Company registration number 04004486 (England and Wales)
Power Engineering Services Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 May 2024
PAGES FOR FILING WITH REGISTRAR
Power Engineering Services Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Power Engineering Services Limited
Statement of financial position
as at 31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
179,633
221,720
Current assets
Stocks
902,822
308,557
Debtors
2,142,522
1,579,853
Cash at bank and in hand
1,399,916
1,114,342
4,445,260
3,002,752
Creditors: amounts falling due within one year
(2,537,057)
(1,067,975)
Net current assets
1,908,203
1,934,777
Total assets less current liabilities
2,087,836
2,156,497
Provisions for liabilities
5
(44,908)
(40,234)
Net assets
2,042,928
2,116,263
Capital and reserves
Called up share capital
800
800
Profit and loss reserves
2,042,128
2,115,463
Total equity
2,042,928
2,116,263
Power Engineering Services Limited
Statement of financial position (continued)
as at 31 May 2024
- 2 -

For the financial year ended 31 May 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
G Foxcroft
Director
Company registration number 04004486 (England and Wales)
Power Engineering Services Limited
Notes to the financial statements
for the year ended 31 May 2024
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised upon the provision of goods and services.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
33.33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Power Engineering Services Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
1
Accounting policies
(continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
31
27
3
Intangible fixed assets
Total
£
Cost
At 1 June 2023 and 31 May 2024
30,000
Amortisation and impairment
At 1 June 2023 and 31 May 2024
30,000
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
Power Engineering Services Limited
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
172,004
157,140
49,301
129,097
507,542
Additions
-
0
-
0
-
0
26,990
26,990
Disposals
-
0
-
0
-
0
(21,999)
(21,999)
At 31 May 2024
172,004
157,140
49,301
134,088
512,533
Depreciation and impairment
At 1 June 2023
60,618
130,629
41,032
53,543
285,822
Depreciation charged in the year
23,127
8,838
8,269
23,541
63,775
Eliminated in respect of disposals
-
0
-
0
-
0
(16,697)
(16,697)
At 31 May 2024
83,745
139,467
49,301
60,387
332,900
Carrying amount
At 31 May 2024
88,259
17,673
-
0
73,701
179,633
At 31 May 2023
111,386
26,511
8,269
75,554
221,720
5
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
44,908
40,234
6
Parent company

The parent company of Power Engineering Services Limited is Power Engineering Services (LEEDS) Limited, a company registered in the UK.

The ultimate controlling party of Power Engineering Services Limited is Triton Project Group Holdings Limited, a company registered in the UK.

7
Company information

Power Engineering Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Tong Road Industrial Estate, Amberley Road, Wortley, Leeds, West Yorkshire, LS12 4BD.

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