Company registration number SC199470 (Scotland)
POWER & CONTROL SOLUTIONS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
POWER & CONTROL SOLUTIONS LTD.
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
POWER & CONTROL SOLUTIONS LTD.
COMPANY INFORMATION
- 1 -
Directors
Mr D C Coghlan
Mr W Bow
Secretary
Mr D C Coghlan
Company number
SC199470
Registered office
Unit 48B Anniesland Industrial Estate
Netherton Road
Anniesland
Glasgow
Scotland
G13 1EU
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
POWER & CONTROL SOLUTIONS LTD.
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
57,646
86,405
Current assets
Stocks
71,500
61,600
Debtors
4
829,032
665,175
Cash at bank and in hand
531,500
788,747
1,432,032
1,515,522
Creditors: amounts falling due within one year
5
(444,367)
(550,450)
Net current assets
987,665
965,072
Total assets less current liabilities
1,045,311
1,051,477
Provisions for liabilities
6
(14,412)
(20,918)
Net assets
1,030,899
1,030,559
Capital and reserves
Called up share capital
8
6,000
6,000
Profit and loss reserves
1,024,899
1,024,559
Total equity
1,030,899
1,030,559

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 7 April 2024 and are signed on its behalf by:
Mr D C Coghlan
Mr W Bow
Director
Director
Company Registration No. SC199470
POWER & CONTROL SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Power & Control Solutions Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Unit 48B Anniesland Industrial Estate, Netherton Road, Anniesland, Glasgow, Scotland, G13 1EU. The company's registration number is SC199470.

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

The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

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:

Leasehold improvements
10 years straight line
Equipment and fittings
20% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance

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 the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

POWER & CONTROL SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -

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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

POWER & CONTROL SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
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.

 

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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
2022
Total
12
11
POWER & CONTROL SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Equipment and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
102,090
20,530
18,944
138,442
280,006
Additions
-
0
-
0
2,210
-
0
2,210
At 30 September 2023
102,090
20,530
21,154
138,442
282,216
Depreciation and impairment
At 1 October 2022
91,878
13,502
13,574
74,647
193,601
Depreciation charged in the year
10,212
1,405
3,402
15,950
30,969
At 30 September 2023
102,090
14,907
16,976
90,597
224,570
Carrying amount
At 30 September 2023
-
0
5,623
4,178
47,845
57,646
At 30 September 2022
10,212
7,028
5,370
63,795
86,405
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
823,064
658,996
Other debtors
5,968
6,179
829,032
665,175
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
254,865
204,125
Amounts owed to group undertakings
-
0
163,224
Taxation and social security
166,923
149,869
Other creditors
22,579
33,232
444,367
550,450

Included within other creditors are amounts totalling £nil (2022 - £12,500) relating to hire purchase contracts which are secured over the assets to which they relate.

 

A Bond and Floating charge has been created securing all liabilities to Royal Bank of Scotland plc. This charge was created on 5 January 2010.

 

POWER & CONTROL SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
7
14,412
20,918
7
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
14,412
20,918
2023
Movements in the year:
£
Liability at 1 October 2022
20,918
Credit to profit or loss
(6,506)
Liability at 30 September 2023
14,412
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
6,000 Ordinary of £1
6,000
6,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
214,986
31,332
POWER & CONTROL SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
10
Related party transactions

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.

 

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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