POWERMAT EU LIMITED
Director: K. Abuhatzira
Registered Office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 06988864 (England & Wales)
Financial Statements
For the year ended 31 December 2024
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Statement of financial position 1
Notes to the financial Statements 2-4
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)
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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
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.
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