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REGISTERED NUMBER: 07396583 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Power Safety Solutions Limited

Power Safety Solutions Limited (Registered number: 07396583)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Power Safety Solutions Limited

Company Information
for the Year Ended 30 November 2023







Directors: Mr R B Onley
Mrs A J Onley





Registered office: Cangates
Cangate Road, Cangate
Neatishead
Norwich
Norfolk
NR12 8YH





Registered number: 07396583 (England and Wales)





Accountants: Stephenson Smart (East Anglia) Limited
Queens Head House
The Street
Acle
Norwich
Norfolk
NR13 3DY

Power Safety Solutions Limited (Registered number: 07396583)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £ £
Fixed assets
Tangible assets 4 2,312 1,251

Current assets
Debtors 5 8,678 19,558
Cash at bank 200,475 120,560
209,153 140,118
Creditors
Amounts falling due within one year 6 (35,422 ) (29,381 )
Net current assets 173,731 110,737
Total assets less current liabilities 176,043 111,988

Provisions for liabilities (682 ) (317 )
Net assets 175,361 111,671

Capital and reserves
Called up share capital 100 100
Retained earnings 175,261 111,571
175,361 111,671

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Safety Solutions Limited (Registered number: 07396583)

Balance Sheet - continued
30 November 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 28 February 2024 and were signed on its behalf by:





Mrs A J Onley - Director


Power Safety Solutions Limited (Registered number: 07396583)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. Statutory information

Power Safety Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery etc - 33% on cost and 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Power Safety Solutions Limited (Registered number: 07396583)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 2 (2022 - 2 ) .

4. Tangible fixed assets
Plant and
machinery
etc
£
Cost
At 1 December 2022 6,262
Additions 2,139
At 30 November 2023 8,401
Depreciation
At 1 December 2022 5,011
Charge for year 1,078
At 30 November 2023 6,089
Net book value
At 30 November 2023 2,312
At 30 November 2022 1,251

5. Debtors: amounts falling due within one year
30.11.23 30.11.22
£ £
Trade debtors 4,671 16,200
Other debtors 4,007 3,358
8,678 19,558

Power Safety Solutions Limited (Registered number: 07396583)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


6. Creditors: amounts falling due within one year
30.11.23 30.11.22
£ £
Taxation and social security 33,806 27,900
Other creditors 1,616 1,481
35,422 29,381

7. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£ £
Mr R B Onley and Mrs A J Onley
Balance outstanding at start of year 2,822 836
Amounts advanced 4,147 5,487
Amounts repaid (3,498 ) (3,501 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,471 2,822

No interest has been charged on the above loan.

8. Related party disclosures

During the year, total dividends of £22,160 were paid to the directors .

9. Ultimate controlling party

The controlling party is Mr R B Onley.