IRIS Accounts Production v23.2.0.158 05807625 Board of Directors 1.3.22 28.2.23 28.2.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure058076252022-02-28058076252023-02-28058076252022-03-012023-02-28058076252021-02-28058076252021-03-012022-02-28058076252022-02-2805807625ns15:PoundSterling2022-03-012023-02-2805807625ns11:Director12022-03-012023-02-2805807625ns11:Director22022-03-012023-02-2805807625ns11:PrivateLimitedCompanyLtd2022-03-012023-02-2805807625ns11:SmallEntities2022-03-012023-02-2805807625ns11:AuditExempt-NoAccountantsReport2022-03-012023-02-2805807625ns11:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2805807625ns11:SmallCompaniesRegimeForAccounts2022-03-012023-02-2805807625ns11:FullAccounts2022-03-012023-02-2805807625ns11:CompanySecretary12022-03-012023-02-2805807625ns11:RegisteredOffice2022-03-012023-02-2805807625ns6:CurrentFinancialInstruments2023-02-2805807625ns6:CurrentFinancialInstruments2022-02-2805807625ns6:ShareCapital2023-02-2805807625ns6:ShareCapital2022-02-2805807625ns6:SharePremium2023-02-2805807625ns6:SharePremium2022-02-2805807625ns6:RevaluationReserve2023-02-2805807625ns6:RevaluationReserve2022-02-2805807625ns6:RetainedEarningsAccumulatedLosses2023-02-2805807625ns6:RetainedEarningsAccumulatedLosses2022-02-2805807625ns6:PlantMachinery2022-03-012023-02-2805807625ns6:FurnitureFittings2022-03-012023-02-2805807625ns6:PlantMachinery2022-02-2805807625ns6:FurnitureFittings2022-02-2805807625ns6:MotorVehicles2022-02-2805807625ns6:MotorVehicles2022-03-012023-02-2805807625ns6:PlantMachinery2023-02-2805807625ns6:FurnitureFittings2023-02-2805807625ns6:MotorVehicles2023-02-2805807625ns6:PlantMachinery2022-02-2805807625ns6:FurnitureFittings2022-02-2805807625ns6:MotorVehicles2022-02-2805807625ns6:CostValuation2022-02-2805807625ns6:RevaluationsIncreaseDecreaseInInvestments2023-02-2805807625ns6:CostValuation2023-02-2805807625ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2805807625ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2805807625ns6:RevaluationReserve2022-02-28
REGISTERED NUMBER: 05807625








REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

POWER GEMS LIMITED

POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 7


POWER GEMS LIMITED

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTORS: Dr P Ellams
Mr P McGuane



SECRETARY: Dr P Ellams



REGISTERED OFFICE: Unit 1 Fairhills Trade Ctr
Fairhills Road
Irlam
Manchester
Lancashire
M44 6BA



REGISTERED NUMBER: 05807625



ACCOUNTANTS: Cadishead Accountancy Services Limited
Britannic House
657 Liverpool Road
Irlam
Manchester
Lancashire
M44 5XD



BANKERS: HSBC Bank plc
4 Hardman Square
Spinningfields
Manchester
M3 3EB

POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)

REPORT OF THE DIRECTORS
for the Year Ended 28 February 2023

The directors present their report with the financial statements of the company for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of specialist lighting control equipment manufacturer.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 March 2022 to the date of this report.

The directors shown below were in office at 28 February 2023 but did not hold any interest in the Ordinary shares of £1 each at 1 March 2022 or 28 February 2023.

Dr P Ellams
Mr P McGuane

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:





Mr P McGuane - Director


15 November 2023

POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)

BALANCE SHEET
28 February 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 24,938 20,437
Investments 5 400,000 276,696
424,938 297,133

CURRENT ASSETS
Stocks 1,225,548 808,615
Debtors 6 979,511 579,654
Cash at bank and in hand 1,638,643 2,475,490
3,843,702 3,863,759
CREDITORS
Amounts falling due within one year 7 (469,688 ) (716,123 )
NET CURRENT ASSETS 3,374,014 3,147,636
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,798,952

3,444,769

PROVISIONS FOR LIABILITIES (55,683 ) (33,583 )
NET ASSETS 3,743,269 3,411,186

CAPITAL AND RESERVES
Called up share capital 270 270
Share premium 170,476 170,476
Revaluation reserve 8 269,132 145,828
Retained earnings 3,303,391 3,094,612
SHAREHOLDERS' FUNDS 3,743,269 3,411,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)

BALANCE SHEET - continued
28 February 2023


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 Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





Dr P Ellams - Director


POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Power Gems Limited is a private company, limited by shares , registered in Not specified/Other. 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 15% on cost
Fixtures and fittings - 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 20 ) .

POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2022 170,621 113,214 10,829 294,664
Additions 3,580 5,845 - 9,425
At 28 February 2023 174,201 119,059 10,829 304,089
DEPRECIATION
At 1 March 2022 162,591 102,841 8,795 274,227
Charge for year 1,774 2,645 505 4,924
At 28 February 2023 164,365 105,486 9,300 279,151
NET BOOK VALUE
At 28 February 2023 9,836 13,573 1,529 24,938
At 28 February 2022 8,030 10,373 2,034 20,437

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 March 2022 276,696
Revaluations 123,304
At 28 February 2023 400,000
NET BOOK VALUE
At 28 February 2023 400,000
At 28 February 2022 276,696

Cost or valuation at 28 February 2023 is represented by:

Shares in
group
undertakings
£   
Valuation in 2023 123,304
Valuation in 2019 (23,978 )
Valuation in 2016 (36,412 )
Valuation in 2015 (50,879 )
Valuation in 2014 286,965
Cost 101,000
400,000

POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 819,429 425,166
Amounts owed by group undertakings 104,650 81,138
Other debtors 55,432 73,350
979,511 579,654

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 322,370 277,148
Amounts owed to group undertakings 31,685 266,550
Taxation and social security 84,239 147,570
Other creditors 31,394 24,855
469,688 716,123

8. RESERVES
Revaluation
reserve
£   
At 1 March 2022 145,828
Revaluation 123,304

At 28 February 2023 269,132

9. RELATED PARTY DISCLOSURES

As a subsidiary company Power Gems Corporation is a related party. During the year the company sold goods to Power Gems Corporation totalling £391,348 (2022 - £376,331). At the year end date Power Gems Corporation owed Power Gems Limited a total of £31,685 (2022 - £81,138).

As parent company Power Gems Holdings Limited is a related party. During the year the company purchased services from Power Gems Holdings Limited totalling £24,000 (2022 - £24,000). At the year end date Power Gems Holdings Limited owed Power Gems Limited a total of £104,650 (2022 - £266,550).

10. ULTIMATE CONTROLLING PARTY

The controlling party is Power Gems Holdings Limited.

The ultimate controlling party is Mr P Ellams and Mr P McGuane.