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REGISTERED NUMBER: 07107284 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SECURE POWER LTD

SECURE POWER LTD (REGISTERED NUMBER: 07107284)






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


SECURE POWER LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: J D Morley





REGISTERED OFFICE: 21 Orgreave Place
Sheffield
South Yorkshire
S13 9LU





REGISTERED NUMBER: 07107284 (England and Wales)

SECURE POWER LTD (REGISTERED NUMBER: 07107284)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 233,602 95,078

CURRENT ASSETS
Stocks 243,881 60,626
Debtors 6 651,764 1,268,735
Cash at bank 817,098 566,919
1,712,743 1,896,280
CREDITORS
Amounts falling due within one year 7 618,419 859,182
NET CURRENT ASSETS 1,094,324 1,037,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,327,926

1,132,176

CREDITORS
Amounts falling due after more than one
year

8

(80,560

)

(23,722

)

PROVISIONS FOR LIABILITIES 11 (58,401 ) (22,327 )
NET ASSETS 1,188,965 1,086,127

CAPITAL AND RESERVES
Called up share capital 12 1 1
Retained earnings 1,188,964 1,086,126
1,188,965 1,086,127

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 director acknowledges his 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.

SECURE POWER LTD (REGISTERED NUMBER: 07107284)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





J D Morley - Director


SECURE POWER LTD (REGISTERED NUMBER: 07107284)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Secure Power Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


All monetary values stated within these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis 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.

Revenue for services is recognised when the company has been judged to have achieved the right to consideration resulting from a level of completed performance under individual contracts but only to the extent that the outcome of such contracts can be assessed with reasonable certainty.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

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.


SECURE POWER LTD (REGISTERED NUMBER: 07107284)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 19 ) .

SECURE POWER LTD (REGISTERED NUMBER: 07107284)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 41,345 20,151 37,039
Additions 20,452 1,646 7,557
Disposals (41,345 ) (19,896 ) (20,062 )
At 31 December 2023 20,452 1,901 24,534
DEPRECIATION
At 1 January 2023 24,846 20,151 22,256
Charge for year 2,578 - 5,309
Eliminated on disposal (26,913 ) (19,896 ) (19,944 )
At 31 December 2023 511 255 7,621
NET BOOK VALUE
At 31 December 2023 19,941 1,646 16,913
At 31 December 2022 16,499 - 14,783

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 97,849 40,426 236,810
Additions 157,859 7,429 194,943
Disposals - (16,762 ) (98,065 )
At 31 December 2023 255,708 31,093 333,688
DEPRECIATION
At 1 January 2023 45,337 29,142 141,732
Charge for year 28,324 5,534 41,745
Eliminated on disposal - (16,638 ) (83,391 )
At 31 December 2023 73,661 18,038 100,086
NET BOOK VALUE
At 31 December 2023 182,047 13,055 233,602
At 31 December 2022 52,512 11,284 95,078

SECURE POWER LTD (REGISTERED NUMBER: 07107284)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 97,849
Additions 130,365
At 31 December 2023 228,214
DEPRECIATION
At 1 January 2023 45,337
Charge for year 27,178
At 31 December 2023 72,515
NET BOOK VALUE
At 31 December 2023 155,699
At 31 December 2022 52,512

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 390,156 1,063,045
Amounts owed by group undertakings 112,735 171,177
Other debtors 148,873 34,513
651,764 1,268,735

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 42,032 20,451
Trade creditors 442,163 617,404
Taxation and social security 130,013 207,427
Other creditors 4,211 13,900
618,419 859,182

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 9) 80,560 23,722

SECURE POWER LTD (REGISTERED NUMBER: 07107284)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 42,032 20,451
Between one and five years 80,560 23,722
122,592 44,173

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 122,592 44,173

Hire purchase accounts are secured against the associated assets.

The parent company's bankers hold a fixed and floating charge over the assets of Secure Power Ltd in respect of a loan to the parent company. The loan is secured on the company's offices that are owned by the parent company. At the balance sheet date, the amount of loan outstanding was £Nil, (2022, £Nil).

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 58,401 22,327

Deferred
tax
£   
Balance at 1 January 2023 22,327
Provided during year 36,074
Balance at 31 December 2023 58,401

12. CALLED UP SHARE CAPITAL

The share capital of £1 (2022 £1) has been allotted, called up and fully paid.

13. RELATED PARTY DISCLOSURES

Transactions between the company and all related parties including fellow group companies are concluded in each and every case under normal market conditions.

SECURE POWER LTD (REGISTERED NUMBER: 07107284)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

14. ULTIMATE CONTROLLING PARTY

The company's parent company is JDM Assets Ltd, company number 09894497, a company incorporated in England and Wales. The parent company is controlled by the director, J D Morley.