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REGISTERED NUMBER: 02631230 (England and Wales)















POWER ELECTRONIC MEASUREMENTS LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2022 TO 31 DECEMBER 2023






POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2


POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 32,706 47,572
Tangible assets 5 615,613 78,053
648,319 125,625

CURRENT ASSETS
Stocks 1,391,617 749,937
Debtors 6 828,893 989,354
Cash at bank and in hand 3,758,959 7,410,764
5,979,469 9,150,055
CREDITORS
Amounts falling due within one year 7 1,386,802 2,582,570
NET CURRENT ASSETS 4,592,667 6,567,485
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,240,986

6,693,110

PROVISIONS FOR LIABILITIES 18,865 16,385
NET ASSETS 5,222,121 6,676,725

CAPITAL AND RESERVES
Called up share capital 59 59
Capital redemption reserve 100 100
Retained earnings 5,221,962 6,676,566
5,222,121 6,676,725

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 5 July 2024 and were signed on its behalf by:



Dr C R Hewson - Director


POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

Power Electronic Measurements Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02631230

Registered office: Gloucester House
162 Wellington Street
Nottingham
NG10 4HS

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumlated impairment losses. Amortisation is calculated using the straight-line method to allocate the depreciable amount of the assets to their residual values over their estimated useful lives as follows:

Patents and licences - over 4 years

POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 25% on cost
Plant and machinery - 25% on cost
Computer equipment - 33% on cost

Land is not depreciated.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Stocks
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 items.

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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost, are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss 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 balance sheet date.

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s financial year straddles this date, a blended corporation tax rate of 22.60% has been applied which is calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Foreign currencies and functional and presentation currency
The company's functional and presentational currency is pound sterling.

Transaction and balances
At each year end foreign currency monetary items are translated using closing exchange rates ruling at the Balance Sheet date. Non-monetary items measured at the historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Operating leases
Leases that do not transfer all risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

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.

The company contributes to a defined contribution plan for the benefit of its employees. Contributions are recognised in the profit and loss as they become payable.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at
an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 34 (2022 - 29 ) .

POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 October 2022
and 31 December 2023 276,466
AMORTISATION
At 1 October 2022 228,894
Charge for period 14,866
At 31 December 2023 243,760
NET BOOK VALUE
At 31 December 2023 32,706
At 30 September 2022 47,572

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 - 212,580 212,580
Additions 532,060 62,344 594,404
Disposals - (6,338 ) (6,338 )
At 31 December 2023 532,060 268,586 800,646
DEPRECIATION
At 1 October 2022 - 134,527 134,527
Charge for period 12,415 44,429 56,844
Eliminated on disposal - (6,338 ) (6,338 )
At 31 December 2023 12,415 172,618 185,033
NET BOOK VALUE
At 31 December 2023 519,645 95,968 615,613
At 30 September 2022 - 78,053 78,053

POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 619,891 811,328
Other debtors 132,724 102,248
752,615 913,576

Amounts falling due after more than one year:
Amounts owed by group undertakings 76,278 75,778

Aggregate amounts 828,893 989,354

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 124,355 101,925
Taxation and social security 645,845 157,934
Other creditors 616,602 2,322,711
1,386,802 2,582,570

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 30 September 2022 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 30 September 2022, which are included in the balance sheet at £749,937, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under these standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Julian Townsend FCA FCCA (Senior Statutory Auditor)
for and on behalf of Dains Audit Limited

POWER ELECTRONIC MEASUREMENTS LIMITED (REGISTERED NUMBER: 02631230)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 DECEMBER 2023


9. RELATED PARTY DISCLOSURES

During the year a final rent payment was paid to the pension fund for the directors of the company amounting to £4,150 (2022: £50,500).

10. CONTROLLING PARTIES

The immediate parent undertaking is PEM Holdings Limited.

The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Vind AS, a company incorporated in Norway. Copies of the Vind AS consolidated financial statements can be obtained from the Company Secretary at Parkveien 53A 0256, Oslo, Norway.

The ultimate controlling party is Mr H HØegh.