IRIS Accounts Production v23.2.0.158 09143339 director 1.2.22 31.1.23 31.1.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure091433392022-01-31091433392023-01-31091433392022-02-012023-01-31091433392021-01-31091433392021-02-012022-01-31091433392022-01-3109143339ns16:EnglandWales2022-02-012023-01-3109143339ns15:PoundSterling2022-02-012023-01-3109143339ns11:Director12022-02-012023-01-3109143339ns11:PrivateLimitedCompanyLtd2022-02-012023-01-3109143339ns11:SmallEntities2022-02-012023-01-3109143339ns11:AuditExempt-NoAccountantsReport2022-02-012023-01-3109143339ns11:SmallCompaniesRegimeForDirectorsReport2022-02-012023-01-3109143339ns11:SmallCompaniesRegimeForAccounts2022-02-012023-01-3109143339ns11:FullAccounts2022-02-012023-01-3109143339ns11:OrdinaryShareClass12022-02-012023-01-3109143339ns11:RegisteredOffice2022-02-012023-01-3109143339ns6:CurrentFinancialInstruments2023-01-3109143339ns6:CurrentFinancialInstruments2022-01-3109143339ns6:Non-currentFinancialInstruments2023-01-3109143339ns6:Non-currentFinancialInstruments2022-01-3109143339ns6:ShareCapital2023-01-3109143339ns6:ShareCapital2022-01-3109143339ns6:RetainedEarningsAccumulatedLosses2023-01-3109143339ns6:RetainedEarningsAccumulatedLosses2022-01-3109143339ns6:PlantMachinery2022-02-012023-01-3109143339ns6:MotorVehicles2022-02-012023-01-3109143339ns6:PlantMachinery2022-01-3109143339ns6:MotorVehicles2022-01-3109143339ns6:PlantMachinery2023-01-3109143339ns6:MotorVehicles2023-01-3109143339ns6:PlantMachinery2022-01-3109143339ns6:MotorVehicles2022-01-3109143339ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-3109143339ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-3109143339ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2023-01-3109143339ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-01-3109143339ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-01-3109143339ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-01-3109143339ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-01-3109143339ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-01-3109143339ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-01-3109143339ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-01-3109143339ns6:HirePurchaseContracts2023-01-3109143339ns6:HirePurchaseContracts2022-01-3109143339ns6:WithinOneYear2023-01-3109143339ns6:WithinOneYear2022-01-3109143339ns6:BetweenOneFiveYears2023-01-3109143339ns6:BetweenOneFiveYears2022-01-3109143339ns6:AllPeriods2023-01-3109143339ns6:AllPeriods2022-01-3109143339ns11:OrdinaryShareClass12023-01-31
REGISTERED NUMBER: 09143339 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

POWERNETICS TECHNOLOGIES LIMITED

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


POWERNETICS TECHNOLOGIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







Director: Mr S Chada





Registered office: Jason Works
Clarence Street
Loughborough
Leicestershire
LE11 1DX





Registered number: 09143339 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 4 139,826 186,857

Current assets
Stocks 5 13,859 13,859
Debtors 6 595,634 504,824
Cash at bank 694,577 718,605
1,304,070 1,237,288
Creditors
Amounts falling due within one year 7 (227,009 ) (392,040 )
Net current assets 1,077,061 845,248
Total assets less current liabilities 1,216,887 1,032,105

Creditors
Amounts falling due after more than one
year

8

(95,437

)

(186,491

)
Net assets 1,121,450 845,614

Capital and reserves
Called up share capital 10 100 100
Retained earnings 1,121,350 845,514
Shareholders' funds 1,121,450 845,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 October 2023 and were signed by:





Mr S Chada - Director


POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Powernetics Technologies 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 Company Information page.

2. 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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The director has considered the stage completion, associated income and expenditure of long term contracts on a contract by contract basis and these have been disclosed under debtors or creditors in line with FRS 102 1A.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, net of the movement on recognition of amounts due on long-term funded contracts.

The timing of revenue recognition on long-term funded contracts depends on the assessed stage of completion of contract activity at the balance sheet date. This assessment requires the expected total contract revenues and costs to be estimated based on the current progress of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
Cost
At 1 February 2022
and 31 January 2023 18,605 230,660 249,265
Depreciation
At 1 February 2022 17,365 45,043 62,408
Charge for year 899 46,132 47,031
At 31 January 2023 18,264 91,175 109,439
Net book value
At 31 January 2023 341 139,485 139,826
At 31 January 2022 1,240 185,617 186,857

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

5. STOCKS
2023 2022
£ £
Stocks 13,859 13,843
Work-in-progress - 16
13,859 13,859

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 193,310 134,358
Amounts receivable on contract 340,958 241,246
Corporation tax 61,366 129,220
595,634 504,824

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 50,250 50,250
Hire purchase contracts (see note 9) - 23,317
Trade creditors 10,725 63,039
Social security and other taxes 8,193 7,467
VAT 57,682 69,969
Directors' loan accounts 44,716 9,633
Accruals and deferred income 55,443 168,365
227,009 392,040

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans - 1-2 years 50,250 50,250
Bank loans - 2-5 years 45,187 95,437
Hire purchase contracts (see note 9) - 40,804
95,437 186,491

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year - 23,317
Between one and five years - 40,804
- 64,121

Non-cancellable
operating leases
2023 2022
£ £
Within one year 55,000 50,000
Between one and five years 95,833 -
150,833 50,000

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

The company was under the control of Mr S Chada throughout the current period. Mr S Chada is the majority shareholder. The Directors are the key management personnel.

The balance that still outstanding at the year-end with Powernetics Equipment (India) PVT Limited, a company under the control of Mr S Chada, a director of the company was:

20232022
£ £

Amounts owed to Powernetics Equipment (India) PVT Limited - 23,143




During the period the company had the following transactions with Powernetics Equipment (India) PVT
Limited, a company under the control of Mr S Chada, a director of the company.

20232022
£ £

Goods and services from Powernetics Equipment (India) PVT Limited 287,351 251,486