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REGISTERED NUMBER: 11942915 (England and Wales)















NORSEMAN POWERHOUSE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






NORSEMAN POWERHOUSE LTD (REGISTERED NUMBER: 11942915)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NORSEMAN POWERHOUSE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: C Rainsbury





REGISTERED OFFICE: 89 King Street
Maidstone
Kent
ME14 1BG





BUSINESS ADDRESS: Highlands
Hillside Road
Minster on Sea
Kent
ME12 2RY





REGISTERED NUMBER: 11942915 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
89 King Street
Maidstone
Kent
ME14 1BG

NORSEMAN POWERHOUSE LTD (REGISTERED NUMBER: 11942915)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 18,531 32,916

CURRENT ASSETS
Debtors 6 16,783 20,499
Cash at bank 3,124 3,451
19,907 23,950
CREDITORS
Amounts falling due within one year 7 33,601 37,558
NET CURRENT LIABILITIES (13,694 ) (13,608 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,837

19,308

CREDITORS
Amounts falling due after more than one
year

8

4,739

8,765
NET ASSETS 98 10,543

CAPITAL AND RESERVES
Called up share capital 9 20 20
Retained earnings 78 10,523
SHAREHOLDERS' FUNDS 98 10,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

NORSEMAN POWERHOUSE LTD (REGISTERED NUMBER: 11942915)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 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 director and authorised for issue on 26 July 2024 and were signed by:





C Rainsbury - Director


NORSEMAN POWERHOUSE LTD (REGISTERED NUMBER: 11942915)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Norseman Powerhouse Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The company meets its day to day working capital requirements through the support of its directors and they have pledged their continuing support. They therefore consider it appropriate to prepare accounts on the going concern basis. These financial statements do not include any adjustments that would result from a withdrawal of this support.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed 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 - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

NORSEMAN POWERHOUSE LTD (REGISTERED NUMBER: 11942915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

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 statement of financial position date.

NORSEMAN POWERHOUSE LTD (REGISTERED NUMBER: 11942915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 72,112 124 765 73,001
Additions - - 178 178
Disposals (3,000 ) - - (3,000 )
At 30 April 2024 69,112 124 943 70,179
DEPRECIATION
At 1 May 2023 39,429 58 598 40,085
Charge for year 13,809 25 131 13,965
Eliminated on disposal (2,402 ) - - (2,402 )
At 30 April 2024 50,836 83 729 51,648
NET BOOK VALUE
At 30 April 2024 18,276 41 214 18,531
At 30 April 2023 32,683 66 167 32,916

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Other debtors 16,783 20,499

NORSEMAN POWERHOUSE LTD (REGISTERED NUMBER: 11942915)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 4,027 3,994
Other taxes and PAYE taxes 12,781 10,698
Directors' Loan Accounts 16,418 22,491
Accrued expenses 375 375
33,601 37,558

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans - 1-2 years 4,061 4,027
Bank loans - 2-5 years 678 4,738
4,739 8,765

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
10 Ordinary £1 10 10
9 A Ordinary £1 9 9
1 B Ordinary £1 1 1
20 20