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REGISTERED NUMBER: 02352050 (England and Wales)















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: A F Moss
L S Talbot





REGISTERED OFFICE: Site 7 Cornets End Lane
Meriden
Coventry
West Midlands
CV7 7LG





REGISTERED NUMBER: 02352050 (England and Wales)





AUDITORS: Thornton Springer LLP
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 273,028 341,286
Debtors 5 2,896,221 2,995,818
Cash at bank 14,123 2,697
3,183,372 3,339,801
CREDITORS
Amounts falling due within one year 6 (2,452,660 ) (2,516,525 )
NET CURRENT ASSETS 730,712 823,276
TOTAL ASSETS LESS CURRENT
LIABILITIES

730,712

823,276

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 730,612 823,176
SHAREHOLDERS' FUNDS 730,712 823,276

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 March 2024 and were signed on its behalf by:





L S Talbot - Director


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 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. STATEMENT OF COMPLIANCE

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.

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 2 (2022 - 2 ) .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors - 89,340
Amounts owed by group undertakings 1,817,350 1,829,660
Amounts owed by related entities 1,076,818 1,076,818
VAT 643 -
Prepayments and accrued income 1,410 -
2,896,221 2,995,818

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 3,859 -
Amounts owed to group undertakings 2,239,799 2,290,364
Other creditors - 19,950
Amount due to related parties 201,490 201,490
Accruals and deferred income 7,512 4,721
2,452,660 2,516,525

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 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 823,176
Deficit for the year (92,564 )
At 30 June 2023 730,612

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zahid Saleem FCCA ACA (Senior Statutory Auditor)
for and on behalf of Thornton Springer LLP

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