Registered number |
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CONSOLIDATED FINANCIAL STATEMENTS |
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VIRTUAL POWER SOLUTIONS LIMITED | |
Report and accounts | |
Contents | |
Page | |
Company information | 1 |
Directors' report | 2 |
Accountants' report | 3 |
Income Statement | 3 |
Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the accounts | 8 |
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Company Information |
Directors |
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Accountants |
Premier UK Business LLP |
5th Floor |
22 Eastcheap |
London |
EC3M 1EU |
Registered office |
5th Floor |
22 Eastcheap |
London |
EC3M 1EU |
Registered number |
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Registered number: |
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Directors' Report | |||||||
The directors present their report and accounts for the year ended |
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Principal activities | |||||||
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Directors | |||||||
The following persons served as directors during the year: | |||||||
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Small company provisions | |||||||
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This report was approved by the board on |
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J BP Salgado | |||||||
Director | |||||||
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Income Statement | ||||||||
for the year ended |
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2021 | 2020 | |||||||
£ | £ | |||||||
Turnover |
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Cost of sales | ( |
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Gross profit |
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Administrative expenses | ( |
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Other operating income | - |
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Operating (loss)/profit | ( |
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Interest payable | - | ( |
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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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Registered number: |
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BALANCE SHEET | |||||||
as at |
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Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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Current assets | |||||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 7 | ( |
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Net current assets |
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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 assets |
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Capital and reserves | |||||||
Called up share capital |
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Share premium |
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Other reserves |
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Profit and loss account | ( |
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Non-controlling interests | 52,845 | 52,845 | |||||
Shareholders' funds |
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The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006. | |||||||
The financial statements were approved by the Board of Directors and were signed on its behalf by: | |||||||
J BP Salgado | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
VIRTUAL POWER SOLUTIOINS LIMITED | ||||||||
Virtual Power Solutions Limited was incorporated in England and Wales on 3rd October 2014, registered number 09247528. |
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Statutory Information | ||||||||
Virtual Power Solutions 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 General Information page. | ||||||||
Basis of preparation | ||||||||
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Intangible fixed assets | ||||||||
Intangible assets acquired free of charge from the government are valued at fair value. Internally generated Intangible assets are recognised at cost. These assets are associated with project development expenses, usually subsidised by public support. Development expenditure is capitalised when it is probable that the asset will generate future economic benefits. If these conditions are not met the expenditure is expensed in the period. Intangible assets are tested at each reporting date, regardless of any impairment sign. |
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Tangible fixed assets | ||||||||
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Plant and machinery | Between 2 to 10 years | |||||||
Stocks | ||||||||
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. | ||||||||
Provisions | ||||||||
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Whenever one of the criteria is not met or the existence of the obligation is conditional on the occurrence (or non-occurrence) of a future event, the company discloses this as a contingent liability, unless the assessment of the outflow of resources to pay can be considered remote. Provisions are measured at the present value of estimated expenditures to pay the obligation using a pre-tax risk-free interest rate, which reflects the market valuation for the discount period and the risk of the provision in question. | ||||||||
Taxation | ||||||||
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. |
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Deferred tax | ||||||||
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. |
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Foreign currencies | ||||||||
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Hire purchase and leasing commitments | ||||||||
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Investments | ||||||||
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Turnover | ||||||||
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Financial instruments | ||||||||
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets | ||||||||
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Basic financial liabilities | ||||||||
Basic financial liabilities, including creditors, bank loans and preference shares classified as debt, are initially recognised at fair value, net of transaction price. It is then subsequently stated at amortised cost. The difference between the nominal value and the fair value is recognised in the profit and loss over the loan period using the effective interest rate method. Financing obtained is classified in current liabilities except if VPS has an unconditional right to defer payment of the liability for at least 12 months after the balance sheet date, in which case they are classified as non-current liabilities. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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2 | Employees and Directors | 2021 | 2020 | |||||
Number | Number | |||||||
Average number of persons employed by the company |
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3 | Intangible fixed assets | |||||||
Other | ||||||||
Intangible | ||||||||
Goodwill | Assets | |||||||
Cost | £ | £ | ||||||
At 1 January 2021 | 2,683,066 |
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At 31 December 2021 | 2,683,066 |
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Amortisation | ||||||||
At 1 January 2021 | (1,472,475) | ( |
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Provided during the year | (268,307) | ( |
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At 31 December 2021 | (1,740,782) | ( |
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Net book value | ||||||||
At 31 December 2021 | 942,284 |
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At 31 December 2020 | 1,210,591 |
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The goodwill is the excess of the agreed value of the two group companies purchased over the net assets acquired. Intangible assets with a definite useful life are amortised on a systematic basis from the date on which they are available for use, over their estimated useful life, between 3 and 5 years. |
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4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2021 |
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At 31 December 2021 |
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Depreciation | ||||||||
At 1 January 2021 |
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Charge for the year |
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At 31 December 2021 |
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Net book value | ||||||||
At 31 December 2021 |
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At 31 December 2020 |
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5 | Fixed Assets Investments | |||||||
investments | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2021 |
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At 31 December 2021 |
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Company | ||||||||
6 | Debtors | 2021 | 2020 | |||||
£ | £ | |||||||
Trade debtors |
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Other debtors |
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7 | Creditors: amounts falling due within one year | 2021 | 2020 | |||||
£ | £ | |||||||
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security costs |
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Other creditors |
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8 | Creditors: amounts falling due after one year | 2021 | 2020 | |||||
£ | £ | |||||||
Bank loans |
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9 | Ultimate Controlling Party | |||||||
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10 | Other information | |||||||
VIRTUAL POWER SOLUTIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
5th Floor | ||||||||
22 Eastcheap | ||||||||
London | ||||||||
EC3M 1EU |