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Company registration number: 12987715
Failsworth Power Solutions Limited
Unaudited filleted financial statements
31 October 2024
Failsworth Power Solutions Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Failsworth Power Solutions Limited
Directors and other information
Directors Mr D Ellis
Mr P Higgins
Company number 12987715
Registered office 41 Brooks Drive
Failsworth
M35 0LZ
Accountant JP Gallagher & Co
106 Moston Lane East
Manchester
M35 9BG
Failsworth Power Solutions Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Current assets
Stocks 850 750
Debtors 6 34,759 14,353
Cash at bank and in hand 10,241 3,874
_______ _______
45,850 18,977
Creditors: amounts falling due
within one year 7 ( 37,216) ( 16,317)
_______ _______
Net current assets 8,634 2,660
_______ _______
Total assets less current liabilities 8,634 2,660
_______ _______
Net assets 8,634 2,660
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,534 2,560
_______ _______
Shareholders funds 8,634 2,660
_______ _______
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Mr D Ellis
Director
Company registration number: 12987715
Failsworth Power Solutions Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 41 Brooks Drive, Failsworth, M35 0LZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Stocks
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 25,140 24,585
_______ _______
5. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 32,000 28,000
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 34,759 8,545
Other debtors - 5,808
_______ _______
34,759 14,353
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 12,832 7,150
Social security and other taxes 21,678 7,995
Other creditors 2,706 1,172
_______ _______
37,216 16,317
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D Ellis ( 346) ( 382) ( 728)
Mr P Higgins ( 346) ( 382) ( 728)
_______ _______ _______
( 692) ( 764) ( 1,456)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D Ellis ( 2,469) 2,123 ( 346)
Mr P Higgins ( 2,469) 2,123 ( 346)
_______ _______ _______
( 4,938) 4,246 ( 692)
_______ _______ _______