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Registration number: 09432533

Wynne Power Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Wynne Power Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wynne Power Ltd

Company Information

Directors

Mr M G Wynne

Mrs P K H Hubble Wynne

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Wynne Power Ltd

(Registration number: 09432533)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

49,970

28,322

Investments

4

50

50

 

50,020

28,372

Current assets

 

Stocks

5

13,439

-

Debtors

6

333,120

314,697

Cash at bank and in hand

 

93,929

105,522

 

440,488

420,219

Creditors: Amounts falling due within one year

7

(47,186)

(26,252)

Net current assets

 

393,302

393,967

Total assets less current liabilities

 

443,322

422,339

Creditors: Amounts falling due after more than one year

7

(13,333)

(23,228)

Net assets

 

429,989

399,111

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

429,988

399,110

Shareholders' funds

 

429,989

399,111

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Wynne Power Ltd

(Registration number: 09432533)
Balance Sheet as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr M G Wynne
Director

 

Wynne Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line over 10 years

 

Wynne Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Office Equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Wynne Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Wynne Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

-

18,397

40,000

13,845

72,242

Additions

32,453

1,522

-

-

33,975

At 29 February 2024

32,453

19,919

40,000

13,845

106,217

Depreciation

At 1 March 2023

-

10,634

27,344

5,942

43,920

Charge for the year

4,868

2,320

3,164

1,975

12,327

At 29 February 2024

4,868

12,954

30,508

7,917

56,247

Carrying amount

At 29 February 2024

27,585

6,965

9,492

5,928

49,970

At 28 February 2023

-

7,763

12,656

7,903

28,322

Included within the net book value of land and buildings above is £27,585 (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

Wynne Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Investments

2024
£

2023
£

Investments in subsidiaries

50

50

Subsidiaries

£

Cost or valuation

At 1 March 2023

50

Provision

Carrying amount

At 29 February 2024

50

At 28 February 2023

50

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Associates

Offshore Project Alliance Ltd

431 Union Street,
The Capitol,
Aberdeen, AB11 6DA

Ordinary E shares

12.5%

12.5%

 

United Kingdom

     

Associates

Offshore Project Alliance Ltd

The principal activity of Offshore Project Alliance Ltd is management and engineering consultancy.

5

Stocks

2024
£

2023
£

Work in progress

13,439

-

 

Wynne Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

19,734

-

Amounts owed by related parties

10

224,950

224,950

Prepayments

 

1,095

1,984

Other debtors

 

87,341

87,763

   

333,120

314,697

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,002

Trade creditors

 

911

-

Taxation and social security

 

32,495

14,092

Accruals and deferred income

 

1,500

1,181

Other creditors

 

2,280

977

 

47,186

26,252

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,333

23,228

 

Wynne Power Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,333

23,228

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,002

10

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

157

157

Advanced

42,725

42,725

Repaid

(40,603)

(40,603)

At end of period

2,279

2,279

2023

Key management
£

Total
£

At start of period

157

157

At end of period

157

157