REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2023 |
for |
Powerscreen Washing Systems Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2023 |
for |
Powerscreen Washing Systems Limited |
Powerscreen Washing Systems Limited (Registered number: 02352050) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Powerscreen Washing Systems Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
67 Westow Street |
London |
SE19 3RW |
Powerscreen Washing Systems Limited (Registered number: 02352050) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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 |
Powerscreen Washing Systems Limited (Registered number: 02352050) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Powerscreen Washing Systems Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Stocks are stated at the lower of costs and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
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. |
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. |
Powerscreen Washing Systems Limited (Registered number: 02352050) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | ACCOUNTING POLICIES - continued |
Going concern |
The financial accounts have been prepared on a going concern basis; a healthy 12 month projection has been completed by the Management Team. The Management Team continue to be cost efficient by careful consideration of overheads. The business always looks to get multiple quotes for works that need completing and choose the most competitive. The Management Team have a scheduled review on a monthly basis and utilise this time to review past performance, refine forecast for upcoming months and to review current projects. The industry the company operates within has been fortunate enough to continue operating in these challenging times due to environmental factors. The directors also believe the company is a going concern as the entity will continue to meet all financial obligations as they fall due. With the increased business within the quarry sector the directors expect both the spares and service demand to increase over the next 12 months. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by related entities | 1,076,818 | 1,076,818 |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Amount due to related parties | 201,490 | 201,490 |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Powerscreen Washing Systems Limited (Registered number: 02352050) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2022 |
Deficit for the year | ( |
) |
At 30 June 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
11. | ULTIMATE PARENT COMPANY |
The immediate and ultimate parent company during the financial year was PowerX Holdings Limited, a company incorporated in England and Wales. |
These financial statements have been consolidated in the financial statements of PowerX Holdings Limited. The consolidated financial statements can be obtained from Site 7, Meriden Park, Cornets End lane, Coventry, CV7 7LG |