Perpetual V2G Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08472429 (England and Wales)

PERPETUAL V2G SYSTEMS LIMITED

TRADING AS

CLAYTON POWER UK

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

A G Cooper

M A Ham

A E Nicol

REGISTERED OFFICE:

Unit K2

Southpoint Industrial Estate

Clos Marion Foreshore Road

Cardiff

CF10 4LQ

REGISTERED NUMBER:

08472429 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

FIXED ASSETS

Intangible assets

4

18,662

20,059

Tangible assets

5

39,752

20,180

Investments

6

1

-

58,415

40,239

CURRENT ASSETS

Stocks

582,286

325,000

Debtors

7

289,774

189,226

Cash at bank

227,500

56,574

1,099,560

570,800

CREDITORS

Amounts falling due within one year

8

1,295,181

707,286

NET CURRENT LIABILITIES

(195,621

)

(136,486

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(137,206

)

(96,247

)

CREDITORS

Amounts falling due after more than one year

9

(310,485

)

(4,322

)

PROVISIONS FOR LIABILITIES

12

(127,485

)

(99,896

)

NET LIABILITIES

(575,176

)

(200,465

)

CAPITAL AND RESERVES

Called up share capital

269

236

Share premium

1,350,026

1,100,058

Retained earnings

(1,925,471

)

(1,300,759

)

(575,176

)

(200,465

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 on 30 September 2019 and were signed on its behalf by:

M A Ham - Director

1.	STATUTORY INFORMATION

Perpetual V2G Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar

account.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a

past event that will probably result in a transfer of funds to a third party and the amount due to settle

the obligation can be measured or estimated reliably.

Going Concern

The company continues to adopt the going concern basis in preparing its financial statements. The

directors are pleased with the progress the company made during the year. Whilst the company made

a loss during the period and had negative reserves at 31st December the company raised additional

equity and debt funding. The company is making considerable progress towards its long term

commercial objectives and is being supported by is shareholders and funders. The directors are

confident this support will continue and are happy the company remains a going concern on this basis.

Batteries

The company has sold some of its battery stock to Catalyst Growth Partners Ltd as a means of raising

funds. When the batteries are sold on they are purchased back from Catalyst Growth Partners Ltd on

the following terms.

We (V2G) account to Catalyst Growth Partners Ltd for the cost price on 30 day net monthly terms

when we are paid. The profit element is paid for within 9 days of this.

Convertible debt

The company has issued convertible debt of £307,795.87 to certain lenders. This debt is being treated

at cost and interest accrued at the rates within the loan agreement. These financial instruments are

regarded as basic by the directors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2018

and 31 December 2018

22,855

AMORTISATION

At 1 January 2018

2,796

Amortisation for year

1,397

At 31 December 2018

4,193

NET BOOK VALUE

At 31 December 2018

18,662

At 31 December 2017

20,059

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

16,051

9,635

8,647

9,726

44,059

Additions

6,092

1,083

28,495

316

35,986

At 31 December 2018

22,143

10,718

37,142

10,042

80,045

DEPRECIATION

At 1 January 2018

10,265

6,335

2,766

4,513

23,879

Charge for year

6,575

3,211

3,251

3,377

16,414

At 31 December 2018

16,840

9,546

6,017

7,890

40,293

NET BOOK VALUE

At 31 December 2018

5,303

1,172

31,125

2,152

39,752

At 31 December 2017

5,786

3,300

5,881

5,213

20,180

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

1

At 31 December 2018

1

NET BOOK VALUE

At 31 December 2018

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as

restated

£

£

Trade debtors

44,184

23,191

Other debtors

76,130

54,605

Serchlo

127,485

99,896

Directors' loan accounts

-

3,201

VAT

41,975

-

Prepayments

-

8,333

289,774

189,226

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

as

restated

£

£

Other loans (see note 10)

628,904

105,306

Hire purchase contracts

8,084

564

Trade creditors

573,657

532,654

Amounts owed to group undertakings

1

-

Social security and other taxes

7,007

4,284

VAT

-

48,089

Other creditors

54,189

11,594

Directors' loan accounts

8,499

2,695

Accrued expenses

14,840

2,100

1,295,181

707,286

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

as

restated

£

£

Other loans (see note 10)

287,201

-

Hire purchase contracts

23,284

4,322

310,485

4,322

10.

LOANS

The company has issued convertible debt of £307,795.87 to certain lenders. This debt is being treated

at cost and interest accrued at the rates within the loan agreement. These financial instruments are

regarded as basic by the directors.

11.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

as

restated

£

£

Other loans

916,105

-

The company's lenders hold the following security:

A debenture over all its property owned now and in the future.

A fixed and floating charge over all its assets and undertakings.

12.	PROVISIONS FOR LIABILITIES

Unauthorised payments were taken by a former director and related entity and the company is in the

process of undertaking measures to retrieve this money.

13.	ISSUE OF SHARE CAPITAL

During the year 3,277 shares were issued at par with a premium of £249,967.23.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Perpetual V2G Systems Limited for the year ended 31 December 2018 which

comprise the Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Perpetual V2G Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Perpetual V2G Systems Limited and state those matters that we have agreed to state to the Board of Directors of Perpetual V2G Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Perpetual V2G Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Perpetual V2G Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Perpetual V2G Systems Limited. You consider that Perpetual V2G Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Perpetual V2G Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

30 September 2019