IPOWER_MICRO_CHP_LIMITED - Accounts

The directors present their report and financial statements for the year ended 31 March 2015.

The company was incorporated on 6 November 2013 and commenced trading on 30 November 2014.

The principal activity of the company is that of facilitating the increased usage and commercial development of low carbon energy technologies. The Position of the Company at the Year End As highlighted in Note 3, Other debtors, the company paid a deposit of £350,000 to a supplier who subsequently where placed in administration. The Administrator is currently in negotiation to sell the business activities to an interested party. The recoverability of the asset is therefore dependant upon this sale and the new owner honouring the terms of the contract. principal activity of the company is that of facilitating the increased usage and commercial development of low carbon energy technologies.

The Position of the Company at the Year End

As highlighted in Note 3, Other debtors, the company paid a deposit of £350,000 to a supplier who subsequently where placed in administration. The Administrator is currently in negotiation to sell the business activities to an interested party. The recoverability of the asset is therefore dependant upon this sale and the new owner honouring the terms of the contract.

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of iPower Micro CHP Limited for the year ended 31 March 2015 set out on pages 2 to 3 from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Accountants in Scotland, we are subject to its ethical and other professional requirements which are detailed at icas.com/regulations.

This report is made solely to the Board of Directors of iPower Micro CHP Limited, as a body, in accordance with the terms of our engagement letter dated 24 November 2014. Our work has been undertaken solely to prepare for your approval the financial statements of iPower Micro CHP Limited and state those matters that we have agreed to state to the Board of Directors of iPower Micro CHP Limited, as a body, in this report in accordance with Instutute of Chartered Accountants in Scotland as detailed at icas.com/regulations. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than iPower Micro CHP Limited and its Board of Directors as a body, for our work or for this report.

The financial statements are prepared under the historical cost convention.

Included in other debtors is a deposit of £350,000 paid to a supplier who subsequently where placed in administration. The Administrator is currently in negotiation to sell the business activities to an interested party. The recoverability of the asset is therefore dependant upon this sale and the new owner honouring the terms of the contract.

The loan from Social Growth Fund LLP, included in other creditors, is secured by way of a guarantee on the company's assets from the parent company iPower Energy Limited. Interest is charged on the loan at 8% per annum, and there is a repayment holiday over the first 12 months.

The controlling party and parent company is iPower Energy Ltd, a company registered in Scotland.

iPower Energy Limited, the parent company, supplied £20,833 of services to the company during the period. These services were supplied on normal commercial terms.