Registration number:
8power Limited
for the Year Ended 31 March 2021
Pages for filing with Registrar
8power Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
8power Limited
Company Information
Directors |
IP2IPO Services Limited P Egan R T Green J K Lomas LCIF Representatives Limited |
Company secretary |
BCS Cosec Limited |
Registered office |
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Registered number |
09396640 |
Accountants |
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8power Limited
(Registration number: 09396640)
Balance Sheet as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
72 |
34 |
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Share premium reserve |
2,052,577 |
3,252,286 |
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Other reserves |
154,782 |
524,723 |
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Profit and loss account |
(1,129,384) |
(3,105,348) |
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Total equity |
1,078,047 |
671,695 |
8power Limited
(Registration number: 09396640)
Balance Sheet as at 31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
.........................................
Director
8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis on the grounds the company has received further funding since the year-end in the form of shares issued at premium, and the reasonable assumption that it will continue to receive sufficient investment to continue to support its activities.
8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Computer equipment |
25% on cost |
Laboratory equipment |
25% on cost |
Motor vehicles |
25% on cost |
8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Intangible fixed assets
Intangible fixed assets acquired separately are capitalised at cost. Subsequent to initial recognition, intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment.
Intangible fixed assets are amortised on a straight line basis over their estimated useful life. The carrying value of intangible fixed assets is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost over their useful life as follows:
Computer software |
25% on cost |
Research and development costs
Research and development costs are written off to profit or loss in the year incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are recognised at the transaction price.
Financial instruments
Compound financial instruments include liability and equity components. The equity component is assigned the residual of the proceeds of issue after deducting the fair value of the liability component. All premiums or fees, paid or received, in respect of a financial instrument are accounted for over the life of the matched underlying asset, liability or cost.
8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Borrowings
The company’s borrowings consist of a loan which at the end of its term is either repayable or convertible into equity at the option of the lender. As explained above, the liability element of compound financial instruments is measured initially at fair value. The borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension
fund and the company has no legal or constructive obligation to pay further contributions even if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.
8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
2 |
Accounting policies (continued) |
Share based payments
The company has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Intangible fixed assets |
Computer software |
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Cost |
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At 1 April 2020 |
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At 31 March 2021 |
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Amortisation |
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At 1 April 2020 |
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Amortisation charge |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
- |
At 31 March 2020 |
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8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tangible fixed assets |
Computer equipment |
Motor vehicles |
Laboratory equipment |
Total |
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Cost |
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At 1 April 2020 |
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- |
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Additions |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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- |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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- |
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Debtors: amounts falling due within one year |
2021 |
2020 |
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Trade debtors |
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Corporation tax |
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Other debtors |
12,980 |
13,272 |
VAT |
28,584 |
17,278 |
Prepayments |
14,715 |
6,434 |
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8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
2021 |
2020 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
12,102 |
7,525 |
Accruals |
2,563 |
2,835 |
Directors' current accounts |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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72 |
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34 |
On 24 June 2020, each £0.001 share was split into 100 £0.00001 shares.
During the year, 3,782,539 shares were allotted for a total cash consideration of £2,000,328, to hold a nominal value of £0.00001 per share resulting in a total value of £72 (2019: £34).
8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Share-based payments |
Scheme details and movements
The movements in the number of share options during the year were as follows:
2021 |
2020 |
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Outstanding, start of period |
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Effect of the share split |
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- |
Granted during the period |
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Outstanding, end of period |
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Exercisable, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2021 |
2020 |
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Outstanding, start of period |
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Effect of the share split |
( |
- |
Granted during the period |
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Outstanding, end of period |
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Exercisable, end of period |
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8power Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
9 |
Share-based payments (continued) |
Scheme details and movements
The movements in the number of share options during the year were as follows:
2021 |
2020 |
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Outstanding, start of period |
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Effect of the share split |
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- |
Granted during the period |
- |
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Outstanding, end of period |
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Exercisable, end of period |
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The movements in the weighted average exercise price of share options during the year were as follows:
2021 |
2020 |
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Outstanding, start of period |
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- |
Effect of the share split |
( |
- |
Exercised during the period |
- |
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Outstanding, end of period |
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Exercisable, end of period |
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