ACCOUNTS - Final Accounts

VPOWER HULL A LIMITED - Company Information

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Registered number: 07903113

VPOWER HULL A LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

VPOWER HULL A LIMITED

REGISTERED NUMBER: 07903113

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

FIXED ASSETS
Tangible assets	4		618,990		178,492
			618,990		178,492
CURRENT ASSETS
Debtors: amounts falling due after more than one year	5	188,060		508,086
Debtors: amounts falling due within one year	5	180,777		211,084
		368,837		719,170
Creditors: amounts falling due within one year	6	(1,130,722)		(963,382)
NET CURRENT LIABILITIES			(761,885)		(244,212)
TOTAL ASSETS LESS CURRENT LIABILITIES			(142,895)		(65,720)

NET LIABILITIES			(142,895)		(65,720)

CAPITAL AND RESERVES
Called up share capital	1	1
Profit and loss account	(142,896)	(65,721)
	(142,895)	(65,720)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2021.

H Bruckmann

Director

The notes on pages 2 to 5 form part of these financial statements.

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VPOWER HULL A LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	GENERAL INFORMATION

VPower Hull A Limited is a private company limited by shares, incorporated in England and Wales, registration number 07903113. The address of the registered office is 1 Knightsbridge Green, South Kensington, London, England, SW1X 7NE.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The company is considered to be a going concern on the basis that support will continue to be provided by VP Flexgen Limited, the parent undertaking, to enable it to continue to meet its liabilities as and when they fall due for at least twelve months from the date the accounts are approved.

2.3

PROPERTY, PLANT AND EQUIPMENT

ITangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At present, no depreciation has been charged due to the assets not yet being in use.

2.4

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

VPOWER HULL A LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.ACCOUNTING POLICIES (CONTINUED)

2.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES
	There were no employees in the current year.

4.	PROPERTY, PLANT AND EQUIPMENT

		Construction in progress
		£
	Cost or valuation
	At 1 January 2020	178,492
	Additions	440,498
	At 31 December 2020	618,990

	Net book value
	At 31 December 2020	618,990
	At 31 December 2019	178,492

Page 3

VPOWER HULL A LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

5.	DEBTORS
		2020	2019
		£	£

DUE AFTER MORE THAN ONE YEAR
Other debtors	188,060	288,125
Prepayments	-	219,961
	188,060	508,086

					2020	2019
					£	£

DUE WITHIN ONE YEAR
Deposit	175,776	205,990
Prepayments and other receivables	5,001	5,094
	180,777	211,084

6.	CREDITORS: Amounts falling due within one year
		2020	2019
		£	£

Amounts owed to group undertakings	1,124,664	885,772
Accruals and deferred income	6,058	77,610
	1,130,722	963,382

7.	RELATED PARTY TRANSACTIONS
	At the balance sheet date creditors included amounts of £1,124,664 (2019: £879,898) and £nil (2019: £5,874) due to its parent company and connected company, respectively.

8.	CONTROLLING PARTY

The group for which consolidated financial statements are prepared which include the results of this company is headed by VPower Group International Holdings Limited, whose registered office is:
Cricket Square
Hutchins Drive
PO Box 2681
Grand Cayman, KY1-1111
Cayman Islands

Page 4

VPOWER HULL A LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

9.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.

The audit report was signed on 20 December 2021 by Atulya Mehta (FCCA) (Senior statutory auditor) on behalf of Simmons Gainsford LLP.

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