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 OCTOBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

10

DIRECTORS:

A G Cooper

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

-

16,506

Tangible assets

5

31,682

58,299

Investments

6

1

1

31,683

74,806

CURRENT ASSETS

Stocks

71,000

373,615

Debtors

7

523,586

333,254

Cash at bank

353,431

54,738

948,017

761,607

CREDITORS

Amounts falling due within one year

8

2,203,260

1,258,822

NET CURRENT LIABILITIES

(1,255,243

)

(497,215

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,223,560

)

(422,409

)

CREDITORS

Amounts falling due after more than one year

9

(14,460

)

(373,117

)

PROVISIONS FOR LIABILITIES

12

(127,485

)

(127,485

)

NET LIABILITIES

(1,365,505

)

(923,011

)

CAPITAL AND RESERVES

Called up share capital

269

269

Share premium

1,350,026

1,350,026

Retained earnings

(2,715,800

)

(2,273,306

)

(1,365,505

)

(923,011

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 December 2020 and were signed on its behalf by:

A G Cooper - 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.

Land and buildings

-

Straight line over 5 years

Plant and machinery etc

-

33% on cost and 25% on cost

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.

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 period. The company is making

considerable progress towards its long term commercial objectives and is being supported by the

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 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 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 November 2019

and 31 October 2020

22,855

AMORTISATION

At 1 November 2019

6,349

Amortisation for year

16,506

At 31 October 2020

22,855

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

16,506

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 November 2019

23,440

18,072

11,372

Additions

-

-

4,102

Disposals

-

-

-

At 31 October 2020

23,440

18,072

15,474

DEPRECIATION

At 1 November 2019

2,163

14,897

9,672

Charge for year

4,688

2,030

218

Eliminated on disposal

-

-

-

At 31 October 2020

6,851

16,927

9,890

NET BOOK VALUE

At 31 October 2020

16,589

1,145

5,584

At 31 October 2019

21,277

3,175

1,700

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2019

42,841

13,837

109,562

Additions

-

563

4,665

Disposals

(28,495

)

-

(28,495

)

At 31 October 2020

14,346

14,400

85,732

DEPRECIATION

At 1 November 2019

13,926

10,605

51,263

Charge for year

3,238

1,731

11,905

Eliminated on disposal

(9,118

)

-

(9,118

)

At 31 October 2020

8,046

12,336

54,050

NET BOOK VALUE

At 31 October 2020

6,300

2,064

31,682

At 31 October 2019

28,915

3,232

58,299

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 November 2019

and 31 October 2020

1

NET BOOK VALUE

At 31 October 2020

1

At 31 October 2019

1

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

305,606

20,815

Other debtors

24,641

150,811

Serchlo

127,485

127,485

Tax

55,073

-

VAT

-

24,555

Prepayments

10,781

9,588

523,586

333,254

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other loans (see note 10)

983,676

532,487

Hire purchase contracts

-

5,855

Trade creditors

951,533

671,556

Amounts owed to group undertakings

-

1

Social security and other taxes

6,884

4,284

VAT

112,729

-

Other creditors

132,558

24,347

Accrued expenses

15,880

20,292

2,203,260

1,258,822

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other loans (see note 10)

-

354,554

Hire purchase contracts

-

18,563

Other creditors

14,460

-

14,460

373,117

10.

LOANS

The company has issued convertible debt of £785,604 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:

2020

2019

£

£

Other loans

983,676

887,041

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.	RELATED PARTY DISCLOSURES

During the year the company made consultancy payments to Catalyst Growth Partners of £20,000 (2019

£43,750).

During the year the company made consultancy payments to Ashley Copper of £33,000 (2019 £27,500),

who is a director and shareholder of the company.

During the year the company made consultancy payments to Iridium Corporate Service Ltd of £34,475

(2019 £3,000) a company in which a departing director has an interest.

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 October 2020 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

17 December 2020