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REGISTERED NUMBER: 05807625








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: Dr P Ellams
Mr P McGuane



SECRETARY: Dr P Ellams



REGISTERED OFFICE: Unit 1 Fairhills Trade Ctr
Fairhills Road
Irlam
Manchester
Lancashire
M44 6BA



REGISTERED NUMBER: 05807625



ACCOUNTANTS: Cadishead Accountancy Services Limited
Britannic House
657 Liverpool Road
Irlam
Manchester
Lancashire
M44 5XD



BANKERS: HSBC Bank plc
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.

Dr P Ellams
Mr P McGuane

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:





Mr P McGuane - Director


23 October 2024

POWER GEMS LIMITED (REGISTERED NUMBER: 05807625)

BALANCE SHEET
29 February 2024

29.2.24 28.2.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 18,766 24,938
Investments 5 350,000 400,000
368,766 424,938

CURRENT ASSETS
Stocks 1,765,371 1,225,548
Debtors 6 711,779 979,511
Cash at bank and in hand 1,229,398 1,638,643
3,706,548 3,843,702
CREDITORS
Amounts falling due within one year 7 (246,652 ) (469,688 )
NET CURRENT ASSETS 3,459,896 3,374,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,828,662

3,798,952

PROVISIONS FOR LIABILITIES (70,066 ) (55,683 )
NET ASSETS 3,758,596 3,743,269

CAPITAL AND RESERVES
Called up share capital 270 270
Share premium 170,476 170,476
Revaluation reserve 8 219,132 269,132
Retained earnings 3,368,718 3,303,391
SHAREHOLDERS' FUNDS 3,758,596 3,743,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





Dr P Ellams - Director


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 private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 10% on cost

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 15 (2023 - 20 ) .

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 174,201 119,059 10,829 304,089
Disposals - (817 ) - (817 )
At 29 February 2024 174,201 118,242 10,829 303,272
DEPRECIATION
At 1 March 2023 164,365 105,486 9,300 279,151
Charge for year 2,132 2,840 383 5,355
At 29 February 2024 166,497 108,326 9,683 284,506
NET BOOK VALUE
At 29 February 2024 7,704 9,916 1,146 18,766
At 28 February 2023 9,836 13,573 1,529 24,938

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 March 2023 400,000
Revaluations (50,000 )
At 29 February 2024 350,000
NET BOOK VALUE
At 29 February 2024 350,000
At 28 February 2023 400,000

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 451,130 819,429
Amounts owed by group undertakings 206,168 104,650
Other debtors 54,481 55,432
711,779 979,511

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade creditors 103,303 322,370
Amounts owed to group undertakings 92,647 31,685
Taxation and social security 10,619 84,239
Other creditors 40,083 31,394
246,652 469,688

8. RESERVES
Revaluation
reserve
£   
At 1 March 2023 269,132
Revaluation (50,000 )

At 29 February 2024 219,132

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 Mr P Ellams and Mr P McGuane.