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REGISTERED NUMBER: SC257763 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

POWERFISH LTD

POWERFISH LTD (REGISTERED NUMBER: SC257763)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POWERFISH LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Kirkhope
L Leckie





REGISTERED OFFICE: Unit 3, Inveralmond Road
Inveralmond Industrial Estate
Perth
Tayside
PH1 3TW





REGISTERED NUMBER: SC257763 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

POWERFISH LTD (REGISTERED NUMBER: SC257763)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,276 19,086

CURRENT ASSETS
Stocks 36,000 44,000
Debtors 5 56,687 99,565
Cash at bank 28,388 7,063
121,075 150,628
CREDITORS
Amounts falling due within one year 6 66,386 120,297
NET CURRENT ASSETS 54,689 30,331
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,965

49,417

CREDITORS
Amounts falling due after more than one
year

7

(15,075

)

(25,075

)

PROVISIONS FOR LIABILITIES (3,222 ) (3,626 )
NET ASSETS 51,668 20,716

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 51,568 20,616
SHAREHOLDERS' FUNDS 51,668 20,716

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

POWERFISH LTD (REGISTERED NUMBER: SC257763)

BALANCE SHEET - continued
31 DECEMBER 2023


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 24 June 2024 and were signed on its behalf by:





D Kirkhope - Director


POWERFISH LTD (REGISTERED NUMBER: SC257763)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Powerfish Ltd is a private company, limited by shares , registered in Scotland. 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 stated net of VAT and trade discounts. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 15% on cost
Motor vehicles - 25% on cost
Office equipment - 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Basic financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

POWERFISH LTD (REGISTERED NUMBER: SC257763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are eligible for recognition within the financial statements once they become receivable

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant & Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,500 36,983 2,800 41,283
Additions - - 3,528 3,528
At 31 December 2023 1,500 36,983 6,328 44,811
DEPRECIATION
At 1 January 2023 263 21,479 455 22,197
Charge for year 225 6,415 698 7,338
At 31 December 2023 488 27,894 1,153 29,535
NET BOOK VALUE
At 31 December 2023 1,012 9,089 5,175 15,276
At 31 December 2022 1,237 15,504 2,345 19,086

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 49,642 98,315
Other debtors 7,045 1,250
56,687 99,565

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 14,855 81,147
Taxation and social security 38,193 16,206
Other creditors 3,338 12,944
66,386 120,297

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 15,075 25,075

POWERFISH LTD (REGISTERED NUMBER: SC257763)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
D Kirkhope and L Leckie
Balance outstanding at start of year 10,208 21,829
Amounts advanced 28,588 54,538
Amounts repaid (38,242 ) (66,159 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 554 10,208

Interest of 4.5% is charged on directors loans. Directors loans are repayable upon demand.

9. LEASING AGREEMENT

The company has lease commitments outstanding at the year end of £11,250 (2022 £26,250).