IRIS Accounts Production v17.2.1.52 09247528 Board of Directors 31.12.16 1.7.15 31.12.16 31.12.16 virtual power solutions. true false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure 09247528 2015-06-30 09247528 2016-12-31 09247528 2015-07-01 2016-12-31 09247528 2014-10-02 09247528 2014-10-03 2015-06-30 09247528 2015-06-30 09247528 ns15:EnglandWales 2015-07-01 2016-12-31 09247528 ns14:PoundSterling 2015-07-01 2016-12-31 09247528 ns10:Director1 2015-07-01 2016-12-31 09247528 ns10:Consolidated 2016-12-31 09247528 ns10:ConsolidatedGroupCompanyAccounts 2015-07-01 2016-12-31 09247528 ns10:PrivateLimitedCompanyLtd 2015-07-01 2016-12-31 09247528 ns10:Consolidated ns10:SmallEntities 2015-07-01 2016-12-31 09247528 ns10:Consolidated ns10:AuditExempt-NoAccountantsReport 2015-07-01 2016-12-31 09247528 ns10:SmallCompaniesRegimeForDirectorsReport 2015-07-01 2016-12-31 09247528 ns10:SmallCompaniesRegimeForAccounts 2015-07-01 2016-12-31 09247528 ns10:Consolidated ns10:SmallCompaniesRegimeForDirectorsReport 2015-07-01 2016-12-31 09247528 ns10:Consolidated ns10:SmallCompaniesRegimeForAccounts 2015-07-01 2016-12-31 09247528 ns10:FullAccounts 2015-07-01 2016-12-31 09247528 ns10:Consolidated 2015-07-01 2016-12-31 09247528 ns10:Director4 2015-07-01 2016-12-31 09247528 ns10:Director5 2015-07-01 2016-12-31 09247528 ns10:Director6 2015-07-01 2016-12-31 09247528 ns10:RegisteredOffice 2015-07-01 2016-12-31 09247528 ns10:Director2 2015-07-01 2016-12-31 09247528 ns10:Director3 2015-07-01 2016-12-31 09247528 ns10:Consolidated 2014-10-03 2015-06-30 09247528 ns5:CurrentFinancialInstruments 2016-12-31 09247528 ns5:CurrentFinancialInstruments 2015-06-30 09247528 ns5:ShareCapital 2016-12-31 09247528 ns5:ShareCapital 2015-06-30 09247528 ns5:SharePremium 2016-12-31 09247528 ns5:SharePremium 2015-06-30 09247528 ns5:RetainedEarningsAccumulatedLosses 2016-12-31 09247528 ns5:RetainedEarningsAccumulatedLosses 2015-06-30 09247528 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2015-07-01 2016-12-31 09247528 ns5:PlantMachinery 2015-07-01 2016-12-31 09247528 ns5:OwnedAssets 2015-07-01 2016-12-31 09247528 ns5:OwnedAssets 2014-10-03 2015-06-30 09247528 ns5:NetGoodwill 2015-07-01 2016-12-31 09247528 ns5:NetGoodwill 2014-10-03 2015-06-30 09247528 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2014-10-03 2015-06-30 09247528 ns5:NetGoodwill 2015-06-30 09247528 ns5:IntangibleAssetsOtherThanGoodwill 2015-06-30 09247528 ns5:IntangibleAssetsOtherThanGoodwill 2015-07-01 2016-12-31 09247528 ns5:NetGoodwill 2016-12-31 09247528 ns5:IntangibleAssetsOtherThanGoodwill 2016-12-31 09247528 ns5:NetGoodwill 2015-06-30 09247528 ns5:IntangibleAssetsOtherThanGoodwill 2015-06-30 09247528 ns5:CostValuation 2015-06-30 09247528 ns5:AdditionsToInvestments 2016-12-31 09247528 ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2016-12-31 09247528 ns5:CostValuation 2016-12-31 09247528 ns5:CurrentFinancialInstruments ns5:WithinOneYear 2016-12-31 09247528 ns5:CurrentFinancialInstruments ns5:WithinOneYear 2015-06-30


REGISTERED NUMBER: 09247528 (England and Wales)













REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2015 TO 31 DECEMBER 2016

FOR

VIRTUAL POWER SOLUTIONS LIMITED

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Period 1 July 2015 to 31 December 2016




Page

Company Information 1

Report of the Directors 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Notes to the Consolidated Financial Statements 8


VIRTUAL POWER SOLUTIONS LIMITED

COMPANY INFORMATION
for the Period 1 July 2015 to 31 December 2016







DIRECTORS: T M Brown
J S Napier
J B P Salgado
L F Coelho Da Silva





REGISTERED OFFICE: C/o. Unit 19,
10 Acklam Road,
Notting Hill,
W10 5QZ





REGISTERED NUMBER: 09247528 (England and Wales)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

REPORT OF THE DIRECTORS
for the Period 1 July 2015 to 31 December 2016

The directors present their report with the financial statements of the company and the group for the period 1 July 2015
to 31 December 2016.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2015 to the date of this report.

J S Napier
J B P Salgado
L F Coelho Da Silva

Other changes in directors holding office are as follows:

B D A C Empis Meira - resigned 30 April 2016
M Woodhall - resigned 31 October 2015
T M Brown - appointed 10 November 2015

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small
companies.

ON BEHALF OF THE BOARD:





J S Napier - Director


4 October 2017

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

CONSOLIDATED INCOME STATEMENT
for the Period 1 July 2015 to 31 December 2016

Period Period
1.7.15 3.10.14
to to
31.12.16 30.6.15
Notes £    £   

TURNOVER 1,666,747 371,706

Cost of sales 357,541 119,575
GROSS PROFIT 1,309,206 252,131

Administrative expenses 2,815,869 1,171,297
(1,506,663 ) (919,166 )

Other operating income 916,789 157,847
OPERATING LOSS 5 (589,874 ) (761,319 )

Amounts written off investments - 160,146
(589,874 ) (921,465 )

Interest payable and similar expenses 162,831 22,469
LOSS BEFORE TAXATION (752,705 ) (943,934 )

Tax on loss (257,580 ) 3,213
LOSS FOR THE FINANCIAL PERIOD (495,125 ) (947,147 )

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

CONSOLIDATED BALANCE SHEET
31 December 2016

31.12.16 30.6.15
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 3,384,348 1,868,691
Tangible assets 8 45,232 54,134
Investments 9 36,489 36,489
3,466,069 1,959,314

CURRENT ASSETS
Stocks 411,527 353,750
Debtors 10 1,756,893 1,426,911
Investments 11 - 34,207
Cash at bank 25,145 51,997
2,193,565 1,866,865
CREDITORS
Amounts falling due within one year 12 2,045,418 1,519,411
NET CURRENT ASSETS 148,147 347,454
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,614,216

2,306,768

CREDITORS
Amounts falling due after more than one year 13 (1,164,644 ) (831,563 )

PROVISIONS FOR LIABILITIES - (63,712 )
NET ASSETS 2,449,572 1,411,493

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

CONSOLIDATED BALANCE SHEET - continued
31 December 2016

31.12.16 30.6.15
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 46,315 4,197
Share premium 3,656,058 2,149,953
Other reserves 101,462 -
Retained earnings (1,393,298 ) (922,643 )
2,410,537 1,231,507

NON-CONTROLLING INTERESTS 14 39,035 179,986
TOTAL EQUITY 2,449,572 1,411,493

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the
period ended 31 December 2016.

The members have not required the company and the group to obtain an audit of its financial statements for the period
ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group 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 and the group
as at the end of each financial year and of the group's 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 and the group.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006
relating to small companies.

The financial statements were approved by the Board of Directors on 4 October 2017 and were signed on its behalf by:





J S Napier - Director


VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

COMPANY BALANCE SHEET
31 December 2016

31.12.16 30.6.15
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 - -
Investments 9 3,190,928 1,959,795
3,190,928 1,959,795

CURRENT ASSETS
Debtors 10 16,137 -
Investments 11 - 34,207
Cash at bank 7,984 -
24,121 34,207
CREDITORS
Amounts falling due within one year 12 436,737 76,085
NET CURRENT LIABILITIES (412,616 ) (41,878 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,778,312

1,917,917

CAPITAL AND RESERVES
Called up share capital 46,315 4,197
Share premium 3,656,056 2,149,951
Retained earnings (924,059 ) (236,231 )
2,778,312 1,917,917

Company's loss for the financial year (687,828 ) (236,231 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2016 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.

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

COMPANY BALANCE SHEET - continued
31 December 2016


The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 4 October 2017 and were signed on its behalf by:





J S Napier - Director


VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Period 1 July 2015 to 31 December 2016

1. VIRTUAL POWER SOLUTIONS LIMITED GROUP OF COMPANIES

Virtual Power Solutions Limited was incorporated in England and Wales on 3rd October 2014, registered number
09247528.

On 25th February 2015 the company signed contracts to acquire the following companies in a share for share
exchange.

Stor Generation Limited: A private limited company registered in England & Wales; 100% owned: Provision of
customised energy management services to businesses.

Virtual Power Solutions, S.A. (formerly named ISA Energy Efficiency S.A.): A private limited company
registered in Portugal; 68% owned: Provision of customised energy management services to businesses. On 1st
July 2015 the company signed contracts to acquire an additional 22.5% shares within ISA Energy Efficiency S.A.
As at 1 July 2016 the company owned 90.5%.

The accounts of Stor Generation Limited, Virtual Power Solutions, S.A. and Virtual Power Solutions Limited are
included within this consolidation.

In addition in the previous year it acquired two further companies which were sold in the the period to 31
December 2016, Self Energy Limited (registered in England & Wales) and Key Energy LSA (registered in
Portugal), as these did not fit the company's present proposals.

The accounts of Self Energy Limited and Key Energy LSA were not included within the consolidation for the
previous year but were held in Virtual Power Solution Limited's individual balance sheet as current asset
investments as at 30th June 2015.

In addition Virtual Power Solutions Limited has, through Virtual Power Solutions, S.A., a beneficial interest of
5% in Intelligent Sensing Healthcare LDA: A private company registered in Portugal: Provision of customised
energy management services to businesses.

2. 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.

3. 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.

Basis of consolidation
The consolidated accounts show the combined assets, liabilities, profits and losses of Virtual Power Solutions
Limited, Stor Generation Limited and of Virtual Power Solutions, S.A.. Profits and losses for Stor Generation
Limited and Virtual Power Solutions, S.A. are shown for the for the period 1 July 2015 to 31st December 2016.
Inter group transactions and balances have been eliminated.

The excess of the agreed consideration over the assets acquired is shown as goodwill. A share premium is shown
to reflect the agreed value of the assets acquired and therefore the premium on the shares issued.

The 9.5% (2015:32%) interest in Virtual Power Solutions, S.A. held by minority shareholder appears as a
separate item on the Balance Sheet and 9.5% of the loss of that company in the period post acquisition has been
set against this interest.

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 1 July 2015 to 31 December 2016

3. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets, being the cost of projects under development, are amortised over the life of the project unless it
is determined that the project has no or limited value when an impairment provision is made to reduce the cost of
the project to its net realisable value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Between 2 and 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date
of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments
Investments are shown at cost to the investing company, less a provision for impairment where the value of
investments is considered to have fallen below the value at which they are stated. The directors do not believe
that an impairment to the investment in subsidiaries is required due to the expectation of these subsidiaries to
generate future profits.

Turnover
Turnover represents net invoiced sales of goods and services, excluding VAT.

Financial instruments
Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company
does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 37 .

The average number of employees by undertakings that are proportionately consolidated during the period was 37
.

5. OPERATING LOSS

The operating loss is stated after charging:

Period Period
1.7.15 3.10.14
to to
31.12.16 30.6.15
£    £   
Depreciation - owned assets 32,388 12,716
Goodwill amortisation 292,762 37,496
Development costs amortisation 330,145 109,820

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 1 July 2015 to 31 December 2016

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not
presented as part of these financial statements.

The parent company's loss for the period ending 31st December 2016 is £687,828.

7. INTANGIBLE FIXED ASSETS

Group
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 July 2015 1,499,847 516,160 2,016,007
Additions 1,355,698 782,866 2,138,564
At 31 December 2016 2,855,545 1,299,026 4,154,571
AMORTISATION
At 1 July 2015 37,496 109,820 147,316
Charge for period 292,762 330,145 622,907
At 31 December 2016 330,258 439,965 770,223
NET BOOK VALUE
At 31 December 2016 2,525,287 859,061 3,384,348
At 30 June 2015 1,462,351 406,340 1,868,691

The goodwill is the excess of the agreed value of the two group companies purchased over the net assets
acquired. Of the total of £2,855,545, £172,479 is the excess over net assets acquired of Stor Generation Limited,
and £2,683,066 the surplus over net assets acquired of ISA Energy Efficiency S.A.

Other intangible assets relate to project development costs and are capitalised when the company demonstrates
ability to complete its development and initiate its commercialisation or use for which the asset was created and
will generate future economic benefits. Development expenses that do not meet these criteria are recorded as
expenditure in the period in which they are incurred.

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 maintaining the legal fees of depreciation and useful life periods,
between 3 and 5 years.

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 1 July 2015 to 31 December 2016

8. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
etc
£   
COST
At 1 July 2015 66,850
Additions 23,486
At 31 December 2016 90,336
DEPRECIATION
At 1 July 2015 12,716
Charge for period 32,388
At 31 December 2016 45,104
NET BOOK VALUE
At 31 December 2016 45,232
At 30 June 2015 54,134

9. FIXED ASSET INVESTMENTS

Group
Other
investments
£   
COST
At 1 July 2015
and 31 December 2016 36,489
NET BOOK VALUE
At 31 December 2016 36,489
At 30 June 2015 36,489
Company
Shares in
group
undertakings
£   
COST
At 1 July 2015 1,959,795
Additions 1,506,105
Impairments (274,972 )
At 31 December 2016 3,190,928
NET BOOK VALUE
At 31 December 2016 3,190,928
At 30 June 2015 1,959,795


VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 1 July 2015 to 31 December 2016

9. FIXED ASSET INVESTMENTS - continued


During the year the Company purchased further shares in one subsidiary. The aggregate carrying value of the
fixed asset investments is £3,465,900 (2015:£1,959,795) while the net assets of the subsidiaries relating to this
value is £586,679 (2015:673,250).

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.16 30.6.15 31.12.16 30.6.15
£    £    £    £   
Trade debtors 817,953 366,104 16,137 -
Other debtors 938,940 1,060,807 - -
1,756,893 1,426,911 16,137 -

11. CURRENT ASSET INVESTMENTS

Group Company
31.12.16 30.6.15 31.12.16 30.6.15
£    £    £    £   
Unlisted investments - 34,207 - 34,207

During the year the company sold all Unlisted investments, which were fully impaired.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.16 30.6.15 31.12.16 30.6.15
£    £    £    £   
Bank loans and overdrafts 798,032 499,738 - -
Trade creditors 540,771 376,350 416,737 -
Taxation and social security 190,748 26,177 - -
Other creditors & accruals 515,867 617,146 20,000 76,085
2,045,418 1,519,411 436,737 76,085

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.12.16 30.6.15
£    £   
Bank loans 1,087,086 742,911
Other creditors 77,558 88,652
1,164,644 831,563

14. NON-CONTROLLING INTERESTS

The minority shareholder interest is represented by 9.5% (2015: 32%) of Virtual Power Solutions, S.A., a
company registered in Portugal.

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Period 1 July 2015 to 31 December 2016

15. RELATED PARTY DISCLOSURES

During the previous period consultancy services were provided to Virtual Power Solutions Limited and Stor
Generation Limited to the amount of £191,854. These services were provided in part by James Napier and
Bernardo Meira, directors of Virtual Power Solutions Limited and Stor Generation Limited, and Horacio
Carvalho.

These services were accrued last period but given the company's reduced activity in the UK until 31 December
2016, such services were not considered due and will not be paid for by mutual agreement, and the previously
accrued values have therefore been annulled.

There were no other related party transactions in the current period to 31 December 2016.

16. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

17. FIRST YEAR ADOPTION

The company adopted FRS 102 Section 1A for the accounting period ended 31 December 2016. There were no
adjustments arising at the transition date or at the end of the comparative period, therefore there is no difference
between equity under the previous financial reporting framework and equity under FRS 102 Section 1A.