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Green Power Solutions Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2023

Registration number: 11203800

 

Green Power Solutions Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Green Power Solutions Ltd

Balance Sheet

31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

60,430

11,317

Tangible assets

5

2,085

35

 

62,515

11,352

Current assets

 

Stocks

6

5,000

29,250

Debtors

7

23,588

(4,097)

Cash at bank and in hand

 

47,973

59,963

 

76,561

85,116

Creditors: Amounts falling due within one year

8

(98,400)

(84,569)

Net current (liabilities)/assets

 

(21,839)

547

Total assets less current liabilities

 

40,676

11,899

Provisions for liabilities

(11,878)

-

Net assets

 

28,798

11,899

Capital and reserves

 

Called up share capital

9

1

1

Profit and loss account

28,797

11,898

Shareholders' funds

 

28,798

11,899

 

Green Power Solutions Ltd

Balance Sheet

31 January 2023

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
S J Taylor
Director

Company Registration Number: 11203800

 

Green Power Solutions Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
England

These financial statements were authorised for issue by the Board on 23 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Green Power Solutions Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

Straight line over 5 years

Amortisation

At 1 February 2022 and 31 January 2023
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

Straight line over 5 years

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

Green Power Solutions Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

4

Intangible assets

Website
 £

Total
£

Cost or valuation

At 1 February 2022

11,317

11,317

Additions acquired separately

51,376

51,376

At 31 January 2023

62,693

62,693

Amortisation

At 1 February 2022

-

-

Amortisation charge

2,263

2,263

At 31 January 2023

2,263

2,263

Carrying amount

At 31 January 2023

60,430

60,430

At 31 January 2022

11,317

11,317

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2022

553

553

Additions

2,584

2,584

At 31 January 2023

3,137

3,137

Depreciation

At 1 February 2022

518

518

Charge for the year

534

534

At 31 January 2023

1,052

1,052

Carrying amount

At 31 January 2023

2,085

2,085

At 31 January 2022

35

35

 

Green Power Solutions Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

6

Stocks

2023
£

2022
£

Other inventories

5,000

29,250

7

Debtors

2023
£

2022
£

Trade debtors

-

(4,097)

Prepayments

1,225

-

Other debtors

22,363

-

23,588

(4,097)

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

63,920

25,546

Corporation tax

-

2,814

Taxation and social security

5,483

5,495

Other creditors

26,497

50,114

Accruals and deferred income

2,500

600

98,400

84,569

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.01 each

100

1.00

100

1.00

         

10

Related party transactions

Key management personnel

During the year Directors were advanced £538 (2022 - £nil), which was outstanding at the balance sheet date. The loan was interest free and repayable on demand.