| POWERMAT EU LIMITED |
| Statement of Financial Position As At 31 December 2024 |
|
|
|
|
|
|
31.12.2024 |
|
|
31.12.2023 |
|
Notes |
|
£ |
£ |
|
| Current assets |
| Debtors |
5 |
|
1,963 |
|
|
3,235 |
|
|
|
1,963 |
|
|
3,235 |
| Creditors: amounts falling due |
| within one year |
6 |
|
( 4,944) |
|
|
(4,744) |
|
|
|
|
|
|
|
| Net current liabilities |
|
|
|
( 2,981) |
|
(1,509) |
|
| Creditors: amounts falling due |
| after more than one year |
7 |
|
|
( 582,821) |
|
( 618,093) |
|
| Total liabilities less assets |
|
|
|
£ (585,802) |
|
£ (619,602) |
|
|
|
|
|
|
|
|
| Capital and reserve |
|
|
|
£ |
£ |
|
£ |
|
| Called up share capital |
8 |
|
100 |
|
|
100 |
| Other reserves |
|
|
229,747 |
|
|
194,475 |
| Profit and loss account |
|
|
( 815,649) |
|
|
(814,177) |
|
|
|
|
|
|
|
| Shareholders' funds |
|
|
|
£ (585,802) |
|
£ (619,602) |
|
|
|
|
- |
|
|
|
|
| For the period ending 31 December 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
| The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. |
| The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities. |
|
|
|
|
| _________________________ |
| K. Abuhatzira |
28 May 2025 |
| Director |
| Company number: 06988864 |
|
| POWERMAT EU LIMITED |
|
| Notes to the financial statements - 31 December 2024 |
|
|
|
COMPANY INFORMATION |
|
| 1. |
Company Information |
|
Powermat EU Limited is a private limited company incorporated and domiciled in the UK. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ. |
|
The company is a wholly owned subsidiary of Powermat Ltd, a company registered in Israel. |
|
| 2. |
Statement of Compliance |
|
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
|
| 3. |
Accounting Policies |
|
Basis of accounting |
|
The financial statements have been prepared on a going concern basis, under historical cost convention. |
|
The financial statements are presented in sterling (£). |
|
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
Going concern |
|
The company does not have any trading activities and its cash flow requirements are minimal and are covered by its parent company. The parent company will not demand the repayment of the loan due to it for a period of at least 12 months from the signing of the accounts. |
|
Taking into account the above the director is of the view that the company can continue to prepare its financial statements under the going concern basis. |
|
|
Basic financial instruments |
|
Long term intercompany loan that is provided interest free is classified as basic financial instrument and is measured at present value of future payments discounted at the market rate of interest of similar loans advanced to the group . |
|
The difference between the value of the loan and the value of the initial recognition is accounted as capital contribution and included in the equity as capital fund. |
|
| POWERMAT EU LIMITED |
|
| Notes to the financial statements - 31 December 2024 |
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|
|
Accounting policies (…continued) |
|
|
Debtors |
|
Short term debtors that include other receivables are measured at transaction price, less any impairment. |
|
|
|
Creditors |
|
Basic financial liabilities including trade and other payables, bank loans, loans from |
|
group companies are measured at transaction price. |
|
| 4. |
Employees information |
|
|
|
|
|
2024 |
|
2023 |
|
The average number of employees during the year |
0 |
|
0 |
|
There were no director's remunerations |
|
|
| 5. |
Debtors |
|
|
|
|
|
31.12.2024 |
|
31.12.2023 |
|
|
|
|
|
£ |
|
£ |
|
|
Parent company |
1,963 |
|
3,235 |
|
|
|
|
|
1,963 |
|
3,235 |
|
|
|
|
|
|
|
|
| 6. |
Creditors: amounts falling due |
|
within one year |
31.12.2024 |
|
31.12.2023 |
|
|
|
|
|
£ |
|
£ |
|
|
Group company |
3,744 |
|
3,744 |
|
Accruals and other creditors |
1,200 |
|
1,000 |
|
|
|
|
|
4,944 |
|
4,744 |
|
|
|
|
|
|
|
|
|
| POWERMAT EU LIMITED |
|
| Notes to the financial statements - 31 December 2024 |
|
|
|
| 7. |
Creditors: amounts falling due |
31.12.2024 |
|
|
31.12.2023 |
|
after more than one year |
£ |
|
|
£ |
|
|
Loan from parent company |
582,821 |
|
|
618,093 |
|
|
|
|
|
582,821 |
|
|
618,093 |
|
|
|
|
|
|
|
|
|
|
The loan is nominated in Pounds and is repayable after 1 years. No interest is charged. |
|
The loan is regarded as basic financial instrument and therefore is disclosed at present value of future payments. |
|
|
| 8. |
Called up share capital |
|
|
|
|
|
31.12.2024 |
|
|
31.12.2023 |
|
|
|
|
|
£ |
|
|
£ |
|
|
|
Allotted, called up and fully paid: |
|
100 Ordinary shares of £1 each |
100 |
|
|
100 |
|
|
|
|
|
|
|
|
|
|
| 9. |
Related party transactions: |
|
|
Control: |
|
The immediate and ultimate parent company is Powermat Ltd, a foreign company registered in Israel whose address is: Communication Center, Bldg. B, Neve Ilan 9085000, Israel |
|
|
| 10. |
Transaction: |
|
The company is exempt from disclosing transactions with related parties that are wholly owned |
|
within the same group in accordance with FRS 102 Section 33(1)A. |
|
|
Commitment: |
|
There are no financial commitments at the balance sheet date. |