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Registered number: 08834154
Project Power Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Edition Capital Advisory Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08834154
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,107,451 3,081,004
4,107,451 3,081,004
CURRENT ASSETS
Stocks 5 198,128 188,481
Debtors 6 739,896 936,916
Cash at bank and in hand 100,529 406,056
1,038,553 1,531,453
Creditors: Amounts Falling Due Within One Year 7 (1,154,551 ) (1,155,138 )
NET CURRENT ASSETS (LIABILITIES) (115,998 ) 376,315
TOTAL ASSETS LESS CURRENT LIABILITIES 3,991,453 3,457,319
Creditors: Amounts Falling Due After More Than One Year 8 (1,567,318 ) (909,357 )
NET ASSETS 2,424,135 2,547,962
CAPITAL AND RESERVES
Called up share capital 10 5 5
Share premium account 2,390,448 2,390,448
Profit and Loss Account 33,682 157,509
SHAREHOLDERS' FUNDS 2,424,135 2,547,962
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Wild
Director
19/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Project Power Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08834154 . The registered office is Newport Operations Centre, Units 1-5 Plover Close, Newport, Wales, NP19 4SZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Straight Line over Lifetime of Asset
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Straight Line
Computer Equipment 25% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 15)
21 15
Page 3
Page 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 71,834 4,154,234 611,498 61,221 4,898,787
Additions - 1,839,836 181,688 9,239 2,030,763
Disposals - (276,240 ) (190,249 ) - (466,489 )
As at 31 January 2024 71,834 5,717,830 602,937 70,460 6,463,061
Depreciation
As at 1 February 2023 13,879 1,515,920 259,416 28,568 1,817,783
Provided during the period 26,501 561,802 158,683 16,718 763,704
Disposals (7,183 ) (117,979 ) (100,715 ) - (225,877 )
As at 31 January 2024 33,197 1,959,743 317,384 45,286 2,355,610
Net Book Value
As at 31 January 2024 38,637 3,758,087 285,553 25,174 4,107,451
As at 1 February 2023 57,955 2,638,314 352,082 32,653 3,081,004
5. Stocks
2024 2023
£ £
Materials 198,128 188,481
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 585,462 870,349
Prepayments and accrued income 32,804 37,237
Other debtors 61 15,786
Directors' loan accounts 10,681 8,581
629,008 931,953
Due after more than one year
Corporation tax recoverable assets 4,963 4,963
Amounts owed by group undertakings 105,925 -
110,888 4,963
739,896 936,916
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 534,921 263,950
Trade creditors 382,229 684,921
Other taxes and social security 30,696 -
VAT 140,605 116,938
Other creditors 33,064 68,000
Accruals and deferred income 33,036 21,329
1,154,551 1,155,138
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,417,318 699,357
Other long term creditors 150,000 210,000
1,567,318 909,357
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 534,921 263,950
Later than one year and not later than five years 1,417,318 699,357
1,952,239 963,307
1,952,239 963,307
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5 5
Page 5