REGISTERED NUMBER: NI659123 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

INNOVATIVE POWER GENERATION LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

B McGee

J D Cunningham

R W J McGee

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

NI659123 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Belfast

BT1 3BG

CURRENT ASSETS

Debtors

4

804,231

929,702

Cash at bank

3,849

339

808,080

930,041

CREDITORS

Amounts falling due within one year

5

443,174

377,787

NET CURRENT ASSETS

364,906

552,254

TOTAL ASSETS LESS CURRENT LIABILITIES

364,906

552,254

CREDITORS

Amounts falling due after more than one year

6

213,019

188,019

NET ASSETS

151,887

364,235

CAPITAL AND RESERVES

Called up share capital

417,692

417,692

Share premium

1,096,678

1,096,678

Retained earnings

(1,362,483

)

(1,150,135

)

SHAREHOLDERS' FUNDS

151,887

364,235

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

B McGee - Director

1.	STATUTORY INFORMATION

Innovative Power Generation Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.

DEBTORS

29.2.24

28.2.23

£

£

Amounts falling due within one year:

Other debtors

532,459

680,700

Amounts falling due after more than one year:

Amounts owed by related party

271,772

249,002

Aggregate amounts

804,231

929,702

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.24

28.2.23

£

£

Taxation and social security

347,424

347,424

Other creditors

95,750

30,363

443,174

377,787

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.2.24

28.2.23

£

£

Bank loans

50,000

50,000

Amounts owed to related party

163,019

138,019

213,019

188,019

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24

28.2.23

£

£

B McGee

Balance outstanding at start of year

215,632

78,211

Amounts advanced

139,884

148,421

Amounts repaid

(410,902

)

(11,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(55,386

)

215,632

J D Cunningham

Balance outstanding at start of year

300,136

56,969

Amounts advanced

8,000

246,167

Amounts repaid

-

(3,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

308,136

300,136

R W J McGee

Balance outstanding at start of year

164,934

65,819

Amounts advanced

60,829

106,215

Amounts repaid

(6,000

)

(7,100

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

219,763

164,934