Company Registration No. NI675191 (Northern Ireland)
Wilson Power and Energy Ltd
Unaudited accounts
for the year ended 31 December 2023
Wilson Power and Energy Ltd
Unaudited accounts
Contents
Wilson Power and Energy Ltd
Company Information
for the year ended 31 December 2023
Directors
Mr A Wilson
Mr P Watson
Company Number
NI675191 (Northern Ireland)
Registered Office
73 Listullycurran Road
Dromore
Co. Down
BT25 1RD
Accountants
SJK
8 Bridge Road
Moira
Co. Armagh
BT67 0PF
Wilson Power and Energy Ltd
Statement of financial position
as at 31 December 2023
Intangible assets
2,916
3,556
Tangible assets
100,204
48,482
Inventories
136,096
10,172
Cash at bank and in hand
629,277
307,718
Creditors: amounts falling due within one year
(600,815)
(455,713)
Net current assets
397,827
229,406
Total assets less current liabilities
500,947
281,444
Creditors: amounts falling due after more than one year
-
(14,000)
Provisions for liabilities
Deferred tax
(25,780)
(9,887)
Net assets
475,167
257,557
Called up share capital
200
100
Profit and loss account
474,967
257,457
Shareholders' funds
475,167
257,557
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by
Mr A Wilson
Director
Company Registration No. NI675191
Wilson Power and Energy Ltd
Notes to the Accounts
for the year ended 31 December 2023
Wilson Power and Energy Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI675191. The registered office is 73 Listullycurran Road, Dromore, Co. Down, BT25 1RD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
18% Reducing balance basis
Motor vehicles
18% Reducing balance basis
Fixtures & fittings
18% Reducing balance basis
Computer equipment
18% Reducing balance basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Wilson Power and Energy Ltd
Notes to the Accounts
for the year ended 31 December 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
4,662
56,575
1,735
3,450
66,422
Additions
10,500
78,167
-
-
88,667
Disposals
-
(18,230)
-
-
(18,230)
At 31 December 2023
15,162
116,512
1,735
3,450
136,859
At 1 January 2023
1,385
15,164
337
1,054
17,940
Charge for the year
2,480
18,833
253
430
21,996
On disposals
-
(3,281)
-
-
(3,281)
At 31 December 2023
3,865
30,716
590
1,484
36,655
At 31 December 2023
11,297
85,796
1,145
1,966
100,204
At 31 December 2022
3,277
41,411
1,398
2,396
48,482
Wilson Power and Energy Ltd
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
231,775
367,229
Amounts due from group undertakings etc.
873
-
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
322,312
7,987
Taxes and social security
97,125
39,851
Loans from directors
24,644
44,671
Deferred income
141,369
296,374
8
Creditors: amounts falling due after more than one year
2023
2022
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
(41,879)
(75,400)
(82,764)
(34,515)
(2,792)
(54,410)
(67,073)
9,871
(44,671)
(129,810)
(149,837)
(24,644)
Directors loans are repayable on demand and non-interest bearing.
10
Average number of employees
During the year the average number of employees was 4 (2022: 2).