Company Registration No. 03783647 (England and Wales)
Powertec Vehicle Engineering Limited
Unaudited accounts
for the year ended 29 February 2024
Powertec Vehicle Engineering Limited
Unaudited accounts
Contents
Powertec Vehicle Engineering Limited
Statement of financial position
as at 29 February 2024
Tangible assets
124,265
108,730
Inventories
173,846
166,813
Cash at bank and in hand
444,360
271,608
Creditors: amounts falling due within one year
(687,075)
(460,344)
Net current (liabilities)/assets
(4,019)
66,624
Total assets less current liabilities
120,246
175,354
Creditors: amounts falling due after more than one year
(31,013)
(58,384)
Provisions for liabilities
Deferred tax
(31,065)
(26,340)
Called up share capital
3
3
Profit and loss account
58,165
90,627
Shareholders' funds
58,168
90,630
For the year ending 29 February 2024 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 25 May 2024 and were signed on its behalf by
Stuart Crowther
Director
Company Registration No. 03783647
Powertec Vehicle Engineering Limited
Notes to the Accounts
for the year ended 29 February 2024
Powertec Vehicle Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 03783647. The registered office is Bath Works Spa Lane, Linthwaite, Huddersfield, HD7 5QB.
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:
Land & buildings
10% Straight Line
Plant & machinery
15% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
33% Straight Line
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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
Powertec Vehicle Engineering Limited
Notes to the Accounts
for the year ended 29 February 2024
Expenditure on research and development is written off in the year in which it is incurred.
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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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
Goodwill
At 29 February 2024
10,000
At 29 February 2024
10,000
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 March 2023
32,080
158,786
92,836
9,832
7,399
300,933
Additions
-
-
47,975
-
-
47,975
At 29 February 2024
32,080
158,786
140,811
9,832
7,399
348,908
At 1 March 2023
28,713
100,504
49,882
6,769
6,335
192,203
Charge for the year
3,367
8,742
16,739
459
3,133
32,440
At 29 February 2024
32,080
109,246
66,621
7,228
9,468
224,643
At 29 February 2024
-
49,540
74,190
2,604
(2,069)
124,265
At 28 February 2023
3,367
58,282
42,954
3,063
1,064
108,730
Powertec Vehicle Engineering Limited
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
Trade debtors
1,070
60,788
Accrued income and prepayments
4,806
-
Other debtors
58,974
27,759
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
35,000
33,000
Trade creditors
366,612
194,011
Taxes and social security
2,663
23,903
Other creditors
282,800
209,430
8
Creditors: amounts falling due after more than one year
2024
2023
9
Average number of employees
During the year the average number of employees was 8 (2023: 8).