REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
POWERNETICS TECHNOLOGIES LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
At 31 January 2024 |
Depreciation |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
Net book value |
At 31 January 2024 |
At 31 January 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts receivable on contract |
Corporation tax |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT |
Directors' loan accounts |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
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 |
Between one and five years |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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: |
2024 | 2023 |
£ | £ |
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. |
2024 | 2023 |
£ | £ |
Goods and services from Powernetics Equipment (India) PVT Limited | 295,242 | 287,351 |