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Company Registration No. NI656601 (Northern Ireland)
Bann Power Limited Unaudited accounts for the year ended 31 October 2023
Bann Power Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
92,947 
58,416 
Current assets
Inventories
23,000 
33,000 
Debtors
78,718 
51,722 
Cash at bank and in hand
8,408 
10,415 
110,126 
95,137 
Creditors: amounts falling due within one year
(82,160)
(93,696)
Net current assets
27,966 
1,441 
Total assets less current liabilities
120,913 
59,857 
Creditors: amounts falling due after more than one year
(52,359)
(16,035)
Net assets
68,554 
43,822 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
68,454 
43,722 
Shareholders' funds
68,554 
43,822 
For the year ending 31 October 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 12 March 2024 and were signed on its behalf by
David Woodend Director Company Registration No. NI656601
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Bann Power Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Bann Power Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI656601. The registered office is Unit 2 Channel Wharf, 21 Old Channel Road , Belfast , BT3 9DE.
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.
3
Accounting policies
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
Going concern
The director believes that the company Bann Power Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Turnover
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 rendering of installation of electrical 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
25% Straight Line
Motor vehicles
25% Straight Line
Fixtures & fittings
25% Straight Line
Inventories
Inventories have been valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Leased assets
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.
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Bann Power Limited Notes to the Accounts for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 November 2022
62,354 
33,724 
2,921 
98,999 
Additions
6,580 
63,110 
341 
70,031 
At 31 October 2023
68,934 
96,834 
3,262 
169,030 
Depreciation
At 1 November 2022
29,301 
10,230 
1,052 
40,583 
Charge for the year
15,767 
18,956 
777 
35,500 
At 31 October 2023
45,068 
29,186 
1,829 
76,083 
Net book value
At 31 October 2023
23,866 
67,648 
1,433 
92,947 
At 31 October 2022
33,053 
23,494 
1,869 
58,416 
5
Inventories
2023 
2022 
£ 
£ 
Work in progress
20,000 
25,000 
Finished goods
3,000 
8,000 
23,000 
33,000 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
45,161 
28,312 
Accrued income and prepayments
208 
208 
Other debtors
33,349 
23,202 
78,718 
51,722 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
25,043 
38,036 
Obligations under finance leases and hire purchase contracts
16,987 
7,665 
Trade creditors
7,569 
16,946 
Taxes and social security
12,749 
17,430 
Other creditors
- 
293 
Loans from directors
13,812 
9,976 
Accruals
6,000 
3,350 
82,160 
93,696 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
52,359 
16,035 
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Bann Power Limited Notes to the Accounts for the year ended 31 October 2023
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Transactions with related parties
Included in debtors are amounts due from to connected companies of £10,261 (2021 £11,131)
11
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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