Perpetual V2G Systems Ltd
Perpetual V2G Systems Ltd
Registered number: 08472429
Directors' Report and
Financial Statements
For the Period 1 May 2015 to 31 December 2015
Perpetual V2G Systems Ltd
Directors' Report and Financial Statements
For the Period 1 May 2015 to 31 December 2015
Directors' Report and Financial Statements
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| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5—6 |
| Notes to the Accounts | 7—11 |
| The following pages do not form part of the statutory accounts: | |
| Trading Profit and Loss Account | 12—13 |
Perpetual V2G Systems Ltd
Company Information
For the Period 1 May 2015 to 31 December 2015
Company Information
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| Accountants | Clarius Finance Ltd |
| Chartered Accountants & Professional Advisors | |
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Page 1
Perpetual V2G Systems Ltd
Company No. 08472429
Directors' Report For the Period 1 May 2015 to 31 December 2015
Directors' Report
The directors present their report and the financial statements for the period ended 31 December 2015 .
Statement of Directors' Responsibilities
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 the financial statements the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments 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.
Principal Activity
The company's principal activity continues to be that of provision and technical design, of leading power solutions.
Directors
The directors who held office during the period were as follows:
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APPOINTED |
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Page 2
Perpetual V2G Systems Ltd
Accountant's Report
For the Period 1 May 2015 to 31 December 2015
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Perpetual V2G Systems Ltd For the Period 1 May 2015 to 31 December 2015
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Perpetual V2G Systems Ltd For the Period 1 May 2015 to 31 December 2015 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made to solely to the directors of Perpetual V2G Systems Ltd , as a body, in accordance with the terms of our engagement letter dated 05 January 2016. Our work has been undertaken solely to prepare for your approval the accounts of Perpetual V2G Systems Ltd and state those matters that we have agreed to state to the directors of Perpetual V2G Systems Ltd , as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Perpetual V2G Systems Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Perpetual V2G Systems Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Perpetual V2G Systems Ltd . You consider that Perpetual V2G Systems Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit of the accounts of Perpetual V2G Systems Ltd . 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 financial statements.
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10 May 2016
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Clarius Finance Ltd
Chartered Accountants & Professional Advisors
Abacus House
Caxton Place
Cardiff
CF23 8HA
Page 3
Perpetual V2G Systems Ltd
Profit and Loss Account
For the Period 1 May 2015 to 31 December 2015
Profit and Loss Account
| Period to 31 December 2015 | 30 April 2015 | |||
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| Notes | £ | £ | ||
| TURNOVER |
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| Cost of sales |
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| GROSS PROFIT/(LOSS) |
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| Selling and distribution costs |
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| Administrative expenses |
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| Other operating income |
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| OPERATING PROFIT/(LOSS) | 2 |
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| PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST |
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| Interest payable and similar charges | 4 |
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| PROFIT/(LOSS) FOR THE FINANCIAL PERIOD | 12 |
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Page 4
Perpetual V2G Systems Ltd
Balance Sheet
As at
31 December 2015
Balance Sheet
| Period to 31 December 2015 | 30 April 2015 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 6 |
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| Tangible Assets | 7 |
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| 10,445 | 7,660 | ||||
| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 12 |
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Page 5
Perpetual V2G Systems Ltd
Balance Sheet (continued)
As at
31 December 2015
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
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Page 6
Perpetual V2G Systems Ltd
Notes to the Unaudited Accounts
For the Period 1 May 2015 to 31 December 2015
Notes to the Unaudited Accounts
Accounting Policies
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets relate to patents, and are amortised over their estimated economic life of 10 years.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Office Equipment |
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| Computer Equipment |
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Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Operating Profit
| Period to 31 December 2015 | 30 April 2015 | ||
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| Directors' remuneration |
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| Depreciation of tangible fixed assets |
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Directors' remuneration
| Period to 31 December 2015 | 30 April 2015 | ||
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| Emoluments |
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Page 7
Perpetual V2G Systems Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 May 2015 to 31 December 2015
Interest Payable
| Period to 31 December 2015 | 30 April 2015 | ||
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| Other finance charges |
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Tax on Profit on Ordinary Activities
| Period to 31 December 2015 | 30 April 2015 | ||
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| UK Corporation Tax |
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There is no tax charge for the period.
Intangible Assets
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| Additions |
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| Net Book Value | |||
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Page 8
Perpetual V2G Systems Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 May 2015 to 31 December 2015
Tangible Assets
| Plant & Machinery | Motor Vehicles | Office Equipment | Computer Equipment | Total | |
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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Stocks
| Period to 31 December 2015 | 30 April 2015 | ||
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| Stock - finished goods |
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Debtors
| Period to 31 December 2015 | 30 April 2015 | ||
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| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| Directors' loan accounts | 694 | - | |
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Page 9
Perpetual V2G Systems Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 May 2015 to 31 December 2015
Creditors: Amounts Falling Due Within One Year
| Period to 31 December 2015 | 30 April 2015 | ||
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| Other taxes and social security |
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| Other creditors |
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| Directors' loan accounts | 1,939 | 51,341 | |
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Page 10
Perpetual V2G Systems Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 May 2015 to 31 December 2015
Reconciliation of Reserves
| Share Capital | Share Premium | Profit & Loss Account | |
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| Profit for period | - | - |
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| Arising on shares issued during the period | 13 |
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Transactions With and Loans to Directors
The balance on the directors' loan accounts at period end were:
| Period to 31 December 2015 | 30 April 2015 | |
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| Mr Andrew Ling | (694) | 36,821 |
| Mr Luke Jones | 1,938 | 14,520 |
Related Party Transactions
Smart Anchor Ventures
A shareholder of the company
Consultancy services provided during the period amounting to £18,900 (Apr 2015: £16,530). At the period end a balance of £26,084 (Apr 2015: £12,480) was due to the company.
Wize Property Investments Limited
The companies are related by common directors
Consultancy services provided during the period amounting to £5,750 (Apr 2015: £23,750). At the period end a balance of £23,000 (Apr 2015:£23,750) was due to the company.
Controlling Party
The company's controlling party is Mr A Ling by virtue of his shareholding in the company.
Page 11
Perpetual V2G Systems Ltd
Trading Profit and Loss Account
For the Period 1 May 2015 to 31 December 2015
Trading Profit and Loss Account
| Period to 31 December 2015 | 30 April 2015 | |||
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| TURNOVER | ||||
| Sales |
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| COST OF SALES | ||||
| Purchases |
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| Subcontractor costs |
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| Wages and salaries |
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| Employers NI |
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| Closing stock - finished goods | - | (25,000) | ||
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| GROSS PROFIT/(LOSS) |
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| Other Operating Income | ||||
| Other income - contributing to other operating income |
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| Distribution Costs | ||||
| Tools | - | 500 | ||
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| Administrative Expenses | ||||
| Directors' salaries |
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| Travel expenses |
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| Rent |
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| Rates |
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| Light and heat |
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| Repairs and maintenance |
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| Cleaning |
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| Premises insurance |
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| Vehicle running costs |
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| Computer software, consumables and maintenance |
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| Repairs, renewals and maintenance |
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| Insurance |
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| Printing, postage and stationery |
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| Advertising and marketing costs |
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| Training seminars and workshops |
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| Telecommunications and data costs |
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| Accountancy fees |
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...CONTINUED
Page 12
Perpetual V2G Systems Ltd
Trading Profit and Loss Account (continued)
For the Period 1 May 2015 to 31 December 2015
| Legal fees |
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| Consultancy fees |
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| Subscriptions |
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| Bank charges |
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| Depreciation |
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| Entertaining |
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| Sundry expenses |
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| Foreign exchange gains/losses |
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| PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST |
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| Finance Costs | ||||
| Other interest payable | 3,055 | - | ||
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| NET PROFIT/(LOSS) |
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Page 13