12-31 04998277 d:ComputerSoftware 2024-12-31 04998277 d:ComputerSoftware 2023-12-31 04998277 d:CurrentFinancialInstruments 2024-12-31 04998277 d:CurrentFinancialInstruments 2023-12-31 04998277 d:Non-currentFinancialInstruments 2024-12-31 04998277 d:Non-currentFinancialInstruments 2023-12-31 04998277 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 04998277 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04998277 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 04998277 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04998277 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-12-31 04998277 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04998277 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-12-31 04998277 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 04998277 d:ShareCapital 2024-12-31 04998277 d:ShareCapital 2023-12-31 04998277 d:SharePremium 2024-12-31 04998277 d:SharePremium 2023-12-31 04998277 d:CapitalRedemptionReserve 2024-12-31 04998277 d:CapitalRedemptionReserve 2023-12-31 04998277 d:RetainedEarningsAccumulatedLosses 2024-12-31 04998277 d:RetainedEarningsAccumulatedLosses 2023-12-31 04998277 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 04998277 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04998277 c:OrdinaryShareClass5 2024-01-01 2024-12-31 04998277 c:OrdinaryShareClass5 2024-12-31 04998277 c:OrdinaryShareClass5 2023-12-31 04998277 c:FRS102 2024-01-01 2024-12-31 04998277 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 04998277 c:FullAccounts 2024-01-01 2024-12-31 04998277 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04998277 d:WithinOneYear 2024-12-31 04998277 d:WithinOneYear 2023-12-31 04998277 d:BetweenOneFiveYears 2024-12-31 04998277 d:BetweenOneFiveYears 2023-12-31 04998277 d:MoreThanFiveYears 2024-12-31 04998277 d:MoreThanFiveYears 2023-12-31 04998277 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 04998277 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 04998277 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 04998277 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 04998277 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04998277 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 04998277 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04998277 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 04998277 2 2024-01-01 2024-12-31 04998277 6 2024-01-01 2024-12-31 04998277 d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 04998277 d:InternallyGeneratedIntangibleAssets 2024-01-01 2024-12-31 04998277 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 04998277 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 04998277 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 04998277







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


BOWMAN POWER GROUP LIMITED






































img49a2.png                        

 


BOWMAN POWER GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
B Coste 
P Dowman-Tucker 
M King 
P Dejoux 
A Nerdrum 




Registered number
04998277



Registered office
Unit H8 Adanac Drive
Nursling

Southampton

Hampshire

SO16 0BT




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


BOWMAN POWER GROUP LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 15


 


BOWMAN POWER GROUP LIMITED
REGISTERED NUMBER:04998277



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,202,203
2,800,304

Tangible assets
 5 
703,452
657,710

  
3,905,655
3,458,014

Current assets
  

Stocks
  
970,574
974,292

Debtors: amounts falling due within one year
 7 
942,045
1,651,148

Cash at bank and in hand
  
590,086
368,198

  
2,502,705
2,993,638

Creditors: amounts falling due within one year
 8 
(2,298,972)
(2,210,900)

Net current assets
  
 
 
203,733
 
 
782,738

Total assets less current liabilities
  
4,109,388
4,240,752

Creditors: amounts falling due after more than one year
 9 
(1,400,993)
(1,539,028)

Provisions for liabilities
  

Other provisions
 12 
(24,958)
(24,958)

  
 
 
(24,958)
 
 
(24,958)

Net assets
  
2,683,437
2,676,766

Page 1

 


BOWMAN POWER GROUP LIMITED
REGISTERED NUMBER:04998277


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 13 
1,481,436
1,451,760

Share premium account
  
6,442,479
4,972,067

Capital redemption reserve
  
549,329
549,329

Profit and loss account
  
(5,789,807)
(4,296,390)

  
2,683,437
2,676,766


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 year 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 comprehensive income 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: 




................................................
P Dowman-Tucker
Director

Date: 21 July 2025

The notes on pages 3 to 15 form part of these financial statements.
Page 2

 


BOWMAN POWER GROUP LIMITED
 


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

1.


General information

Bowman Power Group Limited is a private limited company, limited by shares and incorporated in England and Wales.
The company's principal trading address and registered office is Unit H8 Adanac Drive, Nursling, Southampton, SO16 0BT.

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 Company currently meets its day to day working capital requirements through its own cash resources.  At 31 December 2024 the Company had cash balances of £590,086.
In May 2025, existing shareholders provided short term working capital funding of £300,000. These funds have been received.
 
The Company has prepared working capital forecasts based on the 2025 budget, updated for material known changes since it was prepared.  
 
The Board has concluded, after reviewing the work performed and detailed above, that at the time of the approval of these financial statements there is a reasonable expectation that the Company has adequate resources to continue in operation until at least June 2026. Accordingly, it has adopted the going concern basis in preparing these financial statements.

  
2.3

Consolidated financial statements

The Company is exempt from the requirements to prepare consolidated financial statements by virtue of section 402 of the Companies Act 2006 as the subsidiary company is dormant. 
These financial statements present information about the Company as an individual legal entity and not about its group. 

Page 3

 


BOWMAN POWER GROUP LIMITED
 


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

2.Accounting policies (continued)

 
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'.

 
2.5

Revenue

The Company's revenues are realised from a combination of engineering development paid for by clients as part of contract for services and sales of production systems.
Revenues generated as part of a contract for services basis are treated as long term contracts with revenues recognised as contract activity progresses.
Revenues recognised as part of production activities are assessed on a contract by contract basis and generally revenues recognised on an ex-works or an FCA basis when the goods are made available for clients to collect.

 
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 4

 


BOWMAN POWER GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.7

Research and development

Research expenditure is recognised as an expense as incurred. Costs incurred on development projects relating to the developing of new products and significant enhancement of existing products are recognised as intangible assets when it is probable that the project will be a success, considering its commercial and technological feasibility, and costs can be measured reliably. Only direct costs are capitalised, representing material costs and development employee costs. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs are amortised from the commencement of production sales of the developed product/application (typically being upon successful trials of initial demo units) on a straight line basis over the period of its expected life, and the amortisation is recognised in administrative expenses. 

 
2.8

Government grants

The entity accounts for grants under both the accruals model and the performance model. This is selected on a class by class basis as deemed appropriate for the type of grant received as permitted by FRS 102.
For grants that are accounted for under the accruals model where the grant is of a revenue nature these are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
For grants that are accounted for under the performance model the grant is recognised at the point that specific performance related conditions are met. Where specific performance conditions are not met the grant is  included in creditors as deferred income.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

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

 
2.12

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 


BOWMAN POWER GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.13

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.14

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 reporting date in the countries where the Company operates and generates income.


 
2.15

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.

 
2.16

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 6

 


BOWMAN POWER GROUP LIMITED
 


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

2.Accounting policies (continued)


2.16
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:

Land and Buildings - Leasehold improvements
-
25% per annum
Plant tooling and equipment
-
25% per annum
Fixtures, fittings and computer equipment
-
25 - 33% per annum

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.

 
2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.18

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 reporting 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.

 
2.19

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.

 
2.20

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.

 
2.21

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.

Page 7

 


BOWMAN POWER GROUP LIMITED
 


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

2.Accounting policies (continued)

 
2.22

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 Statement of Financial Position 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 56 (2023 - 50).

Page 8

 


BOWMAN POWER GROUP LIMITED
 


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

4.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 January 2024
12,983,815
86,851
13,070,666


Additions
-
6,270
6,270


Additions - internal
562,517
-
562,517


Disposals
-
(66,429)
(66,429)



At 31 December 2024

13,546,332
26,692
13,573,024



Amortisation


At 1 January 2024
10,244,670
25,692
10,270,362


Charge for the year on owned assets
110,470
18,415
128,885


On disposals
-
(28,426)
(28,426)



At 31 December 2024

10,355,140
15,681
10,370,821



Net book value



At 31 December 2024
3,191,192
11,011
3,202,203



At 31 December 2023
2,739,145
61,159
2,800,304



Page 9

 


BOWMAN POWER GROUP LIMITED
 


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

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
165,999
2,087,865
584,149
2,838,013


Additions
311,769
34,300
2,563
348,632


Disposals
(115,117)
(205,634)
(94,510)
(415,261)



At 31 December 2024

362,651
1,916,531
492,202
2,771,384



Depreciation


At 1 January 2024
118,259
1,508,034
554,010
2,180,303


Charge for the year on owned assets
54,153
156,835
15,568
226,556


Disposals
(108,613)
(135,804)
(94,510)
(338,927)



At 31 December 2024

63,799
1,529,065
475,068
2,067,932



Net book value



At 31 December 2024
298,852
387,466
17,134
703,452



At 31 December 2023
47,740
579,831
30,139
657,710


6.


Fixed Asset Investments

The Company holds 100% of the ordinary share capital of Bowman Power Systems (UK) Limited, a dormant company registered at Unit H8 Adanac Drive, Nursling, Southampton, SO16 0BT. The Company has never traded and had net assets of £1 as at the mutual year end.


7.


Debtors

2024
2023
£
£


Trade debtors
247,896
944,387

Other debtors
145,625
131,378

Prepayments and accrued income
69,085
107,643

Tax recoverable
479,439
467,740

942,045
1,651,148


Page 10

 


BOWMAN POWER GROUP LIMITED
 


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

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,648
10,648

Other loans
-
224,049

Payments received on account
483,498
618,455

Trade creditors
201,853
543,181

Other taxation and social security
434,528
272,893

Obligations under finance lease and hire purchase contracts
28,921
24,243

Other creditors
36,687
66,579

Accruals and deferred income
1,102,837
450,852

2,298,972
2,210,900


Within accruals and deferred income, there is a balance of £383,878 (2023 - £34,398) in respect of grants received from DECC (Department of Energy and Climate Change) and Innovate UK for completed product development projects. These grants are being recognised to income over the same period as the life of the intangible assets developed, and therefore income of £nil (2023 - £35,149) was recognised in the year.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,833
21,803

Other loans
1,313,273
1,045,560

Net obligations under finance leases and hire purchase contracts
75,887
99,713

Accruals and deferred income
-
371,952

1,400,993
1,539,028


Within accruals and deferred income, there is a balance of £Nil (2023 - £371,952) in respect of grants received from DECC (Department of Energy and Climate Change) and Innovate UK for completed product development projects. These grants are being recognised to income over the same period as the life of the intangible assets developed.

Page 11

 


BOWMAN POWER GROUP LIMITED
 


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

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,648
10,648

Other loans
-
224,049


10,648
234,697

Amounts falling due 1-2 years

Bank loans
11,833
21,803

Other loans
1,136,349
1,045,560


1,148,182
1,067,363


Amounts falling due after more than 5 years

Other loans
176,924
-

176,924
-

1,335,754
1,302,060


At 31 December 2024 the Company had an unsecured bank loan under the UK Government Bounce Back Loan Scheme.
  
At December 2024 the Company had an Innovation Continuity Loan facility through Innovate UK Loans in respect of a new product development project.  At 31 December 2024 the amounts due under the facility are included in other loans.  The loan is secured against the assets of the Company. 


11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
28,921
24,243

Between 1-5 years
75,887
99,713

104,808
123,956

Page 12

 


BOWMAN POWER GROUP LIMITED
 


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

12.


Provisions


Warranty Provision

£





At 1 January 2024
24,958



At 31 December 2024
24,958


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,392,408 (2023 - 1,392,408) Preferred shares of £1 each
1,392,408
1,392,408
89,028 (2023 - 59,352) Ordinary shares of £1 each
89,028
59,352

1,481,436

1,451,760


In February 2024 the company issued 29,676 ordinary shares of £1 each for cash.

Page 13

 


BOWMAN POWER GROUP LIMITED
 


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

14.


Share options

Equity-settled
Share options over the Ordinary shares of £1 each were in issue as follows:
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* The options reported as outstanding at 31 December 2023 incorrectly included options over a class of share that was cancelled in January 2021 having ceased to have any value following a recapitalisation of the Company at that time.
  
Having considered Black-Scholes model calculations, an amount of £Nil (2023 - £18,936) has been charged to the profit and loss account.
The Company did not enter into any share-based payment transactions with parties other than employees during the current or prior period.
 

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BOWMAN POWER GROUP LIMITED
 


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


15.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £31,227 (2023 -  £62,508) were payable to the fund at the reporting date and are included in creditors.


16.


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
156,440
156,440

Later than 1 year and not later than 5 years
625,760
625,760

Later than 5 years
534,503
690,943

1,316,703
1,473,143


17.


Controlling party

The directors consider that no one party has control over the Company.

 
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