REGISTERED NUMBER: |
FLEXIBLE POWER SYSTEMS LTD |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Prepayments and accrued income |
Cash in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 8 |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
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 |
Additions |
At 30 September 2024 |
Net book value |
At 30 September 2024 |
At 30 September 2023 |
5. | Tangible fixed assets |
Computer |
equipment |
£ |
Cost |
At 1 October 2023 |
and 30 September 2024 |
Depreciation |
At 1 October 2023 |
and 30 September 2024 |
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 |
Other debtors |
Tax |
VAT |
7. | Creditors: amounts falling due within one year |
30/9/24 | 30/9/23 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 9) |
Other loans (see note 9) |
Trade creditors |
Social security and other taxes |
Pension Creditors | 4,343 | 4,243 |
VAT | - | 5,171 |
Other creditors |
Accruals and deferred income |
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 |
Bank Loans | 21,300 | 31,246 |
Government Loan | 1,490,442 | 724,314 |
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 |
Government Loan | - | 9,687 |