2022-05-012023-04-302023-04-30false05047830J S Power 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J S Power Limited

Registered Number
05047830
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2023

J S Power Limited
Company Information
for the year from 1 May 2022 to 30 April 2023

Director

Mr J C Searby

Registered Address

Unit 6 Dairycoates Industrial Estate
Wiltshire Road
Hull
HU4 6PA

Registered Number

05047830 (England and Wales)
J S Power Limited
Statement of Financial Position
30 April 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7154,70275,359
154,70275,359
Current assets
Stocks947,904150,961
Debtors10227,854128,127
Cash at bank and on hand633,532661,340
909,290940,428
Creditors amounts falling due within one year11(558,466)(588,240)
Net current assets (liabilities)350,824352,188
Total assets less current liabilities505,526427,547
Creditors amounts falling due after one year12(49,290)(31,587)
Provisions for liabilities14(27,132)(11,712)
Net assets429,104384,248
Capital and reserves
Called up share capital100100
Profit and loss account429,004384,148
Shareholders' funds429,104384,248
The financial statements were approved and authorised for issue by the Director on 9 October 2023, and are signed on its behalf by:
Mr J C Searby
Director
Registered Company No. 05047830
J S Power Limited
Notes to the Financial Statements
for the year ended 30 April 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is that of the sale of power generators and uninterrupted power supply equipment.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Plant and machinery Between 4 and 10 years straight line Office equipment Between 4 and 10 years straight line Commercial motor vehicles Between 5 and 10 years straight line Short leasehold property Over 10 years straight line
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development policy
Expenditure on research is written off against profits in the year in which it is incurred.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Grants relating to revenue are recognised in the profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year88
7.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 May 2255,066114,85548,20117,474235,596
Additions-3,74774,71732,608111,072
Disposals--(47,700)(374)(48,074)
At 30 April 2355,066118,60275,21849,708298,594
Depreciation and impairment
At 01 May 2234,71468,54548,2018,777160,237
Charge for year5,5068,92811,3655,55631,355
On disposals--(47,700)-(47,700)
At 30 April 2340,22077,47311,86614,333143,892
Net book value
At 30 April 2314,84641,12963,35235,375154,702
At 30 April 2220,35246,310-8,69775,359
8.Description of financial commitments other than capital commitments
The total amount of financial commitments not included in the balance sheet is £179,323 (2022 - £97,555). £45,000 (2022 £63,000) of this commitment represents total rental payments over the remaining 2.5 year lease term.
9.Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

2023

2022

££
Finished goods47,904150,961
Total47,904150,961
10.Debtors

2023

2022

££
Trade debtors / trade receivables195,225114,594
Prepayments and accrued income32,62913,533
Total227,854128,127
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables102,91433,469
Bank borrowings and overdrafts9,9799,724
Amounts owed to related parties23,10860,025
Taxation and social security57,54989,308
Finance lease and HP contracts21,492-
Other creditors39,18743,152
Accrued liabilities and deferred income304,237352,562
Total558,466588,240
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £9,979 (2022 £9,724) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in May 2026. The overall carrying value of the loan as at the year-end is £31,587 (2022 £41,311).
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts21,60831,587
Other creditors27,682-
Total49,29031,587
Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £21,608 (2022 £31,587) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in May 2026. The overall carrying value of the loan as at the year-end is £31,587 (2022 £41,311).
13.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts27,681-
14.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)27,13211,712
Total27,13211,712