Company registration number 07522334 (England and Wales)
POWERSAVE NORTHWEST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
POWERSAVE NORTHWEST LIMITED
CONTENTS
Page
Profit and loss account
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
POWERSAVE NORTHWEST LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -
2024
2023
£
£
Turnover
99,633
94,020
Cost of sales
(40,344)
(44,812)
Gross profit
59,289
49,208
Distribution costs
(13,600)
(5,000)
Administrative expenses
(53,960)
(41,024)
Operating (loss)/profit
(8,271)
3,184
Interest payable and similar expenses
(905)
(1,307)
(Loss)/profit before taxation
(9,176)
1,877
Tax on (loss)/profit
(993)
(Loss)/profit for the financial year
(9,176)
884
The profit and loss account has been prepared on the basis that all operations are continuing operations.
POWERSAVE NORTHWEST LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,589
27,750
Current assets
Stocks
1,750
1,750
Debtors
5
12,087
(1)
Cash at bank and in hand
8,130
5,949
21,967
7,698
Creditors: amounts falling due within one year
6
(56,688)
(37,404)
Net current liabilities
(34,721)
(29,706)
Net liabilities
(11,132)
(1,956)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(11,133)
(1,957)
Total equity
(11,132)
(1,956)
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
Mr S Aitken
Director
Company registration number 07522334 (England and Wales)
POWERSAVE NORTHWEST LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
1
(2,841)
(2,840)
Year ended 28 February 2023:
Profit and total comprehensive income
-
884
884
Balance at 28 February 2023
1
(1,957)
(1,956)
Year ended 28 February 2024:
Loss and total comprehensive income
-
(9,176)
(9,176)
Balance at 28 February 2024
1
(11,133)
(11,132)
POWERSAVE NORTHWEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
Powersave Northwest Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1a Davyhulme Circle, Urmston, Manchester, Greater Manchester, M41 0ST.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15%
Fixtures and fittings
15%
Computers
15%
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.
POWERSAVE NORTHWEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
1.8
Leases
2
Judgements and key sources of estimation uncertainty
POWERSAVE NORTHWEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
2
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 28 February 2024
46,454
Depreciation and impairment
At 1 March 2023
18,704
Depreciation charged in the year
4,161
At 28 February 2024
22,865
Carrying amount
At 28 February 2024
23,589
At 28 February 2023
27,750
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,273
(1)
Other debtors
3,814
12,087
(1)
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,674
8,303
Trade creditors
9,568
Corporation tax
993
Other taxation and social security
3,387
84
Other creditors
38,059
28,024
56,688
37,404