Registration number:
for the Year Ended 31 March 2025
Pure World Energy Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Income Statement |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Pure World Energy Limited
Company Information
|
Directors |
S Fitzpatrick K Samiyappan N Hartley A J Chandler R A Crusher |
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Company secretary |
A J Chandler |
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Registered office |
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Auditors |
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Pure World Energy Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the company is the ownership and operation of a Combined Heat & Power (CHP) fleet of micro gas turbines, delivering electricity & heat to its client’s facilities. The company delivers solutions in the range of 65KW to 5MW for the purpose of generating immediate and sustainable cost savings for clients, and long-term returns for the company and its investors.
Business Strategy
The company’s business model is to design, build, finance, operate and maintain a growing fleet of CHP solutions across the UK. These solutions incorporate Capstone gas micro-turbines and other no or low emission technologies. Once installed, the Company operates and maintains the fleet.
Review of the business and strategy
The company made a loss of £1,266,545 during the period.
A restructure of the Group was completed in September 2022 whereby the major bondholder converted most of their debt to equity. This puts the company in a much stronger position for growth.
Andrea Chandler (Finance) and Kumar Samiyappan (Engineering) were appointed as directors on 30 September 2022. Tim Hewitt resigned as a director during this period. The Company has appointed two new Non-Executive Directors, Neil Hartley and Rob Crusher in Q4 2023.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Revenue |
£ |
4,842,955.00 |
5,702,690.00 |
|
Loss for the period |
£ |
1,266,545.00 |
221,540.00 |
|
Cash and cash equivalents |
£ |
151,333.00 |
300,994.00 |
|
Net liability |
£ |
6,124,734.00 |
4,858,189.00 |
|
Electricity generated |
kWh |
12,322,465.00 |
11,592,939.00 |
|
Heat generated |
kWh |
29,684,639.00 |
29,665,865.00 |
|
Total operating sites at year end |
No. |
26.00 |
28.00 |
Principal risks and uncertainties
The principal risk to the company is that it will be unable to raise the necessary capital to carry out its business plan in full. PWE has engaged KBS Capital to run a process to raise capital and this process is well under way at this point with over 25 interested parties considering potential investment.
The Directors constantly monitor the financial risks and uncertainties facing the company with reference to the exposure of credit risk and liquidity risk. They are confident that suitable policies are in place and that all material financial risks have been considered.
Pure World Energy Limited
Strategic Report for the Year Ended 31 March 2025
Future developments
The existing management team has built a significant commercial and industrial sector pipeline without additional resource over the period. New opportunities continue to be developed in sectors where emissions and cost reduction are the driving factors for clients.
We have expanded our offer from exclusively CHP to a wider range of Net Zero Energy Solutions to bring a broader offering to our targeted sectors: Light Manufacturing, Food and Beverage processing and other process heat-intensive industries.
The intention is to grow the company’s existing fleet of 3.6MW CHP units, subject to the availability of internal resources and the ability to raise fresh capital through the current KBS Capital process.
The company’s diversification into a wider offering of renewable and Net Zero solutions has opened many more avenues into our targeted commercial and industrial sectors. We are focusing on technically proven and commercially viable solutions including Solar PV and Battery Energy Storage (BESS) . PWE has already secured two BESS projects on a Capital purchase basis and has several others in the pipeline.
The trajectory for growth remains positive as the demand for Net Zero funded solutions has increased since the return to business from the pandemic slowdown and the recent energy crisis. In addition to Solar PV and BESS, our Net Zero offer will include waste-to-energy, heat pumps and other clean energy efficiency solutions over the coming years.
The Board of Directors and Shareholders are considering options to raise new capital to capitalise on investment in the opportunities available in the market.
Companies Act S.172
The Directors acknowledge their duty under s.172 of the Companies Act 2006 and consider that they have, both individually and together, acted in the way that, in good faith, would be most likely to promote the success of the company for the benefit of its members. In doing so, they have had regard (amongst other matters) to:
● the likely consequences of any decision in the long term. The Group’s long-term strategic objectives, including progress made during the year and principal risks to these objectives, are shown in the strategic report and the key performance indicators.
● the interests of the company’s employees. Our employees are fundamental to us achieving our long-term strategic objectives.
● the impact of the company’s operations on the community and the environment. The Group operates honestly and transparently. We consider the impact on the environment on our day-to-day operations and how we can minimise this.
● the desirability of the company maintaining a reputation for high standards of business conduct. Our intention is to behave in a responsible manner, operating within the high standard of business conduct and good corporate governance.
● the need to act fairly between members of the company. Our intention is to behave responsibly towards our shareholders and treat them fairly and equally so that they may benefit from the successful delivery of our strategic objectives.
Pure World Energy Limited
Strategic Report for the Year Ended 31 March 2025
Non-financial and sustainability information
Environmental matters
The company has minimal carbon emissions; there is a low number of employees, no in house manufacturing and only a small, serviced office space.
The company is not within the scope of carbon reporting obligations. Accordingly, it is not considered necessary to obtain emissions, energy consumption or energy efficiency data to produce an Energy and Carbon Report under SI 2018/1155.
Approved by the
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Pure World Energy Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
Directors' of the company
The directors, who held office during the year, were as follows:
Financial instruments and risk management
The Company has not entered into any financial instruments to hedge against interest rate or exchange rate risk.
The service agreement with Siemens Financial Services Limited repayable on 01 September 2032 bears interest at 11.33% per annum.
Objectives and policies
The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure appropriate for its growth plans.
In order to maintain or adjust the capital structure the Company may issue new shares or alter debt levels. There were no changes to the objectives, policies or processes either during the period to 31 March 2025.
Pure World Energy Limited
Directors' Report for the Year Ended 31 March 2025
Price risk, credit risk, liquidity risk and cash flow risk
Credit risk
The Company doesn’t have any credit risk from lenders at the present time as it has fixed agreements with interest calculated between 6.5% and 12% per annum. The full amount of loans is yet to be paid at the accounting date.
Cash flow and Interest rate risk
The Company does not have any borrowings other than the loan with a related party at the accounting date. The Company accounts for the loan at fair value. The Company does not manage any cash flow interest rate risk.
Liquidity risk
The Company is careful to ensure that its loans and investments can be realised prior to the due date for the repayment of loans. This applies equally to the underlying investments of the companies or projects in which the Company invests.
Capital risk
The Company takes great care to protect its capital investments. Significant due diligence is undertaken prior to making any investment. The investment is closely monitored.
Market risk
The Company currently operates only in the United Kingdom and is exposed to market risks in that jurisdiction. A general economic downturn at a global level, or in one of the world’s leading economies, could also impact on the Company. In addition, terrorism and other hostilities, as well as disturbances in worldwide financial markets, could have a negative effect on the Company. Regulatory requirements, taxes, tariffs and other trade barriers, price or exchange controls or other governmental policies could also limit the Company’s operations. These risks are also applicable to most companies and the risk that the Company will be more affected than the majority of companies is assessed as small.
Price risk
The Company’s principal activity is that of investment in advanced energy technologies which can reduce, produce and manage the energy our clients need. The Company does not have a diversified portfolio of services and is therefore at risk.
Foreign Exchange risk
A high proportion of the Company’s capital expenditure is conducted in US dollars. Any adverse movements between sterling and US dollars could have a detrimental impact on the Company. Currently no hedging is conducted in respect of this risk.
Research and development
There have been no research and development activities during the period.
Pure World Energy Limited
Directors' Report for the Year Ended 31 March 2025
Going concern
Although the company has ongoing losses and net current liabilities, the company underwent a refinancing on 30 September 2022 that converted the company's loans and borrowings into preference shares in the parent company with no fixed redemption date.
This sufficiently reduces the company's current liabilities such that the directors consider it appropriate to prepare the financial statements on a going concern basis. In arriving at this assessment the directors have looked at future budgets and consideration of the cash at bank available as at the date of approval of this report and are satisfied that the company has adequate resources to cover its ongoing administrative expenses, finance costs and repayment of any short-term borrowings for a period of at least 12 months.
In addition, the company has received a letter from a creditor stating they do not intend to call in an outstanding loan balance for a period of 12 months from signing of these financial statements. The directors have sought professional advice to confirm that there are no external factors which may impact upon the intent of this letter.
Directors' interests in shares
At the date of this report the directors held the following beneficial interest in the share capital of the Holding Company, PWE Holdings PLC:
|
Ordinary shares No. |
Percentage |
|||
|
AJ Chandler |
460,970 |
1.667 |
||
|
K Samiyappan |
460,970 |
1.667 |
||
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S Fitzpatrick |
465,470 |
1.683 |
Substantial interests
As at the date of this report, the following had an interest of 3% or more in the ordinary share capital of the Company:
|
Ordinary shares No. |
Percentage |
|
|
PWE Holdings plc |
6,000 |
100 |
Directors' liabilities
As permitted by the Articles of Association, the Directors and Officers have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance in respect of itself and its Directors and Officers.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved by the
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Pure World Energy Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 UK adopted International Financial Reporting Standards (IFRSs). 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 and apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable UK adopted International Financial Reporting Standards (IFRSs) have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Pure World Energy Limited
Independent Auditor's Report to the Members of Pure World Energy Limited
Opinion
We have audited the financial statements of Pure World Energy Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted International Financial Reporting Standards (IFRSs).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended; |
• | have been properly prepared in accordance with UK adopted IFRSs; 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 auditor 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 UK, including the FRC’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 director's 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 original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Pure World Energy Limited
Independent Auditor's Report to the Members of Pure World Energy Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
|
• |
the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 8], 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.
Auditor 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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit. Audit procedures performed included: comparison of the financial statement disclosures to underlying supporting documentation, enquiries of management, and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Pure World Energy Limited
Independent Auditor's Report to the Members of Pure World Energy Limited
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 2006. Our 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 auditor’s 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.
......................................
For and on behalf of
Newbury
Berkshire
RG14 1QL
Pure World Energy Limited
Income Statement for the Year Ended 31 March 2025
|
Note |
2025 |
(As restated) |
|
|
Revenue |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating loss |
( |
( |
|
|
Finance costs |
( |
( |
|
|
Other gains or losses |
(623,613) |
(21,259) |
|
|
Loss before tax |
( |
( |
|
|
Loss for the year |
( |
( |
The above results were derived from continuing operations.
Pure World Energy Limited
Statement of Comprehensive Income for the Year Ended 31 March 2025
|
2025 |
(As restated) |
|
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
Pure World Energy Limited
(Registration number: 07040329)
Statement of Financial Position as at 31 March 2025
|
Note |
31 March |
(As restated) |
|
|
Assets |
|||
|
Non-current assets |
|||
|
Property, plant and equipment |
|
|
|
|
Right of use assets |
- |
- |
|
|
|
|
||
|
Current assets |
|||
|
Inventories |
|
|
|
|
Trade and other receivables |
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
||
|
Total assets |
|
|
|
|
Equity and liabilities |
|||
|
Equity |
|||
|
Share capital |
(600) |
(600) |
|
|
Share premium |
(74,489) |
(74,489) |
|
|
Retained earnings |
6,199,823 |
4,933,278 |
|
|
Total equity |
6,124,734 |
4,858,189 |
|
|
Non-current liabilities |
|||
|
Loans and borrowings |
( |
( |
|
|
Other financial liabilities |
( |
- |
|
|
( |
( |
||
|
Current liabilities |
|||
|
Trade and other payables |
( |
( |
|
|
Loans and borrowings |
( |
( |
|
|
( |
( |
||
|
Total liabilities |
( |
( |
|
|
Total equity and liabilities |
( |
( |
|
Approved by the
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Pure World Energy Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Share premium |
(As restated) |
Total |
|
|
At 1 April 2023 |
|
|
( |
( |
|
Loss for the year |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
( |
( |
|
At 31 March 2024 |
600 |
74,489 |
(4,933,278) |
(4,858,189) |
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 April 2024 |
|
|
( |
( |
|
Loss for the year |
- |
- |
( |
( |
|
Total comprehensive income |
- |
- |
( |
( |
|
At 31 March 2025 |
|
|
( |
( |
Pure World Energy Limited
Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
Loss for the year |
( |
( |
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Loss on disposal of property plant and equipment |
|
|
|
|
Impairment loss/(reversal) of property plant and equipment |
|
- |
|
|
Finance costs |
|
|
|
|
Decapitalization of property, plant and equipment |
- |
1,176,041 |
|
|
Bad debts/ (reversal) of intercompany loan impairment |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease/(increase) in inventories |
|
( |
|
|
(Increase)/decrease in trade and other receivables |
( |
|
|
|
Increase/(decrease) in trade and other payables |
|
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Acquisitions of property plant and equipment |
( |
( |
|
|
Advances of loans to fellow subsidiary, classified as investing activities |
- |
( |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Proceeds/(repayment) from intercompany loan draw downs |
(235,000) |
(275,000) |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 April |
300,994 |
196,876 |
|
|
Cash and cash equivalents at 31 March |
151,333 |
300,994 |
|
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated and domiciled in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Statement of compliance
The company financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("UK adopted IFRSs").
Summary of material 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.
Basis of preparation
The financial statements have been prepared in accordance with adopted IFRSs and under historical cost accounting rules.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.
Going concern
Although the company has ongoing losses and net current liabilities, the company underwent a refinancing on 30 September 2022 that converted the company's loans and borrowings into preference shares in the parent company with no fixed redemption date.
This sufficiently reduces the company's current liabilities such that the directors consider it appropriate to prepare the financial statements on a going concern basis. In arriving at this assessment the directors have looked at future budgets and consideration of the cash at bank available as at the date of approval of this report and are satisfied that the company has adequate resources to cover its ongoing administrative expenses, finance costs and repayment of any short-term borrowings for a period of at least 12 months.
In addition, the company has received a letter from a creditor stating they do not intend to call in an outstanding loan balance for a period of 12 months from signing of these financial statements. The directors have sought professional advice to confirm that there are no external factors which may impact upon the intent of this letter.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Prior period adjustments
During the period, a material adjustment was identified in the classification of certain fixed assets in the prior year financial statements. Specifically, items previously recognised under plant and machinery should have been classified as assets under construction. The misclassification resulted in the charge of depreciation on assets not yet available for use. This has been corrected retrospectively as a prior period adjustment. The impact on the financial statements has been outlined below:
Statement of Financial Position as at 31 March 2024:
Decrease in plant and machinery £918,916
Increase in assets under construction £918,916
Decrease in accumulated depreciation £88,893
Increase in retained earnings £88,893
Income Statement for year ended 31 March 2024:
Decrease in depreciation charge £60,456
Increase in profit £60,456
The comparative figures for the prior year has been restated to reflect the correction.
Revenue recognition
The principles in IFRS are applied to revenue recognition criteria using the following 5 step model:
1. Identify the contracts with the customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in the contract
5. Recognise revenue when or as the entity satisfies its performance obligations
Revenue represents the value of goods and services supplied to generate heat and power which is performed on contracts with service level agreements and for a stipulated period. For contracts on which revenue exceeds fees rendered, the excess is included as accrued income. For contracts on which fees rendered exceeds revenue, the excess is included as deferred income. Revenues exclude value added taxes and represent net invoice value less estimated rebates, returns and settlement discounts. The net invoice value is measured by reference to the fair value of consideration received or receivable for goods supplied.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Current income tax which is payable on taxable profits is recognised as an expense in the period in which the profits arise.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Property, plant and equipment
Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Costs that have been incurred as part of the construction costs to bring an asset into existence have been capitalised and are either shown within assets under construction or as plant and machinery when the asset is complete.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Carrying amounts of replaced parts are derecognised and repairs and maintenance are charged to the income statement in the financial period in which they are incurred.
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 |
|
Plant and machinery |
6.7% straight line basis |
|
Fixtures and fittings |
25% straight line basis |
|
Motor vehicles |
33% straight line basis |
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 changes in value.
Trade receivables
Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables 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 receivables 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.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Inventories
Inventories are stated at the lower of cost and net realisable value. 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, inventories are assessed for impairment. If inventory 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.
Trade payables
Trade payables 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. 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 income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Leases
Definition
A lease is a contract, or a part of a contract, that conveys the right to use an asset or a physically distinct part of an asset (“the underlying asset”) for a period of time in exchange for consideration. Further, the contract must convey the right to the company to control the asset or a physically distinct portion thereof. A contract is deemed to convey the right to control the underlying asset if, throughout the period of use, the company has the right to:
· Obtain substantially all the economic benefits from the use of the underlying asset, and;
· Direct the use of the underlying asset (e.g. direct how and for what purpose the asset is used)
Where contracts contain a lease coupled with an agreement to purchase or sell other goods or services (i.e., non-lease components), the non-lease components are identified and accounted for separately from the lease component. The consideration in the contract is allocated to the lease and non-lease components on a relative standalone price basis using the principles in IFRS15.
Initial recognition and measurement
The company initially recognises a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term.
The lease liability is measured at the present value of the lease payments to be made over the lease term. The lease payments include fixed payments, purchase options at exercise price (where payment is reasonably certain), expected amount of residual value guarantees, termination option penalties (where payment is considered reasonably certain) and variable lease payments.
The right-of-use asset is initially measured at the amount of the lease liability, adjusted for lease prepayments, lease incentives received, the company’s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs.
Subsequent measurement
After the commencement date, the company measures the lease liability by:
(a) Increasing the carrying amount to reflect interest on the lease liability;
(b) Reducing the carrying amount to reflect the lease payments made; and
(c) Re-measuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in substance fixed lease payments or on the occurrence of other specific events.
Interest on the lease liability in each period during the lease term is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Interest charges are [presented separately as non-operating /included in finance cost] in the income statement, unless the costs are included in the carrying amount of another asset applying other applicable standards. The difference between lease payments due and those received are included in operating expenses in the period in which the payments are received.
The related right-of-use asset is accounted for using the Cost model in IAS 16 and depreciated and charged in accordance with the depreciation requirements of IAS 16 Property, Plant and Equipment as disclosed in the accounting policy for Property, plant and equipment. Adjustments are made to the carrying value of the right of use asset where the lease liability is re-measured in accordance with the above. Right of use assets are tested for impairment in accordance with IAS 36 Impairment of assets as disclosed in the accounting policy in impairment.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Lease modifications
If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification will result in either a separate lease or a change in the accounting for the existing lease.
The modification is accounted for as a separate lease if both:
(a) The modification increases the scope of the lease by adding the right to use one or more underlying assets; and
(b) The consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.
If both of these conditions are met, the lease modification results in two separate leases, the unmodified original lease and a separate lease. The company then accounts for these in line with the accounting policy for new leases.
If either of the conditions are not met, the modified lease is not accounted for as a separate lease and the consideration is allocated to the contract and the lease liability is re-measured using the lease term of the modified lease and the discount rate as determined at the effective date of the modification.
For a modification that fully or partially decreases the scope of the lease (e.g., reduces the square footage of leased space), IFRS 16 requires a lessee to decrease the carrying amount of the right-of-use asset to reflect partial or full termination of the lease. Any difference between those adjustments is recognised in profit or loss at the effective date of the modification.
For all other lease modifications which are not accounted for as a separate lease, IFRS 16 requires the lessee to recognise the amount of the re-measurement of the lease liability as an adjustment to the corresponding right-of-use asset without affecting profit or loss.
Short term and low value leases
The company has made an accounting policy election, by class of underlying asset, not to recognise lease assets and lease liabilities for leases with a lease term of 12 months or less (i.e., short-term leases).
The company has made an accounting policy election on a lease-by-lease basis, not to recognise lease assets on leases for which the underlying asset is of low value.
Lease payments on short term and low value leases are accounted for on a straight line bases over the term of the lease or other systematic basis if considered more appropriate. Short term and low value lease payments are included in operating expenses in the income statement.
Sub leases
If an underlying asset is re-leased by the company to a third party and the company retains the primary obligation under the original lease, the transaction is deemed to be a sublease. The company continues to account for the original lease (the head lease) as a lessee and accounts for the sublease as a lessor (intermediate lessor). When the head lease is a short term lease, the sublease is classified as an operating lease. Otherwise, the sublease is classified using the classification criteria applicable to Lessor Accounting in IFRS 16 by reference to the right-of-use asset in the head lease (and not the underlying asset of the head lease).
After classification lessor accounting is applied to the sublease.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Impairment of non-financial assets
At the end of each reporting period, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of any impairment loss.
Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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 separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial instruments
Initial recognition
Financial assets and financial liabilities comprise all assets and liabilities reflected in the statement of financial position, although excluding property, plant and equipment, investment properties, intangible assets, deferred tax assets, prepayments, deferred tax liabilities and employee benefits plan.
The company recognises financial assets and financial liabilities in the statement of financial position when, and only when, the company becomes party to the contractual provisions of the financial instrument.
Financial assets are initially recognised at fair value. Financial liabilities are initially recognised at fair value, representing the proceeds received net of premiums, discounts and transaction costs that are directly attributable to the financial liability.
All regular way purchases and sales of financial assets and financial liabilities classified as fair value through profit or loss (“FVTPL”) are recognised on the trade date, i.e. the date on which the company commits to purchase or sell the financial assets or financial liabilities. All regular way purchases and sales of other financial assets and financial liabilities are recognised on the settlement date, i.e. the date on which the asset or liability is received from or delivered to the counterparty. Regular way purchases or sales are purchases or sales of financial assets that require delivery within the time frame generally established by regulation or convention in the market place.
Subsequent to initial measurement, financial assets and financial liabilities are measured at either amortised cost or fair value.
Classification and measurement
Financial instruments are classified at inception into one of the following categories, which then determine the subsequent measurement methodology:-
Financial assets are classified into one of the following three categories:-
· financial assets at amortised cost;
· financial assets at fair value through other comprehensive income (FVTOCI); or
· financial assets at fair value through the profit or loss (FVTPL).
Financial liabilities are classified into one of the following two categories:-
· financial liabilities at amortised cost; or
· financial liabilities at fair value through the profit or loss (FVTPL).
The classification and the basis for measurement are subject to the company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets, as detailed below:-
Financial assets at amortised cost
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:-
· the assets are held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
If either of the above two criteria is not met, the financial assets are classified and measured at fair value through the profit or loss (FVTPL).
If a financial asset meets the amortised cost criteria, the company may choose to designate the financial asset at FVTPL. Such an election is irrevocable and applicable only if the FVTPL classification significantly reduces a measurement or recognition inconsistency.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL:-
· the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
· the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
On initial recognition of an equity investments that is not held for trading, the company may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis.
If an equity investment is designated as FVTOCI, all gains and losses, except for dividend income, are recognised in other comprehensive income and are not subsequently included in the statement of income.
Financial assets at fair value through the profit or loss (FVTPL)
Financial assets not otherwise classified above are classified and measured as FVTPL.
Financial liabilities at amortised cost
All financial liabilities, other than those classified as financial liabilities at FVTPL, are measured at amortised cost using the effective interest rate method.
Financial liabilities at fair value through the profit or loss
Financial liabilities not measured at amortised cost are classified and measured at FVTPL. This classification includes derivative liabilities.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Derecognition
Financial assets
The company derecognises a financial asset when;
- the contractual rights to the cash flows from the financial asset expire,
- it transfers the right to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of the consideration received is recognised as a gain or loss in the profit or loss.
Any cumulative gain or loss recognised in OCI in respect of equity investment securities designated as FVTOCI is not recognised in profit or loss on derecognition of such securities. Any interest in transferred financial assets that qualify for derecognition that is created or retained by the company is recognised as a separate asset or liability.
The company enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or substantially all of risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised.
When the company derecognises transferred financial assets in their entirety, but has continuing involvement in them then the entity should disclose for each type of continuing involvement at the reporting date:
(a) The carrying amount of the assets and liabilities that are recognised in the entity’s statement of financial position and represent the entity’s continuing involvement in the derecognised financial assets, and the line items in which those assets and liabilities are recognised.
(b) The fair value of the assets and liabilities that represent the entity’s continuing involvement in the derecognised financial assets;
(c) The amount that best represents the entity’s maximum exposure to loss from its continuing involvement in the derecognised financial assets, and how the maximum exposure to loss is determined
(d) The undiscounted cash outflows that would or may be required to repurchase the derecognised financial assets or other amounts payable to the transferee for the transferred assets
Financial liabilities
The company derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire.
Modification of financial assets and financial liabilities
Financial assets
If the terms of a financial asset are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to the cash flows from the original financial asset are deemed to expire. In this case the original financial asset is derecognised and a new financial asset is recognised at either amortised cost or fair value.
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the company recalculates the gross carrying amount of the financial asset and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Financial liabilities
If the terms of a financial liabilities are modified, the company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual obligations from the cash flows from the original financial liabilities are deemed to expire. In this case the original financial liabilities are derecognised and new financial liabilities are recognised at either amortised cost or fair value.
If the cash flows are not substantially different, then the modification does not result in derecognition of the financial liabilities. In this case, the company recalculates the gross carrying amount of the financial liabilities and recognises the amount arising from adjusting the gross carrying amount as a modification gain or loss in the statement of income.
Impairment of financial assets
Measurement of Expected Credit Losses
The company recognises loss allowances for expected credit losses (ECL) on financial instruments that are not measured at FVTPL, namely:
- Financial assets that are debt instruments
- Accounts and other receivables
- Financial guarantee contracts issued; and
- Loan commitments issued.
The company classifies its financial instruments into stage 1, stage 2 and stage 3, based on the applied impairment methodology, as described below:
Stage 1: for financial instruments where there has not been a significant increase in credit risk since initial recognition and that are not credit-impaired on origination, the company recognises an allowance based on the 12-month ECL.
Stage 2: for financial instruments where there has been a significant increase in credit risk since initial recognition but they are not credit-impaired, the company recognises an allowance for the lifetime ECL.
Stage 3: for credit-impaired financial instruments, the company recognises the lifetime ECL.
The company measures loss allowances at an amount equal to the lifetime ECL, except for the following, for which they are measured as a 12-month ECL:
- debt securities that are determined to have a low credit risk (equivalent to investment grade rating) at the reporting date; and
- other financial instruments on which the credit risk has not increased significantly since their initial recognition.
The company considers a debt security to have low credit risk when their credit risk rating is equivalent to the globally understood definition of ‘investment grade’.
A 12-month ECL is the portion of the ECL that results from default events on a financial instrument that are probable within 12 months from the reporting date.
Provisions for credit-impairment are recognised in the statement of income and are reflected in accumulated provision balances against each relevant financial instruments balance.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Evidence that the financial asset is credit-impaired include the following;
- Significant financial difficulties of the borrower or issuer;
- A breach of contract such as default or past due event;
- The restructuring of the loan or advance by the company on terms that the company would not consider otherwise;
- It is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
- The disappearance of an active market for the security because of financial difficulties; or
- There is other observable data relating to a group of assets such as adverse changes in the payment status of borrowers or issuers in the company, or economic conditions that correlate with defaults in the company.
For trade receivables, the company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The company has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.
The expected loss rates are based on the payment profiles of sales over a period of 36 month before 31 March 2025 and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The company has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
|
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are continually made and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.
Provision of expected credit losses for trade receivables
The Company uses provision matrix to calculate expected credit losses for trade receivables. The provision rates are based on internal credit ratings as groupings of various debtors that have similar loss patterns. The provision matrix is based on the company’s historical default rates taking into consideration forward-looking information that is reasonable and supportable available without undue costs or effort. At every reporting date, the historical observed default rates are reassessed and changes in the forward-looking information are considered. The carrying amount of £637,013 (2024: £172,091) is shown in the trade and other receivables note.
Impairment of property, plant and equipment and right-of-use assets
Property, plant and equipment and right-of-use assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets exceeds its recoverable amount. The recoverable amount is determined with reference to the present value of estimated future cash flows. Where the future cash flows are less than expected or there are unfavourable events and change in facts and circumstance which result in revision of future estimate cash flows, a material impairment loss may arise. An impairment provision of £442,108 (2024: £Nil) has been made against these fixed assets.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
|
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Commission received |
|
- |
|
Rendering of services |
|
|
|
Construction revenue |
|
- |
|
Leasing of equipment |
|
|
|
Termination fees |
|
- |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain or (loss) on disposal of property, plant and equipment |
( |
( |
|
Impairment loss (reversal) on intercompany loan |
- |
(1,233) |
|
Impairment loss on tangible fixed assets |
(442,108) |
- |
|
( |
( |
|
Operating loss |
Arrived at after charging/(crediting)
|
2025 |
(As restated) |
|
|
Depreciation expense |
|
|
|
Foreign exchange gains |
( |
( |
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Impairment loss on tangible fixed assets |
442,108 |
- |
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Finance income and costs |
|
2025 |
2024 |
|
|
Finance costs |
||
|
Interest expense on other financing liabilities |
(166,540) |
(178,578) |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Property, plant and equipment |
|
Furniture, fittings and equipment |
Motor vehicles |
Assets under construction |
Other property, plant and equipment |
(As restated) |
|
|
Cost or valuation |
|||||
|
At 1 April 2023 |
|
- |
|
|
|
|
Additions |
|
- |
|
|
|
|
Disposals |
( |
- |
( |
- |
( |
|
Transfers |
- |
- |
( |
- |
( |
|
At 31 March 2024 |
|
- |
|
|
|
|
At 1 April 2024 |
|
- |
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
( |
- |
( |
( |
( |
|
Transfers |
- |
- |
|
( |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2023 |
|
- |
- |
|
|
|
Charge for year |
|
- |
- |
|
|
|
Eliminated on disposal |
( |
- |
- |
- |
( |
|
At 31 March 2024 |
|
- |
- |
|
|
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Furniture, fittings and equipment |
Motor vehicles |
Assets under construction |
Other property, plant and equipment |
(As restated) |
|
|
At 1 April 2024 |
|
- |
- |
|
|
|
Charge for the year |
|
|
- |
|
|
|
Eliminated on disposal |
( |
- |
- |
( |
( |
|
Impairment |
- |
- |
- |
|
|
|
At 31 March 2025 |
|
|
- |
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
- |
|
|
|
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Right of use assets |
|
Motor Vehicles |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2023 |
|
|
|
Disposals |
( |
( |
|
At 31 March 2024 |
- |
- |
|
Depreciation |
||
|
At 1 April 2023 |
|
|
|
Eliminated on disposal |
( |
( |
|
At 31 March 2024 |
- |
- |
|
Carrying amount |
||
|
At 31 March 2025 |
- |
- |
|
At 31 March 2024 |
- |
- |
|
Inventories |
|
31 March |
31 March |
|
|
Inventories |
|
|
|
Trade and other receivables |
|
Current assets |
31 March |
31 March |
|
Trade receivables |
|
|
|
Provision for impairment of trade receivables |
( |
( |
|
Net trade receivables |
|
|
|
Accrued income |
|
|
|
Prepayments |
|
|
|
Other receivables |
|
|
|
|
|
|
Cash and cash equivalents |
|
31 March |
31 March |
|
|
Cash at bank |
|
|
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Share capital |
Allotted, called up and fully paid shares
|
31 March |
31 March |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
600 |
|
600 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
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Loans and borrowings |
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31 March |
31 March |
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Current loans and borrowings |
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Other borrowings |
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31 March |
31 March |
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Non-current loans and borrowings |
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Other borrowings |
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The loan is secured against certain plant and machinery of the company.
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Leases |
Total cash outflows related to leases
Total cash outflows related to leases are presented in the table below:
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Payment |
31 March |
31 March |
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Other |
7,044 |
7,044 |
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Trade and other payables |
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Current liabilities |
31 March |
31 March |
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Trade payables |
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Accrued expenses |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £7,660 (2024 - £6,638).
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Financial instruments |
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Master netting arrangements and similar agreements |
The following financial assets/liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements:
Financial assets
2025
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Gross amounts of recognised financial assets |
Gross amounts of recognised financial liabilities set off in the statement of financial position |
Net amounts of financial assets presented in the statement of financial position |
Net amount |
|
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Accrued income |
293,063 |
(196,072) |
96,991 |
96,991 |
Financial assets
2024
|
Gross amounts of recognised financial assets |
Gross amounts of recognised financial liabilities set off in the statement of financial position |
Net amounts of financial assets presented in the statement of financial position |
Net amount |
|
|
Accrued income |
396,234 |
(266,204) |
130,030 |
130,030 |
The company currently has a legally enforceable right to offset the accrued income and the accrued cost of gas; and intends to realise the asset and settle the liability simultaneously.
Pure World Energy Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Related party transactions |
Summary of transactions with other related parties
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Loans from related parties
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2025 |
Parent |
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At start of period |
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Repaid |
( |
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At end of period |
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2024 |
Parent |
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At start of period |
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Repaid |
( |
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At end of period |
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Terms of loans from related parties
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party during the period was