Company Registration No. 11540250 (England and Wales)
Pennine Power Engineering Ltd
Unaudited accounts
for the year ended 30 June 2023
Pennine Power Engineering Ltd
Unaudited accounts
Contents
Pennine Power Engineering Ltd
Company Information
for the year ended 30 June 2023
Company Number
11540250 (England and Wales)
Registered Office
Unit 21 Golborne Enterprise Park
Golborne
Warrington
WA3 3DR
England
Accountants
Summed Up Accountancy Services
74 Ashton Road
Failsworth
Manchester
M35 9WL
Pennine Power Engineering Ltd
Statement of financial position
as at 30 June 2023
Intangible assets
17,000
20,000
Tangible assets
43,599
85,276
Inventories
195,768
167,758
Cash at bank and in hand
1,855
679
Creditors: amounts falling due within one year
(485,630)
(501,478)
Net current liabilities
(78,966)
(134,151)
Total assets less current liabilities
(18,367)
(28,875)
Creditors: amounts falling due after more than one year
(35,967)
(62,249)
Net liabilities
(54,334)
(91,124)
Called up share capital
100
100
Profit and loss account
(54,434)
(91,224)
Shareholders' funds
(54,334)
(91,124)
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 November 2023 and were signed on its behalf by
Mr S Brown
Director
Company Registration No. 11540250
Pennine Power Engineering Ltd
Notes to the Accounts
for the year ended 30 June 2023
Pennine Power Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 11540250. The registered office is Unit 21 Golborne Enterprise Park, Golborne , Warrington, WA3 3DR, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10-50% straight line
Motor vehicles
25-33% straight line
Fixtures & fittings
10-50% straight line
Computer equipment
10-50% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Pennine Power Engineering Ltd
Notes to the Accounts
for the year ended 30 June 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. The director has reached this conculsion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 July 2022
40,648
102,752
27,528
20,887
191,815
Additions
3,721
-
194
1,836
5,751
At 30 June 2023
44,369
102,752
27,722
22,723
197,566
At 1 July 2022
16,804
57,935
14,404
17,396
106,539
Charge for the year
9,825
28,587
6,039
2,977
47,428
At 30 June 2023
26,629
86,522
20,443
20,373
153,967
At 30 June 2023
17,740
16,230
7,279
2,350
43,599
At 30 June 2022
23,844
44,817
13,124
3,491
85,276
Pennine Power Engineering Ltd
Notes to the Accounts
for the year ended 30 June 2023
Amounts falling due within one year
Trade debtors
191,782
143,554
Accrued income and prepayments
14,159
10,101
Other debtors
3,100
45,235
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,970
25,111
Obligations under finance leases and hire purchase contracts
15,821
21,627
Trade creditors
196,082
215,400
Taxes and social security
5,404
29,852
Other creditors
134,673
114,507
Loans from directors
28,903
40,343
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
10,464
26,680
9
Operating lease commitments
2023
2022
At 30 June 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
10,125
10,125
Later than one year and not later than five years
24,469
34,594
10
Transactions with related parties
Loans from directors are interest free and repayable on demand.
11
Average number of employees
During the year the average number of employees was 5 (2022: 5).