IRIS Accounts Production v24.3.2.46 12434583 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities The principal activity of the company is design, manufacture ,sale & servicing of waste heat recovery units and associated equipment .These services are mainly to the worldwide Oil, Gas and Power Industries. 3 4 true false true true false false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124345832023-06-30124345832024-06-30124345832023-07-012024-06-30124345832022-06-30124345832022-07-012023-06-30124345832023-06-3012434583ns15:EnglandWales2023-07-012024-06-3012434583ns14:PoundSterling2023-07-012024-06-3012434583ns10:Director12023-07-012024-06-3012434583ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3012434583ns10:MediumEntities2023-07-012024-06-3012434583ns10:Audited2023-07-012024-06-3012434583ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3012434583ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3012434583ns10:FullAccounts2023-07-012024-06-301243458312023-07-012024-06-3012434583ns10:OrdinaryShareClass12023-07-012024-06-3012434583ns10:Director22023-07-012024-06-3012434583ns10:Director32023-07-012024-06-3012434583ns10:RegisteredOffice2023-07-012024-06-3012434583ns5:CurrentFinancialInstruments2024-06-3012434583ns5:CurrentFinancialInstruments2023-06-3012434583ns5:ShareCapital2024-06-3012434583ns5:ShareCapital2023-06-3012434583ns5:RetainedEarningsAccumulatedLosses2024-06-3012434583ns5:RetainedEarningsAccumulatedLosses2023-06-3012434583ns5:ShareCapital2022-06-3012434583ns5:RetainedEarningsAccumulatedLosses2022-06-3012434583ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3012434583ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3012434583ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3012434583ns5:PatentsTrademarksLicencesConcessionsSimilar2023-07-012024-06-3012434583ns15:UnitedKingdom2023-07-012024-06-3012434583ns15:UnitedKingdom2022-07-012023-06-3012434583ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-07-012024-06-3012434583ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-07-012023-06-3012434583ns5:OwnedAssets2023-07-012024-06-3012434583ns5:OwnedAssets2022-07-012023-06-3012434583ns5:PatentsTrademarksLicencesConcessionsSimilar2022-07-012023-06-3012434583ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-3012434583ns5:PatentsTrademarksLicencesConcessionsSimilar2024-06-3012434583ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-3012434583ns5:MotorVehicles2023-06-3012434583ns5:ComputerEquipment2023-06-3012434583ns5:MotorVehicles2023-07-012024-06-3012434583ns5:ComputerEquipment2023-07-012024-06-3012434583ns5:MotorVehicles2024-06-3012434583ns5:ComputerEquipment2024-06-3012434583ns5:MotorVehicles2023-06-3012434583ns5:ComputerEquipment2023-06-3012434583ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3012434583ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3012434583ns5:DeferredTaxation2023-06-3012434583ns5:DeferredTaxation2023-07-012024-06-3012434583ns5:DeferredTaxation2024-06-3012434583ns10:OrdinaryShareClass12024-06-3012434583ns5:RetainedEarningsAccumulatedLosses2023-06-30
REGISTERED NUMBER: 12434583 (England and Wales)






















Struthers Energy & Power Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30th June 2024






Struthers Energy & Power Limited (Registered number: 12434583)






Contents of the Financial Statements
for the year ended 30th June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Struthers Energy & Power Limited

Company Information
for the year ended 30th June 2024







DIRECTORS: N Burton
M J Graves
M M Hill





REGISTERED OFFICE: Millennium Works,
Valletta Street
Hull
East Yorkshire
HU9 5NP





REGISTERED NUMBER: 12434583 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Struthers Energy & Power Limited (Registered number: 12434583)

Strategic Report
for the year ended 30th June 2024

The directors present their strategic report for the year ended 30th June 2024.

PRINCIPAL ACTIVITIES

The principal activities of the company during the period are that of marketing, design, supply , project management and commissioning of Offshore Waste Heat Recovery Units (WHRU) to the worldwide offshore oil and gas market.

The company also design and construct Waste to Energy plants (WtE) and are focussing initially on UK markets.

REVIEW OF BUSINESS
The Directors again report pleasing growth in line with predictions. Turnover having increased during the period by 22% and margins have been maintained. The business continues to run a lean operating philosophy so as to remain competitive . Product is manufactured wholly in the UK and the Directors report that the client base continue to praise that concept .A key indicator of great project performance being the ongoing repeat business with Major Oil and Gas and EPC Companies.

Forecast looks increasingly optimistic, the company carries over a healthy order book. The web of agents now covering most areas Worldwide is providing an increased flow of projects. The product itself is fast becoming the ''favoured'' technology and on that basis the Directors are confident that order intake during the next financial period will again increase significantly .

Further recruitment is underway and the company are now planning to increase the office space to accommodate the continuous increase in business activity and head count.

The company realises that the market for WHRU is competitive , but have no immediate intention of moving manufacture to the ''Low cost'' countries in line with most competitors. Our client base is becoming more aware of ''right first time'', ''on time'' and ''high levels of quality'' together with low carbon footprint from the UK build, something the company is particularly proud of. The Directors report incredibly positive feedback from existing customers on completed projects enjoying the economic benefits of having the design and build under one roof. The Struthers designs being increasingly adopted by a growing client base .

Although the companies Patented designs are well proven research and development continues and a continuous improvement programme refines the already excellent WHRU design.

During the period the Directors report much R&D work has also been afforded to its patented WtE design.
A reference plant is currently under construction having gone through extensive design review and further innovative additions.

The Directors can confirm their continued commitment to health and safety together with ongoing support to the companies quality control regime including successful re accreditation to ISO 9001:2015.

GOING CONCERN.
The directors believe the company is well placed to manage its business risks successfully despite the uncertainties surrounding current economic environment and accordingly continue to adopt the going concern basis in preparing the annual report and accounts

PRINCIPAL RISKS AND UNCERTAINTIES
Key risks to the business can be mitigated as they arise, the Directors are confident that the company has the ability to do so not least though further diversification and commercial management together with the support of its parent company.

KEY PERFORMANCE INDICATORS
The Directors report that performance in each area of the business is constantly monitored. Adjustments are made along with improvements as required against performance reporting.


Struthers Energy & Power Limited (Registered number: 12434583)

Strategic Report
for the year ended 30th June 2024

FINANCIAL RISK MANAGEMENT
Finances are monitored daily/weekly with cash flow prediction and strong credit control in hand to ensure financial stability.

ON BEHALF OF THE BOARD:





N Burton - Director


26th March 2025

Struthers Energy & Power Limited (Registered number: 12434583)

Report of the Directors
for the year ended 30th June 2024

The directors present their report with the financial statements of the company for the year ended 30th June 2024.

DIVIDENDS
No dividends will be distributed for the year ended 30th June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report.

N Burton
M J Graves
M M Hill

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Burton - Director


26th March 2025

Report of the Independent Auditors to the Members of
Struthers Energy & Power Limited

Opinion
We have audited the financial statements of Struthers Energy & Power Limited (the 'company') for the year ended 30th June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th June 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Struthers Energy & Power Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Struthers Energy & Power Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Struthers Energy & Power Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Dearing BSc FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

26th March 2025

Struthers Energy & Power Limited (Registered number: 12434583)

Income Statement
for the year ended 30th June 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 5,615,682 4,620,801

Cost of sales 4,689,473 3,728,415
GROSS PROFIT 926,209 892,386

Distribution costs 30,942 10,408
Administrative expenses 317,123 304,952
348,065 315,360
OPERATING PROFIT and
PROFIT BEFORE TAXATION 578,144 577,026

Tax on profit 6 (159,255 ) 55,875
PROFIT FOR THE FINANCIAL YEAR 737,399 521,151

Struthers Energy & Power Limited (Registered number: 12434583)

Balance Sheet
30th June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 326,071 380,416
Tangible assets 8 33,615 35,312
359,686 415,728

CURRENT ASSETS
Stocks 9 - 110,939
Debtors 10 2,027,811 1,168,265
Cash at bank 1,044,616 245,168
3,072,427 1,524,372
CREDITORS
Amounts falling due within one year 11 1,608,228 853,543
NET CURRENT ASSETS 1,464,199 670,829
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,823,885

1,086,557

PROVISIONS FOR LIABILITIES 12 - 71
NET ASSETS 1,823,885 1,086,486

CAPITAL AND RESERVES
Called up share capital 13 500,000 500,000
Retained earnings 14 1,323,885 586,486
SHAREHOLDERS' FUNDS 1,823,885 1,086,486

The financial statements were approved by the Board of Directors and authorised for issue on 26th March 2025 and were signed on its behalf by:





N Burton - Director


Struthers Energy & Power Limited (Registered number: 12434583)

Statement of Changes in Equity
for the year ended 30th June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st July 2022 500,000 65,335 565,335

Changes in equity
Total comprehensive income - 521,151 521,151
Balance at 30th June 2023 500,000 586,486 1,086,486

Changes in equity
Total comprehensive income - 737,399 737,399
Balance at 30th June 2024 500,000 1,323,885 1,823,885

Struthers Energy & Power Limited (Registered number: 12434583)

Cash Flow Statement
for the year ended 30th June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 817,246 (682,384 )
Tax paid 817 13,837
Net cash from operating activities 818,063 (668,547 )

Cash flows from investing activities
Purchase of tangible fixed assets (18,615 ) (42,000 )
Net cash from investing activities (18,615 ) (42,000 )

Increase/(decrease) in cash and cash equivalents 799,448 (710,547 )
Cash and cash equivalents at
beginning of year

2

245,168

955,715

Cash and cash equivalents at end of
year

2

1,044,616

245,168

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Cash Flow Statement
for the year ended 30th June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 578,144 577,026
Depreciation charges 74,658 61,033
652,802 638,059
Decrease/(increase) in stocks 110,939 (110,939 )
Increase in trade and other debtors (886,147 ) (898,039 )
Increase/(decrease) in trade and other creditors 939,652 (311,465 )
Cash generated from operations 817,246 (682,384 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 1,044,616 245,168
Year ended 30th June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 245,168 955,715


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank 245,168 799,448 1,044,616
245,168 799,448 1,044,616
Total 245,168 799,448 1,044,616

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Financial Statements
for the year ended 30th June 2024

1. STATUTORY INFORMATION

Struthers Energy & Power Limited 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The financial statements have been prepared on a going concern basis which the directors consider appropriate.The directors are confident that the company's relations with its customers and suppliers, and its current trading, leave the company well placed to manage its business risk successfully.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Significant judgements and estimates
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

In respect of long term contracts there is inevitably some uncertainty on the anticipated costs to completion. However, only in those cases where, in the directors opinion, those can be estimated reliably is any attributable profit accounted for.

Turnover
Revenue represents sales to outside customers, net of VAT and trade discounts, in the ordinary course of business for goods supplied as a principle and for services provided.

Sales of products are recognised when the significant risks and rewards of ownership are transferred to the customer and they have a legally binding obligation to settle under the terms of the contract.

In the case of long term contracts providing that the outcome can be assessed with reasonable certainty, the revenues and costs on such contracts are recognised based on stage of completion and overall contract profitability.

Full provision is made for any estimated losses on completion of contracts having regard for the overall substance of the arrangements.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Contract work in progress is included in debtors stated at net realisable value. Cumulative turnover (i.e. the total turnover recorded in respect of the contract in the profit and loss accounts of all accounting periods since inception of the contract) is compared with total payments on account. If turnover exceeds payments on account an "amount recoverable on contracts" is established and separately disclosed within debtors. If payments on account are greater than turnover to date, the excess is classified within creditors.

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.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 1,424,398 521,035
Rest of the world 4,191,284 4,099,766
5,615,682 4,620,801

The turnover and profit before tax are attributable to the principal activity of the company. The total amount of contract revenue recognised in the period was £5,615,682 (2023 £4,620,801).

4. EMPLOYEES AND DIRECTORS

20242023
££
Salaries159,775188,040
Social security costs18,16623,045
Other pension costs2,2163,436
180,157214,521
The average number of employees during the year was as follows:
20242023

Management34

2024 2023
£    £   
Directors' remuneration 104,178 96,967
Directors' pension contributions to money purchase schemes 1,598 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 20,312 6,688
Other intangible assets amortisation 54,345 54,345
Auditors' remuneration 10,500 5,000
Foreign exchange differences 19,731 9,705

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 84,967
Prior year overprovision (99,380 ) (44,826 )
Group relief - 15,663
Total current tax (99,380 ) 55,804

Deferred tax (59,875 ) 71
Tax on profit (159,255 ) 55,875

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 578,144 577,026
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

144,536

144,257

Effects of:
Expenses not deductible for tax purposes 1,136 1,624
Utilisation of tax losses - (26,508 )
Adjustments to tax charge in respect of previous periods (99,380 ) (29,163 )
Change in tax rate - (18,672 )
Group relief - (15,663 )
Deferred tax overprovided in previous year (52,583 ) -
R&D claim (152,964 ) -
Total tax (credit)/charge (159,255 ) 55,875

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

7. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st July 2023
and 30th June 2024 543,451
AMORTISATION
At 1st July 2023 163,035
Amortisation for year 54,345
At 30th June 2024 217,380
NET BOOK VALUE
At 30th June 2024 326,071
At 30th June 2023 380,416

8. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st July 2023 42,000 - 42,000
Additions 17,220 1,395 18,615
At 30th June 2024 59,220 1,395 60,615
DEPRECIATION
At 1st July 2023 6,688 - 6,688
Charge for year 20,312 - 20,312
At 30th June 2024 27,000 - 27,000
NET BOOK VALUE
At 30th June 2024 32,220 1,395 33,615
At 30th June 2023 35,312 - 35,312

9. STOCKS
2024 2023
£    £   
Raw materials - 110,939

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,015,429 1,104,753
Amounts owed by group undertakings 45,504 -
Amounts recoverable on long term
contracts

881,527

-
Corporation tax 13,596 29,500
Other taxes - 23,739
Deferred tax asset 59,804 -
Prepayments 11,951 10,273
2,027,811 1,168,265

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Payments on account 1,023,401 -
Trade creditors 398,279 222,417
Amounts owed to group undertakings - 327,630
Corporation tax - 84,967
Social security and other taxes 99,211 5,340
Other creditors 4,640 193,967
Accruals and deferred income 82,697 19,222
1,608,228 853,543

12. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 71

Deferred
tax
£   
Balance at 1st July 2023 71
Credit to Income Statement during year (59,875 )
Balance at 30th June 2024 (59,804 )

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500,000 Ordinary £1 500,000 500,000

Struthers Energy & Power Limited (Registered number: 12434583)

Notes to the Financial Statements - continued
for the year ended 30th June 2024

14. RESERVES
Retained
earnings
£   

At 1st July 2023 586,486
Profit for the year 737,399
At 30th June 2024 1,323,885

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is C F Struthers Limited. The ultimate parent undertaking is C F Struthers (Holdings) Limited for which group financial statements are prepared. The registered office of the ultimate parent company is Millennium Works, Valletta Street, Hedon Road, Hull, East Yorkshire, HU9 5NP. Copies of the C F Struthers (Holdings) Limited's financial statements can be obtained from Companies House.

The ultimate controlling party is N Burton.