Company Registration No. SC742385 (Scotland)
POWER HOUSE (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
POWER HOUSE (SCOTLAND) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
2,709
Current assets
Stocks
25,850
Debtors
4
81,984
Cash at bank and in hand
11,423
119,257
Creditors: amounts falling due within one year
5
(107,265)
Net current assets
11,992
Total assets less current liabilities
14,701
Provisions for liabilities
(515)
Net assets
14,186
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
14,086
Total equity
14,186

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
Ms L McGregor
Director
Company Registration No. SC742385
POWER HOUSE (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Power House (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the invoiced value of sustainable energy solutions provided by the company, net of Value Added Tax and trade discounts.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

POWER HOUSE (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
Number
Total
3
POWER HOUSE (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 22 August 2022
-
0
Additions
3,387
At 31 December 2023
3,387
Depreciation and impairment
At 22 August 2022
-
0
Depreciation charged in the year
678
At 31 December 2023
678
Carrying amount
At 31 December 2023
2,709
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
71,890
Other debtors
10,094
81,984
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
46,088
Corporation tax
2,928
Other taxation and social security
2,051
Deferred income
18,600
Other creditors
44
Directors current accounts
36,187
Accruals and deferred income
1,367
107,265
POWER HOUSE (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Called up share capital
2023
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100

During the year 100 ordinary shares of £1 each were issued at par value. The purpose of this allotment was to raise the initial share capital of the company.

2023-12-312022-08-22false02 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMs S J MullenMs L McGregorSC7423852022-08-222023-12-31SC7423852023-12-31SC742385core:OtherPropertyPlantEquipment2023-12-31SC742385core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC742385core:CurrentFinancialInstruments2023-12-31SC742385core:ShareCapital2023-12-31SC742385core:RetainedEarningsAccumulatedLosses2023-12-31SC742385bus:Director22022-08-222023-12-31SC742385core:PlantMachinery2022-08-222023-12-31SC742385core:OtherPropertyPlantEquipment2022-08-21SC742385core:OtherPropertyPlantEquipment2022-08-222023-12-31SC742385core:WithinOneYear2023-12-31SC742385bus:PrivateLimitedCompanyLtd2022-08-222023-12-31SC742385bus:SmallCompaniesRegimeForAccounts2022-08-222023-12-31SC742385bus:FRS1022022-08-222023-12-31SC742385bus:AuditExemptWithAccountantsReport2022-08-222023-12-31SC742385bus:Director12022-08-222023-12-31SC742385bus:FullAccounts2022-08-222023-12-31xbrli:purexbrli:sharesiso4217:GBP