POWERSPORT ENGINEERING C.I.C.

Company limited by guarantee

Company Registration Number:
12352886 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

POWERSPORT ENGINEERING C.I.C.

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

POWERSPORT ENGINEERING C.I.C.

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

Principal activity of the company during the financial period was of the manufacture and supply of bespoke wheelchairs for sporting activities.



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Peter Wyman
Michael Gibbons
Marcus Harrison
Gerald Kinsella
Shane Parkes
Mark Rowland
Daniel Taylor


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
29 August 2024

And signed on behalf of the board by:
Name: Peter Wyman
Status: Director

POWERSPORT ENGINEERING C.I.C.

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 189,892 214,219
Cost of sales: ( 120,566 ) ( 152,685 )
Gross profit(or loss): 69,326 61,534
Administrative expenses: ( 64,616 ) ( 70,309 )
Operating profit(or loss): 4,710 (8,775)
Interest payable and similar charges: ( 88 )
Profit(or loss) before tax: 4,710 (8,863)
Tax: 950
Profit(or loss) for the financial year: 4,710 (7,913)

POWERSPORT ENGINEERING C.I.C.

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 1,276 1,702
Total fixed assets: 1,276 1,702
Current assets
Debtors: 4 2,921 3,327
Cash at bank and in hand: 16,462 42,193
Total current assets: 19,383 45,520
Creditors: amounts falling due within one year: 5 ( 13,902 ) ( 45,175 )
Net current assets (liabilities): 5,481 345
Total assets less current liabilities: 6,757 2,047
Total net assets (liabilities): 6,757 2,047
Members' funds
Profit and loss account: 6,757 2,047
Total members' funds: 6,757 2,047

The notes form part of these financial statements

POWERSPORT ENGINEERING C.I.C.

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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.

This report was approved by the board of directors on 29 August 2024
and signed on behalf of the board by:

Name: Peter Wyman
Status: Director

The notes form part of these financial statements

POWERSPORT ENGINEERING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

    Tangible fixed assets depreciation policy

    Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Plant and Machinery 25% Reducing Balance

POWERSPORT ENGINEERING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 2 2

POWERSPORT ENGINEERING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 2,351 2,351
Additions
Disposals
Revaluations
Transfers
At 31 December 2023 2,351 2,351
Depreciation
At 1 January 2023 649 649
Charge for year 426 426
On disposals
Other adjustments
At 31 December 2023 1,075 1,075
Net book value
At 31 December 2023 1,276 1,276
At 31 December 2022 1,702 1,702

POWERSPORT ENGINEERING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 0 0
Prepayments and accrued income 229 653
Other debtors 2,692 2,674
Total 2,921 3,327

POWERSPORT ENGINEERING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 980
Accruals and deferred income 9,755 38,772
Other creditors 4,147 5,423
Total 13,902 45,175

POWERSPORT ENGINEERING C.I.C.

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Financial Commitments

The lease for the property at Unit 4 Wakefield Road is on a rolling contract.

COMMUNITY INTEREST ANNUAL REPORT

POWERSPORT ENGINEERING C.I.C.

Company Number: 12352886 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

The company makes affordable sports electric wheelchairs for severely disabled people.The impact of our work is that players have to raise £2000 to £4000 less funds to buy a power football or power football/hockey chair from us compared to other suppliers. Due to the chairs being cheaper power football clubs from all over Britain have been able to afford chairs for their players. In 2023 the CIC has made chairs for clubs in Leeds, Newcastle, Darlington, Liverpool, Brighton, Bolton, Manchester & Middlesborough. We have started to export to France too. The chairs have had a big impact in clubs allowing more disabled people to participate in sport. The CIC has also supported the development of Power Hockey which is a new power sport for disabled people. In 2023 two new hubs have been set up in Middlesbrough & Durham, the hubs provide weekly training sessions for players.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

The Managing Director was paid £9,225 (after tax etc) salary for his work with the company during the year. His role included ordering parts, delivering chairs, selling chairs, staff management & financial management. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director’s loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
29 August 2024

And signed on behalf of the board by:
Name: Peter Wyman
Status: Director