Perpetual V2G Systems Limited - Limited company accounts 20.1

REGISTERED NUMBER: 08472429 (England and Wales)

PERPETUAL V2G SYSTEMS LIMITED

TRADING AS

CLAYTON POWER UK

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2021

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

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

Ground Floor

Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

The directors present their report with the financial statements of the company for the year ended 31 October 2021.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2020 to the date of this report.

A G Cooper

A E Nicol

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 with a significant increase in turnover. 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.

The company is in negotiations for a restructure post year end, but at this date nothing has been formally agreed.

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:

A G Cooper - Director

22 March 2022

TURNOVER

1,415,520

1,242,701

Cost of sales

934,458

1,045,328

GROSS PROFIT

481,062

197,373

Administrative expenses

641,310

672,827

(160,248

)

(475,454

)

Other operating income

28,287

82,157

OPERATING LOSS

4

(131,961

)

(393,297

)

Interest payable and similar expenses

120,814

104,270

LOSS BEFORE TAXATION

(252,775

)

(497,567

)

Tax on loss

(59,355

)

(55,073

)

LOSS FOR THE FINANCIAL YEAR

(193,420

)

(442,494

)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

19,495

31,682

Investments

7

1

1

19,496

31,683

CURRENT ASSETS

Stocks

184,000

71,000

Debtors

8

282,402

523,586

Cash at bank

94,382

353,431

560,784

948,017

CREDITORS

Amounts falling due within one year

9

1,996,748

2,203,260

NET CURRENT LIABILITIES

(1,435,964

)

(1,255,243

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,416,468

)

(1,223,560

)

CREDITORS

Amounts falling due after more than one year

10

(14,460

)

(14,460

)

PROVISIONS FOR LIABILITIES

13

(127,997

)

(127,485

)

NET LIABILITIES

(1,558,925

)

(1,365,505

)

CAPITAL AND RESERVES

Called up share capital

269

269

Share premium

1,350,026

1,350,026

Retained earnings

(2,909,220

)

(2,715,800

)

(1,558,925

)

(1,365,505

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 22 March 2022 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.

Long leasehold

-

Straight line over 5 years

Plant and machinery

-

33% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

During the year the following government support was received during the ongoing pandemic

Grant Received

£

Job Retention Scheme

13,287

HMRC Customs Grant

15,000

There are no unfulfilled conditions attached to these to the above grants received.

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 of £212,946 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 (2020 - 8 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

2021

2020

£

£

Depreciation - owned assets

15,943

11,905

Patents and licences amortisation

-

16,506

5.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 November 2020

and 31 October 2021

22,855

AMORTISATION

At 1 November 2020

and 31 October 2021

22,855

NET BOOK VALUE

At 31 October 2021

-

At 31 October 2020

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 November 2020

23,440

18,072

15,474

Additions

-

-

-

At 31 October 2021

23,440

18,072

15,474

DEPRECIATION

At 1 November 2020

6,851

16,927

9,890

Charge for year

4,688

1,145

5,232

At 31 October 2021

11,539

18,072

15,122

NET BOOK VALUE

At 31 October 2021

11,901

-

352

At 31 October 2020

16,589

1,145

5,584

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2020

14,346

14,400

85,732

Additions

-

3,756

3,756

At 31 October 2021

14,346

18,156

89,488

DEPRECIATION

At 1 November 2020

8,046

12,336

54,050

Charge for year

1,575

3,303

15,943

At 31 October 2021

9,621

15,639

69,993

NET BOOK VALUE

At 31 October 2021

4,725

2,517

19,495

At 31 October 2020

6,300

2,064

31,682

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 November 2020

and 31 October 2021

1

NET BOOK VALUE

At 31 October 2021

1

At 31 October 2020

1

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

90,030

305,606

Other debtors

799

24,641

Serchlo

127,485

127,485

Tax

59,355

55,073

Prepayments

4,733

10,781

282,402

523,586

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other loans (see note 11)

1,498,645

983,676

Trade creditors

463,831

951,533

Social security and other taxes

6,741

6,884

VAT

14,213

112,729

Other creditors

-

132,558

Accrued expenses

13,318

15,880

1,996,748

2,203,260

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

14,460

14,460

11.

LOANS

The company has issued convertible debt of £212,946 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.

12.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other loans

1,498,645

983,676

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.

13.	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.

14.	RELATED PARTY DISCLOSURES

During the year the company made consultancy payments to Catalyst Growth Partners of £20,000 (2020 £20,000).

During the year the company made consultancy payments to Ashley Copper of £33,000 (2020 £33,000), who is a director and shareholder of the company.

During the year the company made consultancy payments to Iridium Corporate Service Ltd of £12,475 (2020 £34,475) a company in which a departing director has an interest.