REGISTERED NUMBER: 14859819 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

POWERVERSE INVESTMENTS LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6

DIRECTORS:

N T Boyle

R W Britton

I Mccaig

Ms K A P Boutonnat

REGISTERED OFFICE:

Sustainable Workspaces, County Hall

5th Floor The Riverside Building

Belvedere Road

London

SE1 7PB

REGISTERED NUMBER:

14859819 (England and Wales)

ACCOUNTANTS:

Collards

Chartered Accountants

5-9 Eden Street

Kingston-upon-Thames

Surrey

KT1 1BQ

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the holding company for a group of companies of which the principle activity was that of the development and sale of systems developed to provide home energy management solutions through the use of AI powered apps to connect all home energy systems.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

N T Boyle

R W Britton

I Mccaig

Other changes in directors holding office are as follows:

Ms K A P Boutonnat was appointed as a director after 31 December 2024 but prior to the date of this report.

Ms A M Davies ceased to be a director after 31 December 2024 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R W Britton - Director

23 September 2025

TURNOVER

-

-

Administrative expenses

18,665,947

-

OPERATING LOSS

(18,665,947

)

-

Interest receivable and similar income

21,675

-

(18,644,272

)

-

Interest payable and similar expenses

21,675

-

LOSS BEFORE TAXATION

(18,665,947

)

-

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(18,665,947

)

-

FIXED ASSETS

Investments

5

9

-

CURRENT ASSETS

Debtors

6

1,421,675

11,539,662

CREDITORS

Amounts falling due within one year

7

-

11,539,661

NET CURRENT ASSETS

1,421,675

1

TOTAL ASSETS LESS CURRENT LIABILITIES

1,421,684

1

CREDITORS

Amounts falling due after more than one year

8

1,421,674

-

NET ASSETS

10

1

CAPITAL AND RESERVES

Called up share capital

9

101

1

Share premium

18,665,856

-

Retained earnings

(18,665,947

)

-

SHAREHOLDERS' FUNDS

10

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

R W Britton - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Changes in equity

Issue of share capital

1

-

-

1

Balance at 31 December 2023

1

-

-

1

Changes in equity

Issue of share capital

100

-

18,665,856

18,665,956

Total comprehensive income

-

(18,665,947

)

-

(18,665,947

)

Balance at 31 December 2024

101

(18,665,947

)

18,665,856

10

1.	STATUTORY INFORMATION

Powerverse Investments Limited is a private company, limited by shares , registered in England and Wales. 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Going concern

During the year the company re-capitalised its holding through a share issue which consequently resulted in the write off of loans to its subsidiary companies of £18,665,947.

The company is dependent upon the continued financial support of the shareholder and on the basis that this support will continue, the directors consider it appropriate for the financial statements to be prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

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

4.	EXCEPTIONAL ITEMS

Period

10.5.23

Year Ended

to

31.12.24

31.12.23

£

£

Exceptional items

(18,665,947

)

-

The exceptional item is a write back of loans to subsidiary companies.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

9

At 31 December 2024

9

NET BOOK VALUE

At 31 December 2024

9

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

-

11,539,661

Other debtors

-

1

-

11,539,662

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,421,675

-

Aggregate amounts

1,421,675

11,539,662

Amounts owed by group undertakings include a loan, the terms of which mirror that of the loan received from the Shareholder. Interest is charged monthly and capitalised quarterly and the loan plus interest is repayable on the third anniversary of the date of the loan agreement. At year end, the total amount due was £1,421,675.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

-

11,539,661

Amounts owed to group undertakings are unsecured, repayable on demand and interest free.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

1,421,674

-

During the year, a loan of £1.4 million was given to the company from its Shareholder. Interest is charged monthly and capitalised quarterly and the loan plus interest is repayable on the third anniversary of the date of the loan agreement. The total amount due at year end was £1,421,675 and is included in Other creditors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

101

Ordinary

£1

101

1

100 Ordinary shares of £1 each were allotted as fully paid at a premium of £186,658.55 per share during the year.

10.	ULTIMATE CONTROLLING PARTY

At year end, the ultimate controlling party was Lightsource bp Renewable Energy Investments Holdings Limited,

Following the acquisition of 100% of the shares of the company in January 2025, the ultimate controlling party is now N T Boyle.