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Registered number: 02800445
Powell System Engineering Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Finsbury Robinson Ltd
237 Westcombe Hill
London
SE3 7DW
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 02800445
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,269,769 1,176,087
Investment Properties 5 - 479,833
Investments 6 70 70
1,269,839 1,655,990
CURRENT ASSETS
Stocks 2,491,531 2,626,147
Debtors 2,653,914 2,773,748
Cash at bank and in hand 1,027,718 164,699
6,173,163 5,564,594
Creditors: Amounts Falling Due Within One Year (1,426,734 ) (1,498,569 )
NET CURRENT ASSETS (LIABILITIES) 4,746,429 4,066,025
TOTAL ASSETS LESS CURRENT LIABILITIES 6,016,268 5,722,015
Creditors: Amounts Falling Due After More Than One Year (1,020,657 ) (622,929 )
NET ASSETS 4,995,611 5,099,086
CAPITAL AND RESERVES
Called up share capital 7 100,010 100,010
Income Statement 4,895,601 4,999,076
SHAREHOLDERS' FUNDS 4,995,611 5,099,086
Page 1
Page 2
For the year ending 30 April 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
Mr I C Powell
Director
28th October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Powell System Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02800445 . The registered office is Unit 2 Fitzroy Business Park, Sandy Lane, Sidcup, Kent, DA14 5NL.
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.
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 No depreciation
Leasehold 50 Years Straight Line
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 20% on reducing balance
Computer Equipment 33% on cost
2.4. Investment Properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in the income statement.
2.5. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
2.6. 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. 
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Page 3
Page 4
2.8. 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.
2.9. Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 33 (2023: 32)
33 32
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 May 2023 814,416 38,227 740,668 33,290
Additions - - 450,347 -
Disposals - - (292,499 ) -
As at 30 April 2024 814,416 38,227 898,516 33,290
Depreciation
As at 1 May 2023 69,452 17,258 339,939 32,501
Provided during the period 5,377 4,194 189,073 158
Disposals - - (141,950 ) -
As at 30 April 2024 74,829 21,452 387,062 32,659
Net Book Value
As at 30 April 2024 739,587 16,775 511,454 631
As at 1 May 2023 744,964 20,969 400,729 789
Computer Equipment Total
£ £
Cost
As at 1 May 2023 39,002 1,665,603
Additions 583 450,930
Disposals - (292,499 )
As at 30 April 2024 39,585 1,824,034
Depreciation
As at 1 May 2023 30,366 489,516
Provided during the period 7,897 206,699
Disposals - (141,950 )
As at 30 April 2024 38,263 554,265
Net Book Value
As at 30 April 2024 1,322 1,269,769
As at 1 May 2023 8,636 1,176,087
Page 4
Page 5
5. Investment Property
2024
£
Fair Value
As at 1 May 2023 479,833
Disposals (479,833 )
As at 30 April 2024 -
6. Investments
Other
£
Cost
As at 1 May 2023 70
As at 30 April 2024 70
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 70
As at 1 May 2023 70
The company's investents at the Statement of Financial Position date in the share capital of cmapnies include the follwoing:
Powell Maintenance Limited
Registered office: Unit 2 Fitzroy Buiness Park, Sandy Lane, Sidcup, Kent, DA14 5NL
Nature of business: The provision of maintenance services
Class of share: Ordinary
Holding: 70%
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
99,976 Ordinary Shares of £ 1.00 each 99,976 99,976
34 Ordinary B shares of £ 1.00 each 34 34
100,010 100,010
Page 5