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REGISTERED NUMBER: 10980144 (England and Wales)












FLEXIBLE POWER SYSTEMS LTD

Unaudited Financial Statements

for the Year Ended 30 September 2024






FLEXIBLE POWER SYSTEMS LTD (REGISTERED NUMBER: 10980144)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FLEXIBLE POWER SYSTEMS LTD

Company Information
for the Year Ended 30 September 2024







Directors: M Ayres
A Gray





Registered office: The Oast House, Moat Lane,
Cowden
Edenbridge
United Kingdom
TN8 7DP





Registered number: 10980144 (England and Wales)





Accountants: Michael Price Associates Ltd
NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY

FLEXIBLE POWER SYSTEMS LTD (REGISTERED NUMBER: 10980144)

Balance Sheet
30 September 2024

30/9/24 30/9/23
as restated
Notes £    £    £    £   
Fixed assets
Intangible assets 4 1,467,272 777,503
Tangible assets 5 - -
1,467,272 777,503

Current assets
Debtors 6 533,650 250,415
Prepayments and accrued income 407,218 105,795
Cash in hand 272,904 164,830
1,213,772 521,040
Creditors
Amounts falling due within one year 7 170,814 174,609
Net current assets 1,042,958 346,431
Total assets less current liabilities 2,510,230 1,123,934

Creditors
Amounts falling due after more than one year 8 1,565,827 769,212
Net assets 944,403 354,722

Capital and reserves
Called up share capital 29,473 19,401
Share premium 1,176,684 330,600
Other reserves 17,956 17,956
Retained earnings (279,710 ) (13,235 )
944,403 354,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by:



M Ayres - Director


FLEXIBLE POWER SYSTEMS LTD (REGISTERED NUMBER: 10980144)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. Statutory information

Flexible Power Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:
Intangibles 5-10 years straight line basis

The directors are not currently amortising these assets, given that the asset is still in the build phase

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative
impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land,
at rates calculated to write off the cost, less estimated residual value, of each asset evenly over
its expected useful life, as follows:

Computer Equipment @ 25% Straight Line

Taxation
Taxation for the year comprises current 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
Contributions to defined contribution plans are expensed in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 23 (2023 - 17 ) .

FLEXIBLE POWER SYSTEMS LTD (REGISTERED NUMBER: 10980144)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. Intangible fixed assets
Development
costs
£   
Cost
At 1 October 2023 777,503
Additions 689,769
At 30 September 2024 1,467,272
Net book value
At 30 September 2024 1,467,272
At 30 September 2023 777,503

5. Tangible fixed assets
Computer
equipment
£   
Cost
At 1 October 2023
and 30 September 2024 5,070
Depreciation
At 1 October 2023
and 30 September 2024 5,070
Net book value
At 30 September 2024 -
At 30 September 2023 -

6. Debtors: amounts falling due within one year
30/9/24 30/9/23
as restated
£    £   
Trade debtors 51,659 38,276
Other debtors 12,200 2,316
Tax 467,687 209,823
VAT 2,104 -
533,650 250,415

7. Creditors: amounts falling due within one year
30/9/24 30/9/23
as restated
£    £   
Bank loans and overdrafts (see note 9) 9,870 9,808
Other loans (see note 9) - 9,687
Trade creditors 33,471 29,938
Social security and other taxes 108,790 43,480
Pension Creditors 4,343 4,243
VAT - 5,171
Other creditors 13,140 3,965
Accruals and deferred income 1,200 68,317
170,814 174,609

FLEXIBLE POWER SYSTEMS LTD (REGISTERED NUMBER: 10980144)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. Creditors: amounts falling due after more than one year
30/9/24 30/9/23
as restated
£    £   
Other creditors 54,085 13,652
Bank Loans 21,300 31,246
Government Loan 1,490,442 724,314
1,565,827 769,212

9. Loans

An analysis of the maturity of loans is given below:

30/9/24 30/9/23
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,870 9,808
Government Loan - 9,687
9,870 19,495