Perpetual V2G Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08472429 (England and Wales)

PERPETUAL V2G SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

A Ling

A G Cooper

M A Ham

A E Nicol

REGISTERED OFFICE:

Unit 25

Lampeter Business Park

Tregaron Road

Lampeter

Ceredigion

SA48 8LT

REGISTERED NUMBER:

08472429 (England and Wales)

ACCOUNTANTS:

Bevan & Buckland

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

FIXED ASSETS

Intangible assets

4

20,059

21,457

Tangible assets

5

20,180

16,429

40,239

37,886

CURRENT ASSETS

Stocks

325,000

376,050

Debtors

6

189,226

175,615

Cash at bank

56,574

46,793

570,800

598,458

CREDITORS

Amounts falling due within one year

7

403,774

628,655

NET CURRENT ASSETS/(LIABILITIES)

167,026

(30,197

)

TOTAL ASSETS LESS CURRENT LIABILITIES

207,265

7,689

CREDITORS

Amounts falling due after more than one year

8

(4,322

)

(417,135

)

PROVISIONS FOR LIABILITIES

9

(99,896

)

-

NET ASSETS/(LIABILITIES)

103,047

(409,446

)

CAPITAL AND RESERVES

Called up share capital

236

162

Share premium

1,100,058

285,114

Retained earnings

(997,247

)

(694,722

)

103,047

(409,446

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 September 2018 and were signed on its behalf by:

M A Ham - Director

1.	STATUTORY INFORMATION

Perpetual V2G Systems 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Hire purchase and leasing commitments

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

period of the lease.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar

account.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a

past event that will probably result in a transfer of funds to a third party and the amount due to settle

the obligation can be measured or estimated reliably.

Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

Going Concern

The company continues to adopt the going concern basis in preparing its financial statements.

Batteries

We (V2G) account to Catalyst Growth Partners Ltd for the cost price on 30 day net monthly terms

when we are paid. The profit element is paid for within 9 days of this.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2016 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 January 2017

and 31 December 2017

22,855

AMORTISATION

At 1 January 2017

1,398

Amortisation for year

1,398

At 31 December 2017

2,796

NET BOOK VALUE

At 31 December 2017

20,059

At 31 December 2016

21,457

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2017

11,190

8,301

1,667

5,502

26,660

Additions

4,861

1,334

6,980

4,224

17,399

At 31 December 2017

16,051

9,635

8,647

9,726

44,059

DEPRECIATION

At 1 January 2017

4,968

3,155

805

1,303

10,231

Charge for year

5,297

3,180

1,961

3,210

13,648

At 31 December 2017

10,265

6,335

2,766

4,513

23,879

NET BOOK VALUE

At 31 December 2017

5,786

3,300

5,881

5,213

20,180

At 31 December 2016

6,222

5,146

862

4,199

16,429

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

23,191

109,794

Other debtors

54,605

65,821

Serchlo

99,896

-

Directors' loan accounts

3,201

-

Prepayments

8,333

-

189,226

175,615

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

102,155

Other loans

105,306

-

Hire purchase contracts

564

-

Trade creditors

229,142

494,298

Social security and other taxes

4,284

3,710

VAT

48,089

23,190

Other creditors

11,594

1,953

Directors' loan accounts

2,695

849

Accrued expenses

2,100

2,500

403,774

628,655

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

-

417,135

Hire purchase contracts

4,322

-

4,322

417,135

9.	PROVISIONS FOR LIABILITIES

Unauthorised payments were taken by a former director and related entity and the company is in the

process of undertaking measures to retrieve this money.

10.	ISSUE OF SHARE CAPITAL

During the year 7,385 shares were issued at par with a premium of £814,943.33.

4,820 of shares were the conversion of a loan from Finance Wales of which £519,290.03 of this was

loan capital and £15,728.15 was accrued loan interest.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Perpetual V2G Systems Limited for the year ended 31 December 2017 which

comprise the Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Perpetual V2G Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Perpetual V2G Systems Limited and state those matters that we have agreed to state to the Board of Directors of Perpetual V2G Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Perpetual V2G Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Perpetual V2G Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Perpetual V2G Systems Limited. You consider that Perpetual V2G Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Perpetual V2G Systems Limited. 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 statutory financial statements.

Bevan & Buckland

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

24 September 2018