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Registration number: 06076724

WARE POWER & LIGHTING LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

WARE POWER & LIGHTING LIMITED

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

WARE POWER & LIGHTING LIMITED

Company Information

Director

MR PHILIP JOHN FARRAR

Company secretary

MISS MICHELLE TURNER

Registered office

64 CHELMSFORD ROAD
HOLLAND ON SEA
ESSEX
CO15 5DJ

Bankers

HSBC
72 HIGH STREET
WARE
Hertfordshire
SG12 9AH

Accountants

Jacques and Associates Ltd ICPA

64 CHELMSFORD ROAD
HOLLAND ON SEA
ESSEX
CO15 5DJ

 

WARE POWER & LIGHTING LIMITED

(Registration number: 06076724)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,314

5,824

Current assets

 

Debtors

5

88,373

94,418

Cash at bank and in hand

 

133,985

150,593

 

222,358

245,011

Creditors: Amounts falling due within one year

6

(84,057)

(86,757)

Net current assets

 

138,301

158,254

Total assets less current liabilities

 

165,615

164,078

Creditors: Amounts falling due after more than one year

6

(29,844)

(40,493)

Net assets

 

135,771

123,585

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

135,761

123,575

Shareholders' funds

 

135,771

123,585

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director on 28 November 2024
 

.........................................
MR PHILIP JOHN FARRAR
Director

 

WARE POWER & LIGHTING LIMITED

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
64 CHELMSFORD ROAD
HOLLAND ON SEA
ESSEX
CO15 5DJ

The principal place of business is:
134 KING GEORGE ROAD
WARE
Hertfordshire
SG12 7DP

These financial statements were authorised for issue by the director on 28 November 2024.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

WARE POWER & LIGHTING LIMITED

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

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

Plant & machinery

25% Reducing balance

Fixtures & fittings

25% Reducing balance

Motor vehicles

25% Reducing balance

I.T. equipment

25% Reducing balance

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.

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

 

WARE POWER & LIGHTING LIMITED

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

WARE POWER & LIGHTING LIMITED

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

24,078

9,500

33,578

Additions

787

29,808

30,595

At 29 February 2024

24,865

39,308

64,173

Depreciation

At 1 March 2023

18,555

9,199

27,754

Charge for the year

1,578

7,527

9,105

At 29 February 2024

20,133

16,726

36,859

Carrying amount

At 29 February 2024

4,732

22,582

27,314

At 28 February 2023

5,523

301

5,824

5

Debtors

Current

2024
£

2023
£

Trade debtors

88,373

93,785

Other debtors

-

633

 

88,373

94,418

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,131

639

Trade creditors

 

23,156

8,112

Taxation and social security

 

19,165

1,132

Accruals and deferred income

 

340

25,370

Other creditors

 

37,265

51,504

 

84,057

86,757

Creditors: amounts falling due after more than one year

 

WARE POWER & LIGHTING LIMITED

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

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

29,844

40,493

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,844

40,493

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

4,131

639

9

Dividends

2024

2023

£

£

Interim dividend of £2,500.00 (2023 - £2,500.00) per ordinary share

25,000

25,000

 

 

10

Related party transactions

 

WARE POWER & LIGHTING LIMITED

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,135

14,743

Contributions paid to money purchase schemes

297

256

16,432

14,999