Company Registration No. 08531944 (England and Wales)
Constant Power Solutions Ltd
Unaudited accounts
for the year ended 30 April 2024
Constant Power Solutions Ltd
Unaudited accounts
Contents
Constant Power Solutions Ltd
Company Information
for the year ended 30 April 2024
Company Number
08531944 (England and Wales)
Registered Office
Unit 4 The Vivars Industrial Centre
Vivars Way Canal Road
Selby
North Yorkshire
YO8 8BE
England
Accountants
Pure Cloud Accountancy Limited
Constant Power Solutions Ltd
Statement of financial position
as at 30 April 2024
Tangible assets
1,280,237
1,338,609
Inventories
883,442
1,009,893
Cash at bank and in hand
1,833
60,764
Creditors: amounts falling due within one year
(1,175,222)
(1,581,855)
Net current assets
397,020
371,711
Total assets less current liabilities
1,677,258
1,710,321
Creditors: amounts falling due after more than one year
(671,245)
(708,284)
Provisions for liabilities
Net assets
1,006,013
996,037
Called up share capital
2
4
Capital redemption reserve
2
-
Profit and loss account
1,006,009
996,033
Shareholders' funds
1,006,013
996,037
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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 December 2024 and were signed on its behalf by
B Wu
Director
Company Registration No. 08531944
Constant Power Solutions Ltd
Notes to the Accounts
for the year ended 30 April 2024
Constant Power Solutions Ltd is a private company, limited by shares, registered in England and Wales, registration number 08531944. The registered office is Unit 4 The Vivars Industrial Centre, Vivars Way Canal Road, Selby, North Yorkshire, YO8 8BE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are presented in £ sterling which is the functional currency of the entity.
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the
time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10 years straight line basis
Motor vehicles
5 years straight line basis
Computer equipment
3 to 4 year straight line basis
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Constant Power Solutions Ltd
Notes to the Accounts
for the year ended 30 April 2024
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be
received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the
carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition
criteria, they are recognised as a liability.
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Constant Power Solutions Ltd
Notes to the Accounts
for the year ended 30 April 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 May 2023
1,207,067
85,869
123,681
74,294
50,597
1,541,508
Additions
-
5,395
-
1,416
2,253
9,064
Disposals
(539)
-
(80,110)
-
-
(80,649)
At 30 April 2024
1,206,528
91,264
43,571
75,710
52,850
1,469,923
At 1 May 2023
-
32,335
78,576
55,960
36,028
202,899
Charge for the year
-
8,677
11,109
10,579
11,182
41,547
On disposals
-
-
(54,760)
-
-
(54,760)
At 30 April 2024
-
41,012
34,925
66,539
47,210
189,686
At 30 April 2024
1,206,528
50,252
8,646
9,171
5,640
1,280,237
At 30 April 2023
1,207,067
53,534
45,105
18,334
14,569
1,338,609
5
Investments
Subsidiary undertakings
Valuation at 30 April 2024
1
Amounts falling due within one year
Trade debtors
595,471
603,656
Accrued income and prepayments
73,055
261,550
Other debtors
18,441
17,703
Constant Power Solutions Ltd
Notes to the Accounts
for the year ended 30 April 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
816,202
896,736
Trade creditors
215,695
607,480
Taxes and social security
(2,856)
5,960
Other creditors
39,288
62,366
Loans from directors
32,380
5,880
HSBC Bank plc holds a fixed and floating charge over all property and undertaking of the business.
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
671,245
708,284
HSBC Bank plc holds a fixed and floating charge over all property and undertaking of the business.
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
4
10
Capital contribution reserve
On 30 March 2024 the Company purchased 200 £0.01 ordinary shares for cancellation. The aggregate amount paid for these shares was £35,873.03.
11
Transactions with related parties
Included within other creditors is a loan of £34,255 due to a close family member of a director.
12
Average number of employees
During the year the average number of employees was 17 (2023: 23).