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Registered number: 11687360









POWER GENERATION (MIDLANDS) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
POWER GENERATION (MIDLANDS) LIMITED
REGISTERED NUMBER: 11687360

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
471,986
442,648

  
471,986
442,648

Current assets
  

Debtors: amounts falling due within one year
 5 
133,333
33,920

Cash at bank and in hand
  
304,401
278,255

  
437,734
312,175

Creditors: amounts falling due within one year
 6 
(636,857)
(431,482)

Net current liabilities
  
 
 
(199,123)
 
 
(119,307)

Total assets less current liabilities
  
272,863
323,341

Creditors: amounts falling due after more than one year
 7 
(15,000)
(25,000)

  

Net assets
  
257,863
298,341


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
257,763
298,241

  
257,863
298,341


Page 1

 
POWER GENERATION (MIDLANDS) LIMITED
REGISTERED NUMBER: 11687360
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Courtney
Director
Date: 20 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
POWER GENERATION (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Power Generation (Midlands) Limited is a private limited liability company incorporated and domiciled in England. 
The address of its registered office is:
209-211 Walsall Road
Perry Barr
Birmingham
B42 1TY
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 31 December 2023 (2022: year ended 31 December 2022).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the financial position and future prospects of the company for twelve months from the date of approval of the financial statements and believe that the Company has access to sufficient resources to manage its business risk successfully.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
POWER GENERATION (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Assets under development
-
Nil

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
POWER GENERATION (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

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.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Assets under development

£



Cost 


At 1 January 2023
442,648


Additions
29,338



At 31 December 2023

471,986






Net book value



At 31 December 2023
471,986



At 31 December 2022
442,648

Page 5

 
POWER GENERATION (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Other debtors
-
587

Prepayments and accrued income
133,333
33,333

133,333
33,920



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
-
415

Corporation tax
60,235
72,750

Other creditors
386,022
16,716

Accruals and deferred income
180,600
331,601

636,857
431,482



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,000
25,000

15,000
25,000


Page 6

 
POWER GENERATION (MIDLANDS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



98 (2022 - 98) Ordinary shares of £1 each
98
98
2 (2022 - 2) A Ordinary shares of £1 each
2
2

100

100





9.


Related party transactions

During the period the Company had the following related party transactions:


2023
2022
£
£

Rental payments to other related parties
450,000
166,667
450,000
166,667

 
Page 7