Inductive Power Projection Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Inductive Power Projection Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12537172 . The registered office is Enterprise Space For Advance Manufacturing, Carluddon Technology Park, , Carluddon, St Austell, Cornwall, PL26 8WE.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The financial statements have been prepared on a going concern basis.

2.3. Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided at the following annual rate in order to write off each asset over its estimated useful life:

Asset class Amortisation method and rate

Patents 5% on Cost

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	15% straight line
Computer Equipment	33% straight line

2.6. Financial Instruments

Classification

The company holds the following financial instruments:

- Short term trade and other debtors and creditors

- Cash and bank balances

All financial instruments are classified as basic.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled. Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

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Inductive Power Projection Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Government Assistance

Grants received in the year are recognised in the year they are received except where specific project funds relate to future spending in future periods.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 3)

4. Intangible Assets

	Other
	£
Cost
As at 1 April 2024	32,116
Additions	70

As at 31 March 2025	32,186

Amortisation
As at 1 April 2024	3,590
Provided during the period	1,612

As at 31 March 2025	5,202

Net Book Value
As at 31 March 2025	26,984

As at 1 April 2024	28,526

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Inductive Power Projection Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 April 2024	8,370

As at 31 March 2025	8,370

Depreciation
As at 1 April 2024	5,591
Provided during the period	1,364

As at 31 March 2025	6,955

Net Book Value
As at 31 March 2025	1,415

As at 1 April 2024	2,779

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	21,000	-
Prepayments and accrued income	4,725	3,193
Other debtors	21,948	27,253
Corporation tax recoverable assets	20,000	-
VAT	560	-

	68,233	30,446

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	6,407	-
Other creditors	75	75
Accruals and deferred income	5,815	3,013
Directors' loan accounts	95,554	35,554

	107,851	38,642

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Other loans	80,000	125,716

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	108	100

During the year the company issued 752 shares of £0.01 at a premium of £92.99 per share.

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Inductive Power Projection Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Related Party Transactions

Transactions with entities in which the entity itself has a participating interest

The company owns 75% of Defence Security Induction Power Ltd, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and has therefore not disclosed transactions or balances with subsidiaries which form part of the group.

During the period the company sold services to it's subsidiary totalling £40,000 (2024 - £nil).

Purchases of consultancy services

During the year the company procured services totalling £6,934 (2024 - £66,330) from Perpetual Research Consultancy Limited, a company in which Mr M Taylor is also a director and shareholder.

During the year the company procured services totalling £19,648 (2024 - £60,075) from WRL Consultancy Limited, a company in which Mr W Law is also a director and shareholder.

During the year the company procured services totalling £26,539 (2024 - £58,605) from Autoheat Induction Limited, a company in which Mr G Milton is also a director and shareholder.

All transactions took place at an arms length.

Director loans

At 31 March 2025 the company owed the directors the following amounts:

Mr M Taylor £89,247 (2024 - £29,247)

Mr W Law £3,172 (2024 - £3,172)

Mr G Milton £3,134 (2024 - £3,134)

Interest has not been charged on directors' loan accounts in the accounting period. There are no fixed dates for repayment.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		26,984		28,526
Tangible Assets	5		1,415		2,779
Investments			75		75

			28,474		31,380
CURRENT ASSETS
Debtors	6	68,233		30,446
Cash at bank and in hand		100,012		40,844

		168,245		71,290
Creditors: Amounts Falling Due Within One Year	7	(107,851 )		(38,642 )

NET CURRENT ASSETS (LIABILITIES)			60,394		32,648

TOTAL ASSETS LESS CURRENT LIABILITIES			88,868		64,028

Creditors: Amounts Falling Due After More Than One Year	8		(80,000 )		(125,716 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(3,821 )		(3,821 )

NET ASSETS/(LIABILITIES)			5,047		(65,509 )

CAPITAL AND RESERVES
Called up share capital	9		108		100
Share premium account			69,928		-
Profit and Loss Account			(64,989 )		(65,609 )

SHAREHOLDERS' FUNDS			5,047		(65,509)