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REGISTERED NUMBER: 09247528 (England and Wales)













REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

VIRTUAL POWER SOLUTIONS LIMITED

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2018




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 Year Ended 31 December 2018







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





REGISTERED OFFICE: 28/29 Bridgeman Terrace
Wigan
Lancashire
WN1 1TD





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 Year Ended 31 December 2018

The directors present their report with the financial statements of the company and the group for the year ended
31 December 2018.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this
report.

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

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 B P Salgado - Director


30 September 2019

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

CONSOLIDATED INCOME STATEMENT
for the Year Ended 31 December 2018

31.12.18 31.12.17
Notes £    £   

TURNOVER 1,749,236 1,138,003

Cost of sales 993,617 450,593
GROSS PROFIT 755,619 687,410

Administrative expenses 1,779,439 1,530,709
(1,023,820 ) (843,299 )

Other operating income 647,030 644,958
OPERATING LOSS 5 (376,790 ) (198,341 )


Interest payable and similar expenses 116,504 115,302
LOSS BEFORE TAXATION (493,294 ) (313,643 )

Tax on loss (72,026 ) (72,771 )
LOSS FOR THE FINANCIAL YEAR (421,268 ) (240,872 )

Loss attributable to:
Owners of the parent (427,958 ) (249,983 )
Non-controlling interests 6,690 9,111
(421,268 ) (240,872 )

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

CONSOLIDATED BALANCE SHEET
31 December 2018

31.12.18 31.12.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 2,656,242 3,094,785
Tangible assets 8 75,770 50,954
Investments 9 39,245 35,398
2,771,257 3,181,137

CURRENT ASSETS
Stocks 442,049 405,798
Debtors 10 2,000,630 1,692,669
Cash at bank 42,808 84,378
2,485,487 2,182,845
CREDITORS
Amounts falling due within one year 11 2,695,463 2,402,764
NET CURRENT LIABILITIES (209,976 ) (219,919 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,561,281

2,961,218

CREDITORS
Amounts falling due after more than one
year

12

(730,311

)

(853,980

)
NET ASSETS 1,830,970 2,107,238

CAPITAL AND RESERVES
Called up share capital 13 47,524 46,315
Share premium 3,799,850 3,656,058
Retained earnings (2,071,239 ) (1,643,281 )
SHAREHOLDERS' FUNDS 1,776,135 2,059,092

NON-CONTROLLING INTERESTS 14 54,835 48,146
TOTAL EQUITY 1,830,970 2,107,238

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the
year ended 31 December 2018.

The members have not required the company and the group to obtain an audit of its financial statements for the year
ended 31 December 2018 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.

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

CONSOLIDATED BALANCE SHEET - continued
31 December 2018


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the
small companies regime.

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf
by:





J B P Salgado - Director


VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

COMPANY BALANCE SHEET
31 December 2018

31.12.18 31.12.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 70,000 70,000
Tangible assets 8 - -
Investments 9 2,619,820 2,905,374
2,689,820 2,975,374

CURRENT ASSETS
Debtors 10 168,280 18,515
Cash at bank 22,056 54,401
190,336 72,916
CREDITORS
Amounts falling due within one year 11 769,953 604,210
NET CURRENT LIABILITIES (579,617 ) (531,294 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,110,203

2,444,080

CAPITAL AND RESERVES
Called up share capital 13 47,524 46,315
Share premium 3,799,848 3,656,056
Retained earnings (1,737,169 ) (1,258,291 )
SHAREHOLDERS' FUNDS 2,110,203 2,444,080

Company's loss for the financial year (478,878 ) (334,232 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 2018


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf
by:





J B P Salgado - Director


VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2018

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.

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

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 year ended 31st December 2018. Inter group
transactions and balances have been eliminated.

Intangible assets
Intangible assets represent the purchase price incurred including the tax charged (non-refundable) after rebates
and discounts, as well as all costs directly attributable to the preparation of the asset for its intended use.

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.

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.

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the group has: (i) a present legal or constructive obligation arising from past
events; (ii) for which it is more likely than not that an outflow of internal resources will be required to pay the
obligation; and (iii) the amount can be reasonably estimated.

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 group 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
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income
Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in
equity.

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.

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

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

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.

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

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its 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.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price,
and are substantially carried at amortised cost using the effective interest method. Unless the arrangement
constitutes a financing transaction, where the transaction is measured at the present value of the future receipts
discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2017 - 39 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was
40 (2017 - 39 ) .

5. OPERATING LOSS

The operating loss is stated after charging:

31.12.18 31.12.17
£    £   
Depreciation - owned assets 11,915 19,136
Goodwill amortisation 285,554 285,554
Development costs amortisation 249,189 256,015

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 2018 is £471,878.

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

7. INTANGIBLE FIXED ASSETS

Group
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2018 2,855,545 1,551,032 4,406,577
Additions - 96,200 96,200
At 31 December 2018 2,855,545 1,647,232 4,502,777
AMORTISATION
At 1 January 2018 615,812 695,980 1,311,792
Charge for year 285,554 249,189 534,743
At 31 December 2018 901,366 945,169 1,846,535
NET BOOK VALUE
At 31 December 2018 1,954,179 702,063 2,656,242
At 31 December 2017 2,239,733 855,052 3,094,785

The goodwill is the excess of the agreed value of the two group companies purchased over the net assets
acquired.

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, between 3 and 5 years.

Company
Other
intangible
assets
£   
COST
At 1 January 2018
and 31 December 2018 70,000
NET BOOK VALUE
At 31 December 2018 70,000
At 31 December 2017 70,000

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

8. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
etc
£   
COST
At 1 January 2018 112,830
Additions 37,216
Disposals (854 )
At 31 December 2018 149,192
DEPRECIATION
At 1 January 2018 61,876
Charge for year 11,915
Eliminated on disposal (369 )
At 31 December 2018 73,422
NET BOOK VALUE
At 31 December 2018 75,770
At 31 December 2017 50,954

9. FIXED ASSET INVESTMENTS

Group
Other
investments
£   
COST
At 1 January 2018 35,398
Reversal of impairments 3,847
At 31 December 2018 39,245
NET BOOK VALUE
At 31 December 2018 39,245
At 31 December 2017 35,398

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

9. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 January 2018 2,905,374
Impairments (285,554 )
At 31 December 2018 2,619,820
NET BOOK VALUE
At 31 December 2018 2,619,820
At 31 December 2017 2,905,374

The group or the company's investments at the Balance Sheet date in the share capital of companies include the
following:

Subsidiaries

Stor Generation Ltd
Registered office: Suite A, Second Flooor, Barry House, 20-22 Worple Road, London, England, SW19 4DH
Nature of business:
%
Class of shares: holding
Ordinary 100.00
31.12.18 31.12.17
£    £   
Aggregate capital and reserves (119,640 ) (110,838 )
Loss for the year (8,802 ) (2,544 )

Virtual Power Solutions, S.A
Registered office: Ladeira da Paula, No 6, 3040-574 Antanhol, Coimbra, Portugal
Nature of business:
%
Class of shares: holding
Ordinary 90.50
31.12.18 31.12.17
£    £   
Aggregate capital and reserves 978,930 1,014,835
Profit for the year 70,146 95,904


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.18 31.12.17 31.12.18 31.12.17
£    £    £    £   
Trade debtors 781,100 389,913 155,349 18,515
Other debtors 1,219,530 1,302,756 12,931 -
2,000,630 1,692,669 168,280 18,515

VIRTUAL POWER SOLUTIONS LIMITED (REGISTERED NUMBER: 09247528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2018

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.18 31.12.17 31.12.18 31.12.17
£    £    £    £   
Bank loans and overdrafts 991,114 846,929 - -
Trade creditors 755,538 538,661 646,497 498,303
Taxation and social security 114,879 133,820 - -
Other creditors & accruals 833,932 883,354 123,456 105,907
2,695,463 2,402,764 769,953 604,210

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

Group
31.12.18 31.12.17
£    £   
Bank loans 730,311 853,980

Bank loans include six medium and long-term loans with maturities up to 2022. All loans are indexed to
Interbank Money Market rates. There are no assets used to guarantee the bank loans, nor collateral associated
with them.

All loans are denominated in euro and bear interest at variable rates indexed to Euribor. The effective interest
rate for loans due within one year during 2018 was 4.8% (2017: 5.55%).

The effective interest for loans due after more than one year during 2018 was 4.89% (2017: 5.50%). These rates
are weighted by the outstanding amounts of financing.

Included in other creditors amounts due within one year, is a loan obtained from an external market entity, with
the final payment being made in February 2020. The loan is guaranteed by a shareholder and the outstanding
amount at 2018 was £170,720. (2017: £170,720).

13. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.12.18 31.12.17
value: £    £   
4,752,400 Ordinary Shares £0.01 47,524 46,315

120,833 Ordinary Shares shares of £0.01 each were allotted as fully paid at a premium of 1.2 per share during
the year.

14. NON-CONTROLLING INTERESTS

The minority shareholder interest is represented by 9.5% (2017: 9.5%) of Virtual Power Solutions, S.A., a
company registered in Portugal.

15. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.