Company No:
Contents
DIRECTORS | C D L Allen |
J E Taylor |
REGISTERED OFFICE | 272 Bath Street |
Glasgow | |
G2 4JR | |
Scotland | |
United Kingdom |
COMPANY NUMBER | SC259660 (Scotland) |
CHARTERED ACCOUNTANTS | Albert Goodman LLP |
Goodwood House | |
Blackbrook Park Avenue | |
Taunton | |
Somerset | |
TA1 2PX |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 November 2023.
PRINCIPAL ACTIVITIES
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 15 June 2023) |
Approved by the Board of Directors and signed on its behalf by:
C D L Allen
Director |
The directors are responsible for preparing the annual report 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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 of the profit or loss of the Company for that financial 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; and
* 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Power Quality Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Power Quality Management Limited. You consider that Power Quality Management Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Power Quality Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
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Turnover |
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Cost of sales | (
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Gross profit |
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Administrative expenses | (
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Other operating income |
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Operating profit |
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Interest receivable and similar income |
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Profit before taxation |
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Tax on profit | (
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Profit for the financial year |
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Note | 2023 | 2022 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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107,412 | 51,418 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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1,252,877 | 1,228,771 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 847,939 | 641,389 | ||
Total assets less current liabilities | 955,351 | 692,807 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Power Quality Management Limited (registered number:
C D L Allen
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Power Quality Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 272 Bath Street, Glasgow, G2 4JR, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Plant and machinery |
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Vehicles |
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Office equipment |
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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 profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Office equipment | Total | ||||
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Cost | |||||||
At 01 December 2022 |
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Additions |
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Disposals | (
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At 30 November 2023 |
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Accumulated depreciation | |||||||
At 01 December 2022 |
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Charge for the financial year |
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Disposals |
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At 30 November 2023 |
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Net book value | |||||||
At 30 November 2023 |
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At 30 November 2022 |
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Trade debtors |
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Amounts owed by Parent undertakings |
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Other debtors |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Allotted, called-up and fully-paid | |||
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Parent Company:
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1 Sampson Bridgwood Close Stoke-On-Trent England ST4 8WH |