POWERVAULT_LTD - Accounts

POWERVAULT LTD - Company Information

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Company Registration No. 08313356 (England and Wales)

POWERVAULT LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

POWERVAULT LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

POWERVAULT LTD (REGISTERED NUMBER: 08313356)

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

11,534

Tangible assets

27,511

1,067

39,045

1,067

Current assets

Stocks

87,091

67,119

Debtors

301,331

49,478

Cash at bank and in hand

1,229,536

518,249

1,617,958

634,846

Creditors: amounts falling due within one year

(215,479)

(57,189)

Net current assets

1,402,479

577,657

Total assets less current liabilities

1,441,524

578,724

Creditors: amounts falling due after more than one year

(30,846)

(28,042)

1,410,678

550,682

Capital and reserves

Called up share capital

449

273

Share premium account

2,284,962

819,607

Profit and loss account

(874,733)

(269,198)

Shareholders' funds

1,410,678

550,682

POWERVAULT LTD (REGISTERED NUMBER: 08313356)

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2016

- 2 -

For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 June 2017

Mr J Warren

Director

POWERVAULT LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Patents

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives of 10 years.

1.5

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 less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% on reducing balance

Computer equipment

20% straight line

Fixtures, fittings & equipment

25% on reducing balance

POWERVAULT LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 October 2015

1,533

Additions

12,469

32,734

45,203

At 30 September 2016

12,469

34,267

46,736

Depreciation

At 1 October 2015

466

Charge for the year

935

6,290

7,225

At 30 September 2016

935

6,756

7,691

Net book value

At 30 September 2016

11,534

27,511

39,045

At 30 September 2015

1,067

Share capital

2016

2015

Allotted, called up and fully paid

3,890,222 Ordinary A shares at £0.0001

389

248

600,058 Investment B shares at £0.0001

449

273

During the year:

54,341 Ordinary A shares of £0.0001 each were allotted and fully paid at a premium of £0.588 per share.

16,982 Investment B shares of £0.0001 each were allotted and fully paid at a premium of £0.588 per share.

1,352,979 Ordinary A shares of £0.0001 each were allotted and fully paid at a premium of £0.8849 per share.

328,629 Investment B shares of £0.0001 each were allotted and fully paid at a premium of £0.8849 per share.