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REGISTERED NUMBER: 03440912















Financial Statements for the Year Ended 31 March 2024

for

Powermain Limited

Powermain Limited (Registered number: 03440912)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Powermain Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: B M Gordon
K I Miller
J D Miller





REGISTERED OFFICE: Unit 4
Spitfire Way
Manston
Ramsgate
Kent
CT12 5FF





REGISTERED NUMBER: 03440912





ACCOUNTANTS: A.K & Co (Accountancy Services) Ltd
19 Victoria Terrace
Hove
East Sussex
BN3 2WB

Powermain Limited (Registered number: 03440912)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 91,738 28,639

CURRENT ASSETS
Stocks 5 4,205 3,703
Debtors 6 210,780 132,020
Cash at bank and in hand 32,392 101,346
247,377 237,069
CREDITORS
Amounts falling due within one year 7 201,866 128,290
NET CURRENT ASSETS 45,511 108,779
TOTAL ASSETS LESS CURRENT
LIABILITIES

137,249

137,418

CREDITORS
Amounts falling due after more than one
year

8

(31,857

)

(22,435

)

PROVISIONS FOR LIABILITIES (14,546 ) (5,441 )
NET ASSETS 90,846 109,542

CAPITAL AND RESERVES
Called up share capital 600 600
Retained earnings 90,246 108,942
90,846 109,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Powermain Limited (Registered number: 03440912)

Statement of Financial Position - continued
31 March 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 Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





K I Miller - Director


Powermain Limited (Registered number: 03440912)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Powermain Limited is a private company, limited by shares , registered in Not specified/Other. 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, 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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 10 ) .

Powermain Limited (Registered number: 03440912)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 123,820 16,064 12,079 13,071 165,034
Additions 20,582 8,360 51,108 1,098 81,148
At 31 March 2024 144,402 24,424 63,187 14,169 246,182
DEPRECIATION
At 1 April 2023 105,123 10,981 10,676 9,615 136,395
Charge for year 5,602 1,918 9,511 1,018 18,049
At 31 March 2024 110,725 12,899 20,187 10,633 154,444
NET BOOK VALUE
At 31 March 2024 33,677 11,525 43,000 3,536 91,738
At 31 March 2023 18,697 5,083 1,403 3,456 28,639

5. STOCKS
2024 2023
£    £   
Work-in-progress 4,205 3,703

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 143,645 121,449
Amounts owed by participating interests 56,540 590
Other debtors 312 312
Directors' current accounts 4,817 165
Prepayments 5,466 9,504
210,780 132,020

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,204 9,952
Hire purchase contracts 8,067 -
Trade creditors 146,681 73,611
Social security and other taxes 9,549 6,515
VAT 26,150 37,992
Other creditors - (898 )
RBS credit card 1,215 308
Directors' current accounts - 810
201,866 128,290

Powermain Limited (Registered number: 03440912)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,462 10,204
Bank loans - 2-5 years 1,769 12,231
Hire purchase contracts 19,626 -
31,857 22,435

9. RELATED PARTY DISCLOSURES

As at the year end Powermain Ltd was due £54,177 from Powermain Plant & Hire Ltd and £2,363 from Powermain (Holdings) Ltd. The loans are interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The controlling party is J D Miller.