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REGISTERED NUMBER: 12497398 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 June 2023

for

PowerX Holdings Limited

PowerX Holdings Limited (Registered number: 12497398)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


PowerX Holdings Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: A F Moss
Ms L J Orme
L S Talbot





REGISTERED OFFICE: Site 7, Meriden Park Cornets End Lane
Meriden
Coventry
CV7 7LG





REGISTERED NUMBER: 12497398 (England and Wales)





AUDITORS: Thornton Springer LLP
Chartered Accountants and
Statutory Auditor
67 Westow Street
London
SE19 3RW

PowerX Holdings Limited (Registered number: 12497398)

Group Strategic Report
for the Year Ended 30 June 2023

The directors present their strategic report of the company and the group for the year ended 30 June 2023.

REVIEW OF BUSINESS
PowerX Holdings Limited has four subsidiaries; PowerX Equipment Ltd, Llynclys Aggregates Ltd, Powerscreen Washing Systems Ltd and International Construction Equipment Ltd. The four companies compliment each other as their core activities range from selling new/used equipment to the Quarrying and Aggregate Recycling industries to providing raw aggregate for projects such as HS2.

With an unwavering focus on innovation and service excellence, we forge partnerships with renowned brands including Powerscreen, Terex, Matec, AMP, and MS plus other specialist manufacturers to compliment applications.

PowerX Equipment distinguishes itself by intimately understanding the functionality and reliability of each installed equipment piece, ensuring seamless integration within plant solutions. The Spares and Servicing division complements this commitment by offering genuine parts and engineering expertise, minimizing downtime and maximizing productivity.

Furthermore, the Used Equipment division, in collaboration with International Construction Equipment, expands PowerX Equipment's offerings, providing high-quality pre-owned machines for cost-effective installations. Committed to delivering results and sustaining operational efficiency, PowerX Equipment emerges as the trusted partner for clients in the quarrying, recycling, and materials handling industries.

Llynclys Aggregates Ltd joined the group in 21/22. A quarry in the Shropshire area processing aggregates to a range of regular customers for various projects.

The companies were founded by industry specialists with decades of experience in this market. We understand that the industry is continually changing as are our customers' needs and we are committed to evolving our business to ensure we offer the equipment and service you require now and in the future.


PowerX Holdings Limited (Registered number: 12497398)

Group Strategic Report
for the Year Ended 30 June 2023

PRINCIPAL RISKS AND UNCERTAINTIES
PowerX group has seen a growth in business for the year 22/23. Turnover levels are higher but efforts were spent in 22/23 to manage our cost base and have managed to show greater gross and net profit margins across the group. We started the year with a strong order book and go into 23/24 with an order book from both recurring and new customers. We continue to have a heavy focus on HS2 projects which continues to help the growth of the group.

RESULTS AND PERFORMANCE

Over the year both the spares/service & processing division have grown; exceeding their monthly targets regularly. The PowerX group have heavily invested resource in these areas. This is seen clearly on our balance sheet as there has been a significant growth in our asset base.

The results of the group as set out in these accounts show a revenue of £23.3m (2022 - £21.8m). The net assets of the group as at June 2023 were £5.2m.

KEY PERFORMANCE INDICATORS

As the business continues to grow the main areas we are analysing as performance indicators are: Sales Growth - maintaining our market share, whilst being conscious of managing our operating costs on new processing contracts such as HS2.

GOING CONCERN

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. In addition to this the businesses have weekly meetings to discuss upcoming challenges and opportunities. PowerX Holdings Ltd has a strong orderbook across all businesses and healthy budgets for 2024/25. The directors also believe the group is a going concern as the entity will continue to meet all financial obligations as they fall due. With the increased business within quarry sector the directors expect both the spares and service demand to increase over the next 12 months. The directors expect to see consistent growth across all businesses.

ON BEHALF OF THE BOARD:





L S Talbot - Director


15 March 2024

PowerX Holdings Limited (Registered number: 12497398)

Report of the Directors
for the Year Ended 30 June 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2023.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2023 will be £ 61,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report.

A F Moss
Ms L J Orme
L S Talbot

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Thornton Springer LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L S Talbot - Director


15 March 2024

Report of the Independent Auditors to the Members of
PowerX Holdings Limited

Opinion
We have audited the financial statements of PowerX Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
PowerX Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
PowerX Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with relevant laws and regulations. Non-compliance with these laws and regulations might have a material effect on the financial statements.

We evaluated management's incentives and opportunity for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were posting of unusual journal entries outside the normal course of business and revenue recognition journal entries to manipulate the company's performance profit measures and other key performance indicators.

Audit procedures performed included: review of the financial statements and disclosures to underlying supporting documentation, review of compliance with the laws and regulations, enquiries with management, testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
PowerX Holdings Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Zahid Saleem FCCA ACA (Senior Statutory Auditor)
for and on behalf of Thornton Springer LLP
Chartered Accountants and
Statutory Auditor
67 Westow Street
London
SE19 3RW

15 March 2024

PowerX Holdings Limited (Registered number: 12497398)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

TURNOVER 4 23,305,344 21,797,413

Cost of sales (15,794,761 ) (16,517,109 )
GROSS PROFIT 7,510,583 5,280,304

Distribution costs (253,783 ) (498,973 )
Administrative expenses (4,955,825 ) (3,683,769 )
2,300,975 1,097,562

Other operating income - 2,934,937
OPERATING PROFIT 6 2,300,975 4,032,499

Interest receivable and similar income 2,146 -
2,303,121 4,032,499

Interest payable and similar expenses 7 (1,322,333 ) (300,329 )
PROFIT BEFORE TAXATION 980,788 3,732,170

Tax on profit 8 182,163 (349,573 )
PROFIT FOR THE FINANCIAL YEAR 1,162,951 3,382,597

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,162,951

3,382,597

Profit attributable to:
Owners of the parent 1,162,951 3,382,597

Total comprehensive income attributable to:
Owners of the parent 1,162,951 3,382,597

PowerX Holdings Limited (Registered number: 12497398)

Consolidated Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Intangible assets 11 457,293 522,634
Tangible assets 12 8,946,513 6,589,854
Investments 13 - -
9,403,806 7,112,488

CURRENT ASSETS
Stocks 14 10,395,721 8,375,137
Debtors 15 7,363,276 7,204,766
Cash at bank and in hand 427,211 529,722
18,186,208 16,109,625
CREDITORS
Amounts falling due within one year 16 (17,364,892 ) (15,936,509 )
NET CURRENT ASSETS 821,316 173,116
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,225,122

7,285,604

CREDITORS
Amounts falling due after more than one
year

17

(4,610,860

)

(2,766,544

)

PROVISIONS FOR LIABILITIES 21 (380,000 ) (386,749 )
NET ASSETS 5,234,262 4,132,311

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 5,234,162 4,132,211
SHAREHOLDERS' FUNDS 5,234,262 4,132,311

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


PowerX Holdings Limited (Registered number: 12497398)

Company Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 1,180,881 1,180,881
1,180,881 1,180,881

CURRENT ASSETS
Cash in hand 100 100

CREDITORS
Amounts falling due within one year 16 (910,894 ) (1,060,894 )
NET CURRENT LIABILITIES (910,794 ) (1,060,794 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,087

120,087

CAPITAL AND RESERVES
Called up share capital 22 100 100
Retained earnings 23 269,987 119,987
SHAREHOLDERS' FUNDS 270,087 120,087

Company's profit for the financial year 211,000 150,000

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


PowerX Holdings Limited (Registered number: 12497398)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 100 779,614 779,714

Changes in equity
Dividends - (30,000 ) (30,000 )
Total comprehensive income - 3,382,597 3,382,597
Balance at 30 June 2022 100 4,132,211 4,132,311

Changes in equity
Dividends - (61,000 ) (61,000 )
Total comprehensive income - 1,162,951 1,162,951
Balance at 30 June 2023 100 5,234,162 5,234,262

PowerX Holdings Limited (Registered number: 12497398)

Company Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 100 (13 ) 87

Changes in equity
Dividends - (30,000 ) (30,000 )
Total comprehensive income - 150,000 150,000
Balance at 30 June 2022 100 119,987 120,087

Changes in equity
Dividends - (61,000 ) (61,000 )
Total comprehensive income - 211,000 211,000
Balance at 30 June 2023 100 269,987 270,087

PowerX Holdings Limited (Registered number: 12497398)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 893,852 5,016,708
Interest paid (881 ) (3,730 )
Interest element of hire purchase payments
paid

(1,321,452

)

(296,599

)
Tax paid 82,898 (390,628 )
Net cash from operating activities (345,583 ) 4,325,751

Cash flows from investing activities
Purchase of tangible fixed assets (5,070,853 ) (5,673,843 )
Sale of tangible fixed assets 2,050,874 -
Interest received 2,146 -
Net cash from investing activities (3,017,833 ) (5,673,843 )

Cash flows from financing activities
Capital repayments in year 2,292,155 1,625,484
Amount introduced by directors 2,554,000 701,000
Amount withdrawn by directors (1,524,250 ) (846,000 )
Equity dividends paid (61,000 ) (30,000 )
Net cash from financing activities 3,260,905 1,450,484

(Decrease)/increase in cash and cash equivalents (102,511 ) 102,392
Cash and cash equivalents at beginning of
year

2

529,722

427,330

Cash and cash equivalents at end of year 2 427,211 529,722

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.6.23 30.6.22
£    £   
Profit before taxation 980,788 3,732,170
Depreciation charges 861,103 652,747
Profit on disposal of fixed assets (132,439 ) -
Finance costs 1,322,333 300,329
Finance income (2,146 ) -
3,029,639 4,685,246
Increase in stocks (2,020,584 ) (203,634 )
Decrease/(increase) in trade and other debtors 122,293 (6,026,732 )
(Decrease)/increase in trade and other creditors (237,496 ) 6,561,828
Cash generated from operations 893,852 5,016,708

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 427,211 529,722
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 529,722 427,330


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 529,722 (102,511 ) 427,211
529,722 (102,511 ) 427,211
Debt
Finance leases (4,711,372 ) (2,301,922 ) (7,013,294 )
Debts falling due within 1 year (10,648 ) - (10,648 )
Debts falling due after 1 year (29,044 ) 9,767 (19,277 )
(4,751,064 ) (2,292,155 ) (7,043,219 )
Total (4,221,342 ) (2,394,666 ) (6,616,008 )

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

PowerX Holdings 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 General 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" 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.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of PowerX Holdings Limited and its subsidiary undertakings made up to the year end date. The group profit and loss accounts includes the results of the subsidiary undertakings for the period from the date of their acquisition and up to the date disposal.

Turnover and profits arising on trading between group companies are excluded.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Depreciation of tangible fixed assets

Depreciation is provided so as to write down the assets to their residual values over their estimated useful. The selection of these residual values and estimated lives requires the exercise of management judgement.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 15% on cost and 5% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition, including any import costs, duties and carriage.


PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and intra-group balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised costs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank overdraft, intra-group balances and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, and, if applicable, other short-term highly liquid investments with original maturities of three months or less.

4. TURNOVER

The turnover and profit before taxation from continuing activities is attributable to one principal activity of the group.

Geographical analysis

Segmental analysis has not been provided on the basis that in the directors' opinion such information would be seriously prejudicial to the company's interest.

5. EMPLOYEES AND DIRECTORS
30.6.23 30.6.22
£    £   
Wages and salaries 2,471,904 1,711,730
Social security costs 267,827 185,511
Other pension costs 38,247 23,528
2,777,978 1,920,769

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.6.23 30.6.22

Management and administration 8 14
Sales and quarrying services 36 21
44 35

The average number of employees by undertakings that were proportionately consolidated during the year was 44 (2022 - 35 ) .

30.6.23 30.6.22
£    £   
Directors' remuneration 108,866 110,709

No retirement benefits are accruing for any directors.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.23 30.6.22
£    £   
Hire of plant and machinery 260,332 477,858
Other operating leases 447,454 442,658
Depreciation - owned assets 56,497 43,336
Depreciation - assets on hire purchase contracts 739,262 544,069
Profit on disposal of fixed assets (132,439 ) -
Goodwill amortisation 65,341 65,342
Auditors' remuneration 19,750 21,667
Foreign exchange differences 289 5,913

7. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.23 30.6.22
£    £   
Bank interest 881 1,174
Interest on overdue taxation - 2,556
Hire purchase 1,321,452 296,599
1,322,333 300,329

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
30.6.23 30.6.22
£    £   
Current tax:
(Over)/under provision in prior years (175,414 ) -

Deferred tax (6,749 ) 349,573
Tax on profit (182,163 ) 349,573

UK corporation tax has been charged at 25 % .

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.23 30.6.22
£    £   
Profit before tax 980,788 3,732,170
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

245,197

709,112

Effects of:
Expenses not deductible for tax purposes 15,000 2,517
Income not taxable for tax purposes (33,110 ) (557,254 )
Capital allowances in excess of depreciation (657,847 ) (723,093 )
Utilisation of tax losses 430,760 568,718
Adjustments to tax charge in respect of previous periods (175,414 ) -
Deferred tax (6,749 ) 349,573
Total tax (credit)/charge (182,163 ) 349,573

Changes to the future UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 on 24 May 2021. It makes provision for the rate of corporation tax in the UK to increase from 1 April 2023 from 19% to 25% where a company has taxable profits exceeding £250,000. Therefore, the tax rate of 25% has been used in the calculations for 2023.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
30.6.23 30.6.22
£    £   
Interim 61,000 30,000

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 653,318
AMORTISATION
At 1 July 2022 130,684
Amortisation for year 65,341
At 30 June 2023 196,025
NET BOOK VALUE
At 30 June 2023 457,293
At 30 June 2022 522,634

12. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2022 339,917 6,067,330 120,238
Additions - 4,796,741 2,255
Disposals - (2,049,448 ) -
At 30 June 2023 339,917 8,814,623 122,493
DEPRECIATION
At 1 July 2022 33,992 352,463 112,058
Charge for year 33,991 446,702 3,690
Eliminated on disposal - (187,672 ) -
At 30 June 2023 67,983 611,493 115,748
NET BOOK VALUE
At 30 June 2023 271,934 8,203,130 6,745
At 30 June 2022 305,925 5,714,867 8,180

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 1,427,572 5,206 7,960,263
Additions 258,747 13,110 5,070,853
Disposals (265,079 ) - (2,314,527 )
At 30 June 2023 1,421,240 18,316 10,716,589
DEPRECIATION
At 1 July 2022 871,029 867 1,370,409
Charge for year 307,125 4,251 795,759
Eliminated on disposal (208,420 ) - (396,092 )
At 30 June 2023 969,734 5,118 1,770,076
NET BOOK VALUE
At 30 June 2023 451,506 13,198 8,946,513
At 30 June 2022 556,543 4,339 6,589,854

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022 5,950,748 868,609 6,819,357
Additions 4,590,546 246,746 4,837,292
Disposals (2,049,448 ) (107,528 ) (2,156,976 )
Reclassification/transfer - (104,738 ) (104,738 )
At 30 June 2023 8,491,846 903,089 9,394,935
DEPRECIATION
At 1 July 2022 343,719 312,066 655,785
Charge for year 435,471 303,791 739,262
Eliminated on disposal (187,672 ) (50,869 ) (238,541 )
Reclassification/transfer - (104,738 ) (104,738 )
At 30 June 2023 591,518 460,250 1,051,768
NET BOOK VALUE
At 30 June 2023 7,900,328 442,839 8,343,167
At 30 June 2022 5,607,029 556,543 6,163,572

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 1,180,881
NET BOOK VALUE
At 30 June 2023 1,180,881
At 30 June 2022 1,180,881

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

PowerX Equipment Limited
Registered office: Site 7, Cornets End Lane, Meriden, Coventry, CV7 7LG
Nature of business: Quarrying and Aggregate Recycling Industries
%
Class of shares: holding
Ordinary 100.00

International Construction Equipment Limited
Registered office: Site 7, Cornets End Lane, Meriden, Coventry, CV7 7LG
Nature of business: Sale of equipment
%
Class of shares: holding
Ordinary 100.00

Powerscreen Washing Systems Limited
Registered office: Site 7, Cornets End Lane, Meriden, Coventry, CV7 7LG
Nature of business: Sale of aggregate washing systems
%
Class of shares: holding
Ordinary 100.00

Llynclys Aggregates Ltd
Registered office: Site 7, Cornets End Lane, Meriden, Coventry, CV7 7LG
Nature of business: Mining and Quarrying
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group
30.6.23 30.6.22
£    £   
Stocks 10,395,721 8,375,137

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.6.23 30.6.22
£    £   
Trade debtors 2,370,428 2,142,287
Other debtors - 45,899
Amount owed by related
entities 4,137,316 4,926,101
Tax 952 223
VAT 280,074 -
Prepayments and accrued income 574,506 90,256
7,363,276 7,204,766

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans and overdrafts (see note 18) 10,648 10,648 - -
Hire purchase contracts (see note 19) 2,421,711 1,973,872 - -
Trade creditors 8,377,144 9,494,973 - -
Amounts owed to group undertakings - - 910,893 1,060,893
Tax - 91,787 - -
Social security and other taxes 163,974 63,685 - -
VAT - 1,313,918 - -
Other creditors 1,730,358 2,114,976 1 1
Amount owed to related
entities 2,661,064 248,681 - -
Directors' current accounts 1,076,318 46,568 - -
Accruals and deferred income 923,675 577,401 - -
17,364,892 15,936,509 910,894 1,060,894

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.6.23 30.6.22
£    £   
Bank loans (see note 18) 19,277 29,044
Hire purchase contracts (see note 19) 4,591,583 2,737,500
4,610,860 2,766,544

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group
30.6.23 30.6.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,648 10,648
Amounts falling due between two and five years:
Bank loans - 2-5 years 8,629 18,396

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.23 30.6.22
£    £   
Gross obligations repayable:
Within one year 2,931,334 2,243,370
Between one and five years 5,740,430 3,182,595
8,671,764 5,425,965

Finance charges repayable:
Within one year 509,623 269,498
Between one and five years 1,148,847 445,095
1,658,470 714,593

Net obligations repayable:
Within one year 2,421,711 1,973,872
Between one and five years 4,591,583 2,737,500
7,013,294 4,711,372

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.6.23 30.6.22
£    £   
Hire purchase contracts 7,013,294 4,711,372

Hire purchase contracts are secured against the related assets.

21. PROVISIONS FOR LIABILITIES

Group
30.6.23 30.6.22
£    £   
Deferred tax 380,000 386,749

Group
Deferred
tax
£   
Balance at 1 July 2022 386,749
Provided during year (6,749 )
Balance at 30 June 2023 380,000

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 ORDINARY £1 100 100

23. RESERVES

Group
Retained
earnings
£   

At 1 July 2022 4,132,211
Profit for the year 1,162,951
Dividends (61,000 )
At 30 June 2023 5,234,162

PowerX Holdings Limited (Registered number: 12497398)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

23. RESERVES - continued

Company
Retained
earnings
£   

At 1 July 2022 119,987
Profit for the year 211,000
Dividends (61,000 )
At 30 June 2023 269,987


24. RELATED PARTY DISCLOSURES

Companies under common control
30.6.23 30.6.22
£    £   
Sales 3,421,336 2,788,144
Purchases 2,184,170 1,261,129

25. ULTIMATE CONTROLLING PARTY

Mr. A Moss and Mr. L Talbot are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.