REGISTERED NUMBER:
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INTELLIGENT POWER GENERATION LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2022 |
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REGISTERED NUMBER:
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INTELLIGENT POWER GENERATION LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST MARCH 2022 |
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INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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CONTENTS OF THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31ST MARCH 2022
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Page
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Company Information
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1
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Balance Sheet
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2
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Notes to the Financial Statements
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4
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INTELLIGENT POWER GENERATION LIMITED
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COMPANY INFORMATION
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FOR THE YEAR ENDED 31ST MARCH 2022
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DIRECTORS:
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CHIEF EXECUTIVE OFFICER:
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Dr T Gill
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REGISTERED OFFICE:
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REGISTERED NUMBER:
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ACCOUNTANTS:
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Chartered Accountants
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Central Chambers
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45-47 Albert Street
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Rugby
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Warwickshire
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CV21 2SG
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INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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BALANCE SHEET
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31ST MARCH 2022
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2022
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2021
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Notes
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£
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£
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£
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£
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FIXED ASSETS
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Tangible assets
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4
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CURRENT ASSETS
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Debtors
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5
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Cash at bank
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CREDITORS
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Amounts falling due within one year
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6
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NET CURRENT ASSETS
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TOTAL ASSETS LESS CURRENT
LIABILITIES
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CREDITORS
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Amounts falling due after more than one
year
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7
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NET ASSETS
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CAPITAL AND RESERVES
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Called up share capital
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9
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Share premium
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Retained earnings
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(
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(
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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. |
INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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BALANCE SHEET - continued
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31ST MARCH 2022
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
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The financial statements were approved by the Board of Directors and authorised for issue on
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INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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NOTES TO THE FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31ST MARCH 2022
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1.
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STATUTORY INFORMATION
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Intelligent Power Generation Limited is a
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2.
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ACCOUNTING POLICIES
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Basis of preparing the financial statements
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Turnover
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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
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Equipment
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-
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Taxation
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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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Tax losses are recognised only to the extent that it is probable that they will be recovered including through repayable research and development tax credits. |
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Deferred tax
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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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Research and development
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Expenditure on research and development is written off in the year in which it is incurred. |
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The company has invested approximately £6.4m of funds to date in its development work (of which £1.1m has been expended in the current year) and holds granted patents registered at the UK Intellectual Property Office and has been granted patents, and has filed for grant, in various other countries further to the Patent Co-Operation Treaty. |
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Pension costs and other post-retirement benefits
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The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31ST MARCH 2022
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2.
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ACCOUNTING POLICIES - continued
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Intangible asset
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The company has (thus far) expensed all of its Research and Development Spend and not to recognise a carrying value for an intangible asset in respect of the intellectual property resulting from such work. See note 13 for the comparator position if an intangible asset had been recognised (for example under FRS 102 Para 18.8H). |
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3.
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EMPLOYEES AND DIRECTORS
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The average number of employees during the year was
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4.
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TANGIBLE FIXED ASSETS
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Equipment
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£
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COST
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At 1st April 2021
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and 31st March 2022
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DEPRECIATION
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At 1st April 2021
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Charge for year
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At 31st March 2022
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NET BOOK VALUE
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At 31st March 2022
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At 31st March 2021
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5.
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DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2022
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2021
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£
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£
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Other debtors
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Tax credits repayable
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Rent deposits
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Prepayments
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6.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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2022
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2021
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£
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£
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Trade creditors
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Social security and other taxes
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Accruals and deferred income
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Deferred income
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INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31ST MARCH 2022
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7.
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
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2022 | 2021 |
£ | £ |
Working Capital Facility Agreement | 19,319 | 800,000 |
19,319 | 800,000 |
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The WCFA is provided by Mr Rushton-Turner (the leading shareholder). Amounts outstanding under it are restated to be repayable from, but limited in recourse (absent default events) to, future R&D tax credit repayments and/or input VAT credits. Within the overall limit of £800,000 on capital outstanding, where mutually agreed, further advances may be made against anticipated future credits. Interest at 5% pa accrues on any outstanding capital balance from 30th September 2021, such interest being repayable only after all capital is repaid. The accrued interest at year end was £14,871. The company may repay the facility at any time. It is anticipated that further advances will be made in the next accounting period. |
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8.
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LEASING AGREEMENTS
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Minimum lease payments under non-cancellable operating leases fall due as follows:
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2022
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2021
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£
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£
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Within one year
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Between one and five years
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INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31ST MARCH 2022
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9.
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CALLED UP SHARE CAPITAL
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On 7th April 2021 250 B Ordinary Shares were subscribed and issued for £100,000, completing a £2m equity
raise (for 5,000 B Ordinary Shares) from March 2021.
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On 15th March 2022, the Company sub-divided all its shares on a 100 for 1 basis (with the nominal value per
share reducing from £0.10 per share to £0.001 per share).
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At the year end the share capital and share premium (shown in respect of the share subscriptions from which it
arose but existing as a single shareholder fund and not "belonging" to any individual share or class) was as
follows:
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Number
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Nominal
Value
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Premium
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Total paid in
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£
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£
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£
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A1 Ordinary Shares
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2,999,000
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2,999
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3,594,771
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3,597,770
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A2 Ordinary Shares
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1,000
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1
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-
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1
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B Ordinary Shares
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500,000
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500
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1,999,500
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2,000,000
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Total Shares
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3,500,000
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3,500
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5,594,271
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5,597,771
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All the ordinary shares participate pro rata to their nominal value in income, dividends, distributions,
capital, surplus and assets in a winding up.
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All shares carry two votes in general meetings save that until a value hurdle is achieved: (1) the A1
Ordinary Shares carry only one vote (2) but the A2 Ordinary Shares (together) also have one vote for
each A1 Ordinary Share in issue.
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The Company also has authority to issue options to qualifying employees under an approved EMI share scheme
to subscribe in the future for C Ordinary Shares (with the same rights as the other ordinary shares) - shares held
under such options not to exceed 10% of the total share capital. As at the year end options had been granted over
250,000 such shares of which 81,400 options have vested and the balance vest in equal semi-annual instalments
up to 15th December 2024. The vesting and exercise of options are subject to conditions in accordance with
what is understood to be best practice for employee share schemes.
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10.
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RETAINED EARNINGS
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£
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Retained Deficit per 2021 Accounts
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(4,285,363
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Current Year
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Loss Before Taxation
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(1,193,128
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RDTCs
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357,787
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(5,120,704
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INTELLIGENT POWER GENERATION LIMITED (REGISTERED NUMBER: 10044404)
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NOTES TO THE FINANCIAL STATEMENTS - continued
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FOR THE YEAR ENDED 31ST MARCH 2022
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11.
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DEVELOPMENT EXPENDITURE - INTANGIBLE ASSET - COMPARATOR
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As outlined in Note 1, the company might have elected to recognise its direct development expenditure as an
intangible asset rather than expensing it as revenue cost through the profit and loss account. A reasonable
approximation of the expenditure to which such election might have been made is the qualifying expenditure for
Research and Development Tax Credits ("RDTCs") (which excludes all other business costs and indirect and
overhead expenditure).
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The aggregate of such RDTC qualifying expenditure to 31st March 2022 is £6,422,782. If the FRS 102
intangible asset election had been made in an amount equal to such expenditure the adjusted balance sheet and
reserves effect would have been as follows:
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No Recognition
(current position
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Comparator
Recognition
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£
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£
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Other Assets & Liabilities
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477,067
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477,067
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Intangible Asset
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6,422,782
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Net Assets
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477,067
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6,899,849
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Share Capital and Share Premium
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5,597,771
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5,597,771
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Retained Earnings
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(5,120,704
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1,302,078
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Shareholders Funds
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477,067
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6,899,849
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