Ward Power Limited 02107580 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is design and build generators. Digita Accounts Production Advanced 6.30.9574.0 true 02107580 2023-04-01 2024-03-31 02107580 2024-03-31 02107580 bus:OrdinaryShareClass1 2024-03-31 02107580 bus:OrdinaryShareClass2 2024-03-31 02107580 bus:OrdinaryShareClass3 2024-03-31 02107580 core:CapitalRedemptionReserve 2024-03-31 02107580 core:RetainedEarningsAccumulatedLosses 2024-03-31 02107580 core:RevaluationReserve 2024-03-31 02107580 core:ShareCapital 2024-03-31 02107580 core:CurrentFinancialInstruments 2024-03-31 02107580 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02107580 core:Non-currentFinancialInstruments 2024-03-31 02107580 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02107580 core:FurnitureFittings 2024-03-31 02107580 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02107580 core:PlantMachinery 2024-03-31 02107580 bus:SmallEntities 2023-04-01 2024-03-31 02107580 bus:Audited 2023-04-01 2024-03-31 02107580 bus:FullAccounts 2023-04-01 2024-03-31 02107580 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02107580 bus:RegisteredOffice 2023-04-01 2024-03-31 02107580 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 02107580 bus:Director1 2023-04-01 2024-03-31 02107580 bus:Director2 2023-04-01 2024-03-31 02107580 bus:Director5 2023-04-01 2024-03-31 02107580 bus:Director6 2023-04-01 2024-03-31 02107580 bus:Director7 2023-04-01 2024-03-31 02107580 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02107580 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 02107580 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 02107580 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02107580 core:ComputerEquipment 2023-04-01 2024-03-31 02107580 core:FurnitureFittings 2023-04-01 2024-03-31 02107580 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02107580 core:LeaseholdImprovements 2023-04-01 2024-03-31 02107580 core:PlantMachinery 2023-04-01 2024-03-31 02107580 core:ParentEntities 2023-04-01 2024-03-31 02107580 countries:EnglandWales 2023-04-01 2024-03-31 02107580 2023-03-31 02107580 core:FurnitureFittings 2023-03-31 02107580 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02107580 core:PlantMachinery 2023-03-31 02107580 2022-04-01 2023-03-31 02107580 2023-03-31 02107580 bus:OrdinaryShareClass1 2023-03-31 02107580 bus:OrdinaryShareClass2 2023-03-31 02107580 bus:OrdinaryShareClass3 2023-03-31 02107580 core:CapitalRedemptionReserve 2023-03-31 02107580 core:RetainedEarningsAccumulatedLosses 2023-03-31 02107580 core:RevaluationReserve 2023-03-31 02107580 core:ShareCapital 2023-03-31 02107580 core:CurrentFinancialInstruments 2023-03-31 02107580 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02107580 core:Non-currentFinancialInstruments 2023-03-31 02107580 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02107580 core:FurnitureFittings 2023-03-31 02107580 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02107580 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02107580

Ward Power Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Ward Power Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Ward Power Limited

Company Information

Directors

Mr Sanjay Laxman Raut

Mr Sunil Manohar Pai Kane

Mr Atul Devidas Pai Kane

Mr Jose Jeronimo Fernandes

Mr Suchant Manohar Pai Kane

Mr Alexander Reynolds

Company secretary

Mr Atul Devidas Pai Kane

Registered office

68 Nottingham Road
Eastwood
Nottingham
NG16 3NQ

Auditors

TCP (GB) Audit LLP
Independent Auditor
10 The Triangle
Ng2 Business Park
Nottingham
NG2 1AE

 

Ward Power Limited

(Registration number: 02107580)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

228,127

243,452

Current assets

 

Stocks

6

284,429

198,429

Debtors

7

2,394,461

1,766,931

Cash at bank and in hand

 

85

90

 

2,678,975

1,965,450

Creditors: Amounts falling due within one year

8

(1,693,934)

(1,105,724)

Net current assets

 

985,041

859,726

Total assets less current liabilities

 

1,213,168

1,103,178

Creditors: Amounts falling due after more than one year

8

(931,570)

(971,340)

Provisions for liabilities

(10,054)

(9,079)

Net assets

 

271,544

122,759

Capital and reserves

 

Called up share capital

9

47,500

47,500

Capital redemption reserve

47,500

47,500

Revaluation reserve

138,920

138,920

Retained earnings

37,624

(111,161)

Shareholders' funds

 

271,544

122,759

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 December 2024 and signed on its behalf by:
 

.........................................
Mr Jose Jeronimo Fernandes
Director

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
68 Nottingham Road
Eastwood
Nottingham
NG16 3NQ
England

The principal place of business is:
Wardpower Works
Wicker Lane
Sheffield
S3 8HQ

These financial statements were authorised for issue by the Board on 18 December 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.

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.

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the
respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Long-term leasehold property

Straight line over the lease term

Plant and machinery

15% Reducing balance

Fixtures and fittings

15% Reducing balance

Computer equipment

3 years straight line and 5 years straight line

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.

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

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.

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

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.

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 directors) during the year, was 7 (2023 - 12).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,688

17,496

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

265,000

177,051

115,307

557,358

Additions

-

1,004

1,359

2,363

At 31 March 2024

265,000

178,055

116,666

559,721

Depreciation

At 1 April 2023

70,386

152,808

90,712

313,906

Charge for the year

7,568

6,369

3,751

17,688

At 31 March 2024

77,954

159,177

94,463

331,594

Carrying amount

At 31 March 2024

187,046

18,878

22,203

228,127

At 31 March 2023

194,614

24,243

24,595

243,452

Included within the net book value of land and buildings above is £187,046 (2023 - £194,614) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

284,429

198,429

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

833,299

335,191

Amounts owed by related parties

11

1,500

1,500

Prepayments

 

17,883

23,334

Other debtors

 

1,541,779

1,406,906

   

2,394,461

1,766,931

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

291,752

496,477

Trade creditors

 

1,128,138

460,080

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

-

15,000

Taxation and social security

 

152,690

7,179

Accruals and deferred income

 

98,914

98,763

Other creditors

 

22,440

28,225

 

1,693,934

1,105,724

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

12,235

22,436

Other non-current financial liabilities

 

919,335

948,904

 

931,570

971,340

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

15,000

15,000

15,000

15,000

Ordinary A of £1 each

23,750

23,750

23,750

23,750

Ordinary B of £1 each

8,750

8,750

8,750

8,750

47,500

47,500

47,500

47,500

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,235

22,436

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,204

9,952

Bank overdrafts

281,548

478,915

Other borrowings

-

7,610

291,752

496,477

11

Related party transactions

The Company has taken advantage of the provisions of FRS102 s33.1A not to report transactions with fellow Group members wholly owned by the ultimate party undertaking.

Summary of transactions with parent


  The smallest group which prepares consolidated financial statements which include the assets and results of the Company as at 31 March 2024 is headed by Power Engineering (India) Pvt. Ltd; a company incorporated in India with a registered office of c/o Power Engineering (India) Pvt Ltd, Plot 58A. Tuem. Pernem, Goa 403512. India.

 

Ward Power Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

12 Auditors information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 18.12.2024 by Rachel Wheldon FCA on behalf of TCP (GB) Audit LLP.