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REGISTERED NUMBER: SC192574 (Scotland)















Financial Statements for the Year Ended 29 February 2024

for

Power Transmission Equipment Ltd.

Power Transmission Equipment Ltd. (Registered number: SC192574)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Power Transmission Equipment Ltd.

Company Information
for the Year Ended 29 February 2024







DIRECTORS: E Insch
D Insch
S Insch





SECRETARY: Mrs M R Insch





REGISTERED OFFICE: 7 Sunnyside Gardens
Drumoak
Banchory
Aberdeenshire
AB31 5EZ





REGISTERED NUMBER: SC192574 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

Power Transmission Equipment Ltd. (Registered number: SC192574)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48,150 31,396
Investments 5 15,355 14,531
63,505 45,927

CURRENT ASSETS
Stocks 106,909 127,053
Debtors 6 256,088 224,732
Cash at bank 416,727 525,523
779,724 877,308
CREDITORS
Amounts falling due within one year 7 258,208 346,017
NET CURRENT ASSETS 521,516 531,291
TOTAL ASSETS LESS CURRENT LIABILITIES 585,021 577,218

PROVISIONS FOR LIABILITIES 8,099 2,781
NET ASSETS 576,922 574,437

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Revaluation reserve 8 5,333 4,510
Retained earnings 566,589 564,927
SHAREHOLDERS' FUNDS 576,922 574,437

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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 Transmission Equipment Ltd. (Registered number: SC192574)

Balance Sheet - continued
29 February 2024


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 31 March 2024 and were signed on its behalf by:





S Insch - Director


Power Transmission Equipment Ltd. (Registered number: SC192574)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Power Transmission Equipment Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, 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.

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.

Power Transmission Equipment Ltd. (Registered number: SC192574)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 22,580 55,545 78,125
Additions 899 35,540 36,439
Disposals - (24,400 ) (24,400 )
At 29 February 2024 23,479 66,685 90,164
DEPRECIATION
At 1 March 2023 22,280 24,449 46,729
Charge for year 164 13,972 14,136
Eliminated on disposal - (18,851 ) (18,851 )
At 29 February 2024 22,444 19,570 42,014
NET BOOK VALUE
At 29 February 2024 1,035 47,115 48,150
At 28 February 2023 300 31,096 31,396

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 March 2023 14,531
Revaluations 824
At 29 February 2024 15,355
NET BOOK VALUE
At 29 February 2024 15,355
At 28 February 2023 14,531

Power Transmission Equipment Ltd. (Registered number: SC192574)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 29 February 2024 is represented by:

Other
investments
£   
Valuation in 2019 3,240
Valuation in 2020 585
Valuation in 2021 221
Valuation in 2022 969
Valuation in 2023 (505 )
Valuation in 2024 824
Cost 10,021
15,355

Fixed asset investments were valued on an open market basis on 29 February 2024 by The Prudential Assurance Company Limited .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 220,470 222,082
Other debtors 35,618 2,650
256,088 224,732

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 150,710 215,119
Taxation and social security 29,169 30,705
Other creditors 78,329 100,193
258,208 346,017

8. RESERVES
Revaluation
reserve
£   
At 1 March 2023 4,510
Revaluation of investments 823

At 29 February 2024 5,333