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Registration number: 00713501

Power-Sprays Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2024

 

Power-Sprays Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Power-Sprays Limited

Company Information

Directors

I G White

Mrs A J White

Registered office

Avonmouth Way
Avonmouth
Bristol
BS11 9YA

Accountants

G W Jones & Co
Accoutants
Office 1 The Coach House
24-26 Station Road
Shirehampton
Bristol
BS11 9TX

 

Power-Sprays Limited

(Registration number: 00713501)
Abridged Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

432,940

233,638

Investments

5

614,669

614,669

 

1,047,609

848,307

Current assets

 

Stocks

6

460,560

563,180

Debtors

7

625,256

700,054

Cash at bank and in hand

 

4,678,328

3,989,915

 

5,764,144

5,253,149

Prepayments and accrued income

 

25,805

25,172

Creditors: Amounts falling due within one year

8.1

(475,964)

(242,284)

Net current assets

 

5,313,985

5,036,037

Total assets less current liabilities

 

6,361,594

5,884,344

Creditors: Amounts falling due after more than one year

8.2

(5,000)

-

Provisions for liabilities

(71,539)

(35,661)

Accruals and deferred income

 

(52,337)

(111,081)

Net assets

 

6,232,718

5,737,602

Capital and reserves

 

Called up share capital

9

41,098

41,098

Share premium reserve

27,333

27,333

Capital redemption reserve

10,000

10,000

Retained earnings

6,154,287

5,659,171

Shareholders' funds

 

6,232,718

5,737,602

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Power-Sprays Limited

(Registration number: 00713501)
Abridged Balance Sheet as at 31 October 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 February 2025 and signed on its behalf by:
 

.........................................
I G White
Director

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Avonmouth Way
Avonmouth
Bristol
BS11 9YA

These financial statements were authorised for issue by the Board on 28 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

The financial statements contain information about Power-Sprays Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual installments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differeces are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold

10% on cost

Fixtures and fittings

10% on cost

Plant and machinery

10% on cost

Motor vehicle

25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2023 - 27).

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

398,605

223,656

199,925

699,793

1,521,979

Additions

1,440

3,121

126,609

156,901

288,071

Disposals

-

-

-

(20,000)

(20,000)

At 31 October 2024

400,045

226,777

326,534

836,694

1,790,050

Depreciation

At 1 November 2023

361,142

184,310

171,848

571,041

1,288,341

Charge for the year

19,661

7,501

22,128

39,479

88,769

Eliminated on disposal

-

-

-

(20,000)

(20,000)

At 31 October 2024

380,803

191,811

193,976

590,520

1,357,110

Carrying amount

At 31 October 2024

19,242

34,966

132,558

246,174

432,940

At 31 October 2023

37,463

39,346

28,077

128,752

233,638

Included within the net book value of land and buildings above is £19,242 (2023 - £37,464) in respect of freehold land and buildings.
 

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

5

Investments

Total
£

Cost or valuation

At 1 November 2023

614,669

Provision

Carrying amount

At 31 October 2024

614,669

At 31 October 2023

614,669

2024
£

2023
£

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Fibre Technologies International Limited

Avonmouth Way
Avonmouth
Bristol
BS11 9YS

England

Ordinary £1 shares

100%

100%

Subsidiary undertakings

Fibre Technologies International Limited

The principal activity of Fibre Technologies International Limited is import and distribution of glass fibre which is used to reinforce cement composites.

6

Stocks

2024
£

2023
£

Other inventories

460,560

563,180

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,500 (2023 - £Nil).

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £5,000 (2023 - £Nil).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

41,098

41,098

41,098

41,098

       

10

Dividends

2024

2023

£

£

Interim dividend of £4.52 (2023 - £18.06) per ordinary share

185,550

742,200

 

 

11

Related party transactions

 

Power-Sprays Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

50,000

-

12

Parent and ultimate parent undertaking

The company's immediate parent is Power-Sprays Limited NewCo Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Power-Sprays NewCo Limited. These financial statements are available upon request from Avonmouth Way, Avonmouth, Bristol BS11 9YA

 The ultimate controlling party is I G White.