I M Power Developments Limited - Limited company accounts 17.3

REGISTERED NUMBER: 07620491 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2017

FOR

I M POWER DEVELOPMENTS LIMITED

Page

Company Information

1

Report of the Directors

2

Statement of Directors' Responsibilities

3

Income Statement

4

Other Comprehensive Income

5

Balance Sheet

6

Notes to the Financial Statements

8

DIRECTORS:

G J Dickie

Ms. J Baranova

SECRETARY:

Exceed Cosec Services Limited

REGISTERED OFFICE:

107 Cheapside

London

London

EC2V 6DN

REGISTERED NUMBER:

07620491 (England and Wales)

ACCOUNTANTS:

Exceed CA Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

The directors present their report with the financial statements of the company for the year ended 30th June 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the construction and operation of power

stations.

REVIEW OF BUSINESS

The principal activity of the company during the period was the construction and operation of power stations and there

were no major changes herein during the year.

The operating results and statement of financial position of the company are fully set out in the attached financial

statements and do not in our opinion require any further comment.

Going concern:

The financial statements have been prepared on the basis of accounting policies applicable to a going concern. This

basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement

of liabilities, contingent obligations and commitments will occur in the ordinary course of business.

Events after reporting date:

All events subsequent to the date of the financial statements and for which the applicable financial reporting framework

require adjustment or disclosure have been adjusted or disclosed.

The directors are not aware of any matter or circumstance arising since the end of the financial year to the date of this

report that could have a material effect of the financial position of the company.

No dividends were declared nor paid to shareholders during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st July 2016 to the date of this report.

G J Dickie

Ms. J Baranova

Other changes in directors holding office are as follows:

Y A A Nassar - resigned 20th January 2017

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:

G J Dickie - Director

15th February 2018

The directors are responsible for preparing the Report of the Directors 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.

TURNOVER

48,000

52,000

Administrative expenses

76,642

190,866

OPERATING LOSS

4

(28,642

)

(138,866

)

Interest receivable and similar income

1,776

-

LOSS BEFORE TAXATION

(26,866

)

(138,866

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(26,866

)

(138,866

)

LOSS FOR THE YEAR

(26,866

)

(138,866

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(26,866

)

(138,866

)

FIXED ASSETS

Tangible assets

5

-

2,198

CURRENT ASSETS

Work-In-Progress

6

728,397

710,993

Debtors

7

211,018

122,482

Cash at bank

3,458

21,804

942,873

855,279

CREDITORS

Amounts falling due within one year

8

116,721

248,196

NET CURRENT ASSETS

826,152

607,083

TOTAL ASSETS LESS CURRENT LIABILITIES

826,152

609,281

CREDITORS

Amounts falling due after more than one year

9

277,290

33,553

NET ASSETS

548,862

575,728

CAPITAL AND RESERVES

Called up share capital

1,040,609

1,040,609

Share premium

201,471

201,471

Retained earnings

(693,218

)

(666,352

)

SHAREHOLDERS' FUNDS

548,862

575,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15th February 2018 and were signed on its behalf by:

G J Dickie - Director

1.	STATUTORY INFORMATION

I M Power Developments 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the value of the consideration due. Where a contract has only been partially

completed at the balance sheet date turnover represents the value of the service provided to date based on a

proportion of the total expected consideration at completion.

Where payments are received from customers in advance of services provided, the amounts are recorded as

Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing work-in-progress to their present location and condition.

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.

Foreign currencies

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 of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 1 (2016 - 1 ) .

4.	OPERATING LOSS

The operating loss is stated after charging:

Period

1/6/15

Year Ended

to

30/6/17

30/6/16

£

£

Depreciation - owned assets

2,198

2,688

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st July 2016

and 30th June 2017

8,536

DEPRECIATION

At 1st July 2016

6,338

Charge for year

2,198

At 30th June 2017

8,536

NET BOOK VALUE

At 30th June 2017

-

At 30th June 2016

2,198

6.	WORK-IN-PROGRESS

2017

2016

£

£

Work-in-progress

728,397

710,993

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

-

12,304

Amounts recoverable on contract

8,699

5,880

Other debtors

89,569

104,298

98,268

122,482

Amounts falling due after more than one year:

Other debtors

112,750

-

Aggregate amounts

211,018

122,482

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

80,733

219,203

Other creditors

35,988

28,993

116,721

248,196

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

277,290

-

Other creditors

-

33,553

277,290

33,553