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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 30th September 2019 |
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Impact Power Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 30th September 2019 |
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for |
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Impact Power Limited |
Impact Power Limited (Registered number: 10799736) |
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Contents of the Financial Statements |
for the Year Ended 30th September 2019 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Statement of Directors' Responsibilities | 3 |
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Income Statement | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Impact Power Limited |
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Company Information |
for the Year Ended 30th September 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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Impact Power Limited (Registered number: 10799736) |
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Report of the Directors |
for the Year Ended 30th September 2019 |
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The directors present their report with the financial statements of the company for the year ended 30th September 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company is the trading of electricity through a large battery storage. |
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REVIEW OF BUSINESS |
During the year under review the company made a loss of £224,091. |
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The directors do not propose a dividend. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1st October 2018 to the date of this |
report. |
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Other changes in directors holding office are as follows: |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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Impact Power Limited (Registered number: 10799736) |
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Statement of Directors' Responsibilities |
for the Year Ended 30th September 2019 |
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The directors are responsible for preparing the Report of the Directors and financial statements in accordance with |
applicable law and regulations. |
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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 and loss of the company for that period. |
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In preparing those financial statements, the directors are required to: |
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- select suitable accounting policies and then apply them consistently; |
- make judgements and estimates that are reasonable and prudent; |
- state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed |
and explained in the financial statements; and |
- prepare financial statements on the going concern basis unless it is inappropriate to presume that the company will |
continue in business. |
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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. |
Impact Power Limited (Registered number: 10799736) |
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Income Statement |
for the Year Ended 30th September 2019 |
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Period |
2/6/17 |
Year Ended | to |
30/9/19 | 30/9/18 |
£ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT/(LOSS) |
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( |
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Administrative expenses | ( |
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OPERATING LOSS | ( |
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Interest receivable and similar income |
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(65,665 | ) | (6,481 | ) |
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Interest payable and similar expenses | ( |
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LOSS BEFORE TAXATION | ( |
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Tax on loss | ( |
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LOSS FOR THE FINANCIAL YEAR | ( |
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Impact Power Limited (Registered number: 10799736) |
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Balance Sheet |
30th September 2019 |
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30/9/19 | 30/9/18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank | 6 |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital Contribution | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
Impact Power Limited (Registered number: 10799736) |
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Balance Sheet - continued |
30th September 2019 |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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Impact Power Limited (Registered number: 10799736) |
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Notes to the Financial Statements |
for the Year Ended 30th September 2019 |
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1. | STATUTORY INFORMATION |
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Impact Power Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The previous period was longer than the current year, and covered almost fifteen months, starting from when the |
company was registered. As such, the comparative amounts presented in the financial statements (including the |
related notes) are not entirely comparable. |
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Going concern |
The directors have considered the going concern basis of the Company in light of the current Covid-19 pandemic |
and specifically the situation in the United Kingdom. These are unprecedented times and therefore the directors |
have considered all aspects of the Company’s business when looking at the going concern status. |
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There are obviously significant economic challenges ahead and the directors are monitoring the government |
updates and our specific business environment but at the time of signing these accounts we do not see any |
significant doubt as to the Company’s ability to continue to trade at the current level and meet its liabilities as |
they fall due. |
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The financial statements, for the year ended 30th September 2019 has been prepared on going concern basis. The |
directors have prepared forecasts and reviewed capital requirements for the year from the date of approval of the |
financial statements, indicating the business will trade for at least 12 months. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets are stated as cost less depreciation. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Impact Power Limited (Registered number: 10799736) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Share capital |
Share capital represents nominal value of ordinary share, alloted, and issued. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1st October 2018 |
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Additions |
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At 30th September 2019 |
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DEPRECIATION |
Charge for year |
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At 30th September 2019 |
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NET BOOK VALUE |
At 30th September 2019 |
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At 30th September 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/19 | 30/9/18 |
£ | £ |
Trade debtors |
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VAT | 3,601 | 196,442 |
Other debtors |
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Prepayments and accrued income |
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6. | CASH AT BANK |
30/9/19 | 30/9/18 |
£ | £ |
Bank accounts | 138,408 | 12,336 |
Impact Power Limited (Registered number: 10799736) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/19 | 30/9/18 |
£ | £ |
Trade creditors |
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Deferred consideration | 225,879 | 416,066 |
Accruals | 11,417 | 4,705 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30/9/19 | 30/9/18 |
£ | £ |
Intercompany payable |
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The long term loan as shown above represents a loan facility agreement between the two parties Impact Power |
Ltd and Shift Energy Ltd which commenced on 31 July 2018. As at 30 September 2019 the principal loan |
amount is £1,719,000 and accrues interest of £162,858 which represents 10% per annum. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 30/9/19 | 30/9/18 |
value: | £ | £ |
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Share capital 1 | £1.00 | 1 | 1 |
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10. | RESERVES |
Retained | Capital |
earnings | Contribution | Totals |
£ | £ | £ |
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At 1st October 2018 | ( |
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(10,919 | ) |
Deficit for the year | ( |
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Capital Contribution | - | 134,054 | 134,054 |
At 30th September 2019 | ( |
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(100,956 | ) |
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11. | EVENTS AFTER THE REPORTING PERIOD |
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On 31 January 2020 the World Health Organisation announced a global health emergency with regards to the |
Covid-19 pandemic. The pandemic is creating a major economic impact around the world, including the UK |
where the Company’s activities are conducted. |
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The Company has not, at the date of these financial statements, seen any material impact to its continuing |
operations. The full impact of the pandemic is not yet known but the directors consider the Company to be well |
placed to trade through the situation and for the going concern basis to remain an appropriate basis on which to |
draw up these financial statements. |
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12. | RELATED PARTY TRANSACTIONS |
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The Company has applied the exemption granted by Section 33.1A of FRS 102 Related Party Disclosures not to |
disclose transactions with the parent company on the basis that it is a wholly owned subsidiary or any |
transactions with other related parties that have been undertaken under normal market conditions. |
Impact Power Limited (Registered number: 10799736) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2019 |
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13. | CONTROLLING PARTY |
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The immediate parent company is Shift Energy Limited, a company incorporated in England and Wales. The |
registered office of Shift Energy Limited is 6th Floor St Magnus House, 3 Lower Thames Street, London, |
England, EC3R 6HD. |
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The ultimate parent company is Bagnall Energy Limited, a company incorporated in England and Wales. The |
registered office of Bagnall Energy Limited is 6th Floor St Magnus House, 3 Lower Thames Street, London, |
England, EC3R 6HD. |