Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseThe principal activity of the company during the year was the manufacture of electric motors, generators and transformers.00truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13625878 2023-04-01 2024-03-31 13625878 2022-04-01 2023-03-31 13625878 2024-03-31 13625878 2023-03-31 13625878 c:Director2 2023-04-01 2024-03-31 13625878 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 13625878 d:OtherPropertyPlantEquipment 2024-03-31 13625878 d:OtherPropertyPlantEquipment 2023-03-31 13625878 d:CurrentFinancialInstruments 2024-03-31 13625878 d:CurrentFinancialInstruments 2023-03-31 13625878 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13625878 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13625878 d:ShareCapital 2024-03-31 13625878 d:ShareCapital 2023-03-31 13625878 d:SharePremium 2024-03-31 13625878 d:SharePremium 2023-03-31 13625878 d:RetainedEarningsAccumulatedLosses 2024-03-31 13625878 d:RetainedEarningsAccumulatedLosses 2023-03-31 13625878 c:OrdinaryShareClass1 2023-04-01 2024-03-31 13625878 c:OrdinaryShareClass1 2024-03-31 13625878 c:OrdinaryShareClass1 2023-03-31 13625878 c:FRS102 2023-04-01 2024-03-31 13625878 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13625878 c:FullAccounts 2023-04-01 2024-03-31 13625878 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13625878









GLASGOW POWER LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GLASGOW POWER LIMITED
REGISTERED NUMBER: 13625878

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
2,915,787
1,739,079

  
2,915,787
1,739,079

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
257,530
90,155

Cash at bank and in hand
  
286
-

  
257,816
90,155

Creditors: amounts falling due within one year
 6 
(3,285,556)
(1,878,213)

NET CURRENT LIABILITIES
  
 
 
(3,027,740)
 
 
(1,788,058)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(111,953)
(48,979)

  

NET LIABILITIES
  
(111,953)
(48,979)


CAPITAL AND RESERVES
  

Called up share capital 
 7 
1,000
1,000

Share premium account
  
31,123
31,123

Profit and loss account
  
(144,076)
(81,102)

  
(111,953)
(48,979)


Page 1

 
GLASGOW POWER LIMITED
REGISTERED NUMBER: 13625878
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R B Stanton
Director

Date: 1 August 2024

Page 2

 
GLASGOW POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

Glasgow Power Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA.
The principal trading address is Linden Square, 146 Kings Road, Bury St Edmunds, Suffolk, IP33 3DJ.
The Company's functional and presentation currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company incurred a loss for the period and had net liabilities of £111,953 as at 31 March 2024 (2023 - £48,979). The financial statements are prepared on the going concern basis on the assumption that the Company will continue to receive financial support from its parent company to provide sufficient funds to enable it to meet its liabilities as they fall due.

 
2.3

BORROWING COSTS

Borrowing costs are capitalised as fixed assets to the extent that they are directly attributable to bringing the asset into use.

  
2.4

TANGIBLE FIXED ASSETS

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Profit and Loss Account.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
GLASGOW POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 4

 
GLASGOW POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TANGIBLE FIXED ASSETS





Assets under construction

£



COST OR VALUATION


At 1 April 2023
1,739,079


Additions
1,176,708



At 31 March 2024

2,915,787






NET BOOK VALUE



At 31 March 2024
2,915,787



At 31 March 2023
1,739,079


5.


DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£


Other debtors
247,463
80,560

Prepayments and accrued income
10,067
9,595

257,530
90,155


Page 5

 
GLASGOW POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Other loans
-
1,230,000

Trade creditors
469,273
10,562

Amounts owed to group undertakings
2,740,131
301,923

Other creditors
71,916
300,255

Accruals and deferred income
4,236
35,473

3,285,556
1,878,213


Other loans were transacted on an interest only basis, levied at a rate of 15%. The loan was repaid in full in July 2023.
Amounts owed to group undertakings are repayable on demand and subject to interest at a rate of 10% per annum.

Page 6

 
GLASGOW POWER LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2023 - 1,000) Ordinary shares of £1 each
1,000
1,000



8.OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies that are not included in the balance sheet amount to £1,048,920 (2023 - £1,107,738). This lease commitment is reviewed annually and adjusted for inflation, the stated commitment does not take into account future inflation.

 
Page 7