REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
POWER GEMS LIMITED |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
POWER GEMS LIMITED |
POWER GEMS LIMITED (REGISTERED NUMBER: 05807625) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 7 |
POWER GEMS LIMITED |
COMPANY INFORMATION |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Britannic House |
657 Liverpool Road |
Irlam |
Manchester |
Lancashire |
M44 5XD |
BANKERS: |
4 Hardman Square |
Spinningfields |
Manchester |
M3 3EB |
POWER GEMS LIMITED (REGISTERED NUMBER: 05807625) |
REPORT OF THE DIRECTORS |
for the Year Ended 29 February 2024 |
The directors present their report with the financial statements of the company for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of specialist lighting control equipment manufacturer. |
DIRECTORS |
The directors set out in the table below have held office during the whole of the period from 1 March 2023 to the date of this report. |
The directors shown below were in office at 29 February 2024 but did not hold any interest in the Ordinary shares of £1 each at 1 March 2023 or 29 February 2024. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
POWER GEMS LIMITED (REGISTERED NUMBER: 05807625) |
BALANCE SHEET |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
POWER GEMS LIMITED (REGISTERED NUMBER: 05807625) |
BALANCE SHEET - continued |
29 February 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
POWER GEMS LIMITED (REGISTERED NUMBER: 05807625) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Power Gems Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
POWER GEMS LIMITED (REGISTERED NUMBER: 05807625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Disposals | ( |
) | ( |
) |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 1 March 2023 |
Revaluations | ( |
) |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Cost or valuation at 29 February 2024 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2024 | (50,000 | ) |
Valuation in 2023 | 123,304 |
Valuation in 2019 | (23,978 | ) |
Valuation in 2016 | (36,412 | ) |
Valuation in 2015 | (50,879 | ) |
Valuation in 2014 | 286,965 |
Cost | 101,000 |
350,000 |
POWER GEMS LIMITED (REGISTERED NUMBER: 05807625) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 29 February 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2023 |
Revaluation | (50,000 | ) |
At 29 February 2024 |
9. | RELATED PARTY DISCLOSURES |
As a subsidiary company Power Gems Corporation is a related party. During the year the company sold goods to Power Gems Corporation totalling £43,922 (2023 - £391,348). At the year end date Power Gems Corporation owed Power Gems Limited a total of £nil (2023 - £31,685), and Power Gems Limited owed Power Gems Corporation £92,647 (2023 - £nil). |
As parent company Power Gems Holdings Limited is a related party. During the year the company purchased services from Power Gems Holdings Limited totalling £24,000 (2023 - £24,000). At the year end date Power Gems Holdings Limited owed Power Gems Limited a total of £205,297 (2023 - £104,650). |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Power Gems Holdings Limited. |
The ultimate controlling party is |