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REGISTERED NUMBER: 09143339 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

POWERNETICS TECHNOLOGIES LIMITED

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


POWERNETICS TECHNOLOGIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







Director: Mr S Chada





Registered office: Jason Works
Clarence Street
Loughborough
Leicestershire
LE11 1DX





Registered number: 09143339 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 93,727 139,826

Current assets
Stocks 5 13,859 13,859
Debtors 6 239,527 595,634
Cash at bank 594,592 694,577
847,978 1,304,070
Creditors
Amounts falling due within one year 7 (260,911 ) (227,009 )
Net current assets 587,067 1,077,061
Total assets less current liabilities 680,794 1,216,887

Creditors
Amounts falling due after more than one
year

8

(53,091

)

(95,437

)
Net assets 627,703 1,121,450

Capital and reserves
Called up share capital 10 100 100
Retained earnings 627,603 1,121,350
Shareholders' funds 627,703 1,121,450

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

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 director and authorised for issue on 30 October 2024 and were signed by:





Mr S Chada - Director


POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Powernetics Technologies Limited 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.

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.

Going concern
The director and shareholder has agreed to continue to support the company and have deferred repayment of their loan accounts, therefore the accounts have been prepared on a going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The director has considered the stage completion, associated income and expenditure of long term contracts on a contract by contract basis and these have been disclosed under debtors or creditors in line with FRS 102 1A.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, net of the movement on recognition of amounts due on long-term funded contracts.

The timing of revenue recognition on long-term funded contracts depends on the assessed stage of completion of contract activity at the balance sheet date. This assessment requires the expected total contract revenues and costs to be estimated based on the current progress of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
Cost
At 1 February 2023 18,605 230,660 249,265
Additions 220 - 220
At 31 January 2024 18,825 230,660 249,485
Depreciation
At 1 February 2023 18,264 91,175 109,439
Charge for year 188 46,131 46,319
At 31 January 2024 18,452 137,306 155,758
Net book value
At 31 January 2024 373 93,354 93,727
At 31 January 2023 341 139,485 139,826

5. STOCKS
2024 2023
£ £
Stocks 13,859 13,859

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 221,751 193,310
Amounts receivable on contract 17,776 340,958
Corporation tax - 61,366
239,527 595,634

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 53,715 50,250
Trade creditors 50,349 10,725
Social security and other taxes 7,632 8,193
VAT 54,845 57,682
Directors' loan accounts 36,060 44,716
Accruals and deferred income 58,310 55,443
260,911 227,009

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 1-2 years 53,091 50,250
Bank loans - 2-5 years - 45,187
53,091 95,437

POWERNETICS TECHNOLOGIES LIMITED (REGISTERED NUMBER: 09143339)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 50,000 55,000
Between one and five years 50,000 95,833
100,000 150,833

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

The company was under the control of Mr S Chada throughout the current period. Mr S Chada is the majority shareholder. The Directors are the key management personnel.

The balance that still outstanding at the year-end with Powernetics Equipment (India) PVT Limited, a company under the control of Mr S Chada, a director of the company was:

20242023
£ £

Amounts owed to Powernetics Equipment (India) PVT Limited - -




During the period the company had the following transactions with Powernetics Equipment (India) PVT
Limited, a company under the control of Mr S Chada, a director of the company.

20242023
£ £

Goods and services from Powernetics Equipment (India) PVT Limited 295,242 287,351