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REGISTERED NUMBER: 12110881 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

POWER AI LIMITED

POWER AI LIMITED (REGISTERED NUMBER: 12110881)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POWER AI LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: K Stevens
P Carter





REGISTERED OFFICE: 12 Conqueror Court
Sittingbourne
Kent
ME10 5BH





REGISTERED NUMBER: 12110881 (England and Wales)





ACCOUNTANTS: Williams Giles Professional Services Ltd
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

POWER AI LIMITED (REGISTERED NUMBER: 12110881)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,702 22,451

CURRENT ASSETS
Debtors 5 9,982 50,957
Cash at bank 130,422 119,312
140,404 170,269
CREDITORS
Amounts falling due within one year 6 118,995 126,319
NET CURRENT ASSETS 21,409 43,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,111

66,401

PROVISIONS FOR LIABILITIES 3,040 5,613
NET ASSETS 37,071 60,788

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 36,971 60,688
37,071 60,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 AI LIMITED (REGISTERED NUMBER: 12110881)

BALANCE SHEET - continued
31 JULY 2023


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 19 January 2024 and were signed on its behalf by:




P Carter - Director



K Stevens - Director


POWER AI LIMITED (REGISTERED NUMBER: 12110881)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Power AI 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or from the rendering of services.

Turnover from the rendering of Electrical Design & Installation 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Financial instruments
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

Financial liabilities - trade creditors and other creditors are measured initially at fair value through the Income Statement and are measured subsequently at amortised cost.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

POWER AI LIMITED (REGISTERED NUMBER: 12110881)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2022 7,664 3,248 5,456 9,792 26,160
Additions 2,022 - - 1,556 3,578
At 31 July 2023 9,686 3,248 5,456 11,348 29,738
DEPRECIATION
At 1 August 2022 1,087 407 455 1,760 3,709
Charge for year 2,004 710 1,250 3,363 7,327
At 31 July 2023 3,091 1,117 1,705 5,123 11,036
NET BOOK VALUE
At 31 July 2023 6,595 2,131 3,751 6,225 18,702
At 31 July 2022 6,577 2,841 5,001 8,032 22,451

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,604 46,742
Other debtors 2,378 4,215
9,982 50,957

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 27,015 49,885
Other creditors 91,980 76,434
118,995 126,319

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 3,166 3,166
Between one and five years 5,540 8,706
8,706 11,872