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Registered number: 07165123
PowerLink Energy Tech (UK) Co Ltd.
Financial Statements
For The Year Ended 31 March 2024
Overpaidtax Limited
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Statement of Changes in Equity 4
Notes to the Financial Statements 5—8
Page 1
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of PowerLink Energy Tech (UK) Co Ltd. for the year ended 31 March 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PowerLink Energy Tech (UK) Co Ltd. which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of PowerLink Energy Tech (UK) Co Ltd. , as a body, in accordance with the terms of our engagement letter dated 24 June 2024. Our work has been undertaken solely to prepare for your approval the accounts of PowerLink Energy Tech (UK) Co Ltd. and state those matters that we have agreed to state to the directors of PowerLink Energy Tech (UK) Co Ltd. , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PowerLink Energy Tech (UK) Co Ltd. and its directors as a body for our work or for this report.
It is your duty to ensure that PowerLink Energy Tech (UK) Co Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of PowerLink Energy Tech (UK) Co Ltd. . You consider that PowerLink Energy Tech (UK) Co Ltd. is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of PowerLink Energy Tech (UK) Co Ltd. . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
18/10/2024
Overpaidtax Limited
Chartered Accountants
The Media Centre
7 Northumberland Street
Huddersfield
HD1 1RL
Page 1
Page 2
Statement of Financial Position
Registered number: 07165123
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 365,570 423,824
365,570 423,824
CURRENT ASSETS
Stocks 5 4,318,368 2,008,825
Debtors 6 2,666,133 916,487
Investments 7 2 2
Cash at bank and in hand 311,108 849,715
7,295,611 3,775,029
Creditors: Amounts Falling Due Within One Year 8 (6,302,721 ) (3,075,213 )
NET CURRENT ASSETS (LIABILITIES) 992,890 699,816
TOTAL ASSETS LESS CURRENT LIABILITIES 1,358,460 1,123,640
Creditors: Amounts Falling Due After More Than One Year 9 (157,974 ) (201,799 )
NET ASSETS 1,200,486 921,841
CAPITAL AND RESERVES
Called up share capital 10 500,010 500,010
Income Statement 700,476 421,831
SHAREHOLDERS' FUNDS 1,200,486 921,841
Page 2
Page 3
For the year ending 31 March 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs H Yan
Director
18/10/2024
The notes on pages 5 to 8 form part of these financial statements.
Page 3
Page 4
Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 April 2022 as previously stated 500,010 15,826 515,836
Prior year adjustment - (21,689 ) (21,689 )
As at 1 April 2022 as restated 500,010 (5,863 ) 494,147
(5,863 )
Profit for the year and total comprehensive income - 451,762 451,762
Dividends paid - (24,068) (24,068)
As at 31 March 2023 and 1 April 2023 500,010 421,831 921,841
Profit for the year and total comprehensive income - 308,645 308,645
Dividends paid - (30,000) (30,000)
As at 31 March 2024 500,010 700,476 1,200,486
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Notes to the Financial Statements
1. General Information
PowerLink Energy Tech (UK) Co Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 07165123 . The registered office is Vickers Building Hurricane Close, Sherburn In Elmet, Leeds, LS25 6PB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% straight line
Plant & Machinery 10% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 20% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 4 4
Sales, marketing and distribution 9 5
Manufacturing 6 5
19 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 1,021,267 178,509 28,709 29,294 1,257,779
As at 31 March 2024 1,021,267 178,509 28,709 29,294 1,257,779
Depreciation
As at 1 April 2023 610,184 166,102 28,709 28,960 833,955
Provided during the period 51,063 6,937 - 254 58,254
As at 31 March 2024 661,247 173,039 28,709 29,214 892,209
Net Book Value
As at 31 March 2024 360,020 5,470 - 80 365,570
As at 1 April 2023 411,083 12,407 - 334 423,824
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Page 7
5. Stocks
2024 2023
£ £
Materials 542,132 772,207
Finished goods 3,776,236 1,236,618
4,318,368 2,008,825
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,334,826 238,611
Prepayments and accrued income 293,922 641,524
Other debtors 37,385 36,352
2,666,133 916,487
7. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 2 2
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,392,864 1,416,561
Corporation tax 27,680 29,603
Other taxes and social security 107,141 142,156
Other creditors 1,511,918 1,241,597
Dividends payable - Mrs H Yan 15,300 12,275
Dividends payable - Mr Y Zhang 11,700 9,386
Dividends payable - Yorpower 3,000 2,407
Accruals and deferred income 26,581 14,691
Directors' loan accounts 206,537 206,537
6,302,721 3,075,213
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 1-2 years 46,910 46,910
Bank loans - 2-5 years 87,110 112,155
Bank loans more than 5 yrs - 18,780
Other loans 23,954 23,954
157,974 201,799
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10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
510 Ordinary A shares of £ 500 each 255,000 255,000
390 Ordinary B shares of £ 500 each 195,000 195,000
100 Ordinary C shares of £ 500 each 50,000 50,000
10 Ordinary D shares of £ 1 each 10 10
500,010 500,010
11. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 30,000 24,068
The total distribution of dividends for the year ended 31 March 2024 was £30,000 (2023: £24,068). 
12. Related Party Transactions
Included within creditors amounts falling due after more than one year is a director's loan account of £206,537 (2022 £206,537) due to Mrs. H Yan
Included within trade creditors amounts falling due within one year is £4,173,841 (2023 £896,070) due to Power Link Machine (Shanghai) Co Limited
Included in trade debtors amount falling due within one year is £514,328 (2023 £42,578) from Yorpower Limited.
Included in trade debtors amount falling due within one year is £562,536 (2023 £725,781 ) from Power Link Machine (Shanghai) Co Limited.
Included in trade debtors amount falling due within one year is £667,110 (2023 £32,543 ) from Power Link American
13. Ultimate Controlling Party
The company is controlled by H Yan, a director, who owns the majority of the issued share capital.
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