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REGISTERED NUMBER: 00085951 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

Bells Power Solutions Ltd

Bells Power Solutions Ltd (Registered number: 00085951)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Financial Statements 14


Bells Power Solutions Ltd

COMPANY INFORMATION
for the Year Ended 30 June 2024







DIRECTORS: Mr M J T Murphy
Mr J M Murphy
Mr J R Davidson


SECRETARY: Mr M J T Murphy


REGISTERED OFFICE: Unit 8 Belvedere Business Park
Crabtree Manorway South
Belvedere
Kent
DA17 6AH


REGISTERED NUMBER: 00085951 (England and Wales)


SENIOR STATUTORY AUDITOR: Michael Amos


AUDITORS: Cooper Dawn Jerrom Limited
Statutory Auditors and Chartered Accountants
Units SCF 1 & 2
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ


BANKERS: Barclays Bank plc
1st Floor West Wing
Octagon House
Gadbrooke Park
Northwich
Cheshire
CW9 7RB


SOLICITORS: Cripps Pemberton Greenish
Number 22
Mount Ephraim
Tunbridge Wells
Kent
TN4 8AS

Bells Power Solutions Ltd (Registered number: 00085951)

STRATEGIC REPORT
for the Year Ended 30 June 2024

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


Bells Power Solutions Ltd (Registered number: 00085951)

STRATEGIC REPORT
for the Year Ended 30 June 2024

REVIEW OF BUSINESS
The company provides design, installation, maintenance and spare parts for Generator sets. This is provided principally to commercial entities in London and the South East of England.

Results and Performance
The results of the company for the year are as follows; Turnover for the company maintained a healthy year on year increase, 2024 £16,073m (2023: £17,261m). Profit on ordinary activities before tax decreased to £1,441m for the year (2023: £2,378m). Shareholders' funds for the company increased from £2.862m in 2023 to £3,301m for the year ending 30th June 2024.

The performance of the company during 2024 showed strong growth driven by a divergence into complimentary construction markets and growth of Bells Power Control systems Limited. The recovering construction market and the challenges faced by the issues surrounding Brexit and its effect on the supply chain are finally disappearing and have been navigated successfully. The loss of 2 Tier one main contractors within the year presented major problems that the group thankfully avoided significant losses on.

Bells Power Solutions Ltd at June 2024 had a strong contracted future sales pipeline which will continue to deliver turnover and increased levels of profit through 2025 and beyond,.its divergence into the Energy markets, Data centres and niche Control Systems will also ensure strong future performance.


Business Environment
The company operates within a selective environment with few other companies offering the same mix of complimentary skill sets, product offering and industry expertise, particularly in its geographic trading region.

It trades as a high end solutions and servicing proposition and actively steers away from low level price competitive environments where possible. Partnering with major construction companies and facility management companies allows the product to remain innovative and relevant at design level.

Its long standing dealership relationship with FG Wilson ensures it provides fully supported products to the market place.

Strategy
The company's success is driven by its complimentary portfolio and relationships with key clients. This strategy is being reinforced through 2025 with further complimentary key markets such as Data centres and Green Energy solutions,being targeted.

Our aim is to continue to provide broader solutions across construction and facilities management, strengthening our relationships with key clients. These relationships will be achieved by broadening our range of Strategic Alliances with key partners in both supply and commercial environments.

We aim to continue to maximise these opportunities and also target further cost reduction through consolidated procurement across the group. We will continue to extend our offering by increasing our partnership models, exploring new revenue streams and growing our export trade.

Key Performance Indicators. (KPI's)
2023 2024
Projects active 267 213 No. of active projects

PPM Growth

265

269
No. of maintenance
contracts
Employee retention 103% 98% No of employees at end of
month average over 12
month
Return on Capital
Employed

83.36%

44.78%

EBIT / Capital Employed

Bells Power Solutions Ltd (Registered number: 00085951)

STRATEGIC REPORT
for the Year Ended 30 June 2024

Customer Satisfaction 99.2% 99.6% No. of complaints received
as a %

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management, including internal and external audit process. Compliance with current regulation on Health and Safety, Environment, financial, legal and ethical standards remains a high priority for the Group.

We continue to commit to our ISO 9001, 18001 and 45001 process framework and we are actively working towards obtaining ISO27001.

The principal risks to the Group arise from competitive pricing versus quality of delivery. Delivery of service on a timely basis is also challenging in the current environment and pressure on cash collection from the Construction industries current practices has remained a challenge that we continually look to resolve. Additionally, we now face trading restrictions with our European partners and issues with global shipping of both products to client and raw materials to suppliers, we are actively sourcing continuous supply through diversity of supply partners to mitigate this. The board is aware of the increasing pressure on energy costs and is constantly reviewing its internal practices to minimise the effect on trade.

FUTURE DEVELOPMENTS
Developing and enforcing complimentary business activities across the wider group will allow us to deliver an A-Z life cycle from Design to install, through to maintenance, remedials and then onto replacement assets. Developing a strategy for this continues to be at the centre of the management teams focus.

The Group has identified a further niche marketplace within the retro fit and green energy market reducing energy bills on life standby sets by up to 70%, This will bring further diversity to the Group offering, and support our partnerships with clients in both pre design and retro fit.

Unique challenges created by our supplier's moving production to further parts of the global economy presents us with continuing logistical problems and this has led to an uplift in stocks held, A better understanding of how to solve this continuing problem is still key to future growth.

The Group aims to increase its sales through current income streams along the lines of its KPI's and to also diversify into further new complimentary business opportunities.

ON BEHALF OF THE BOARD:





Mr J R Davidson - Director


28 March 2025

Bells Power Solutions Ltd (Registered number: 00085951)

REPORT OF THE DIRECTORS
for the Year Ended 30 June 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of supply and install uninterruptable power supply units

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £ 625,000 .

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

Mr M J T Murphy
Mr J M Murphy
Mr J R Davidson

POLITICAL DONATIONS AND EXPENDITURE
During the year, company paid a total donation of £3,009.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

Bells Power Solutions Ltd (Registered number: 00085951)

REPORT OF THE DIRECTORS
for the Year Ended 30 June 2024


AUDITORS
The auditors, Cooper Dawn Jerrom Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J R Davidson - Director


28 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BELLS POWER SOLUTIONS LTD

Opinion
We have audited the financial statements of Bells Power Solutions Ltd (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and 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 30 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BELLS POWER SOLUTIONS LTD


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.

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 five, 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
BELLS POWER SOLUTIONS LTD


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:

We plan our audit procedures thoroughly prior to conducting fieldwork which includes data analytic techniques, sampling income and expenditure transactions, reviewing classes of transactions in the balance sheet in accordance with audit methodology as well as making enquiries with senior management and directors. Additional audit procedures are undertaken if we come across information that is inconsistent or we are unable to corroborate to information that we have been provided.

There will be inherent limitations within an audit assignment and there could be a risk that we will not be able to identify irregularities which could lead to a material mis-statement on the financial statements or non-compliance with laws or regulations. There is an increased risk, in that the more compliance with a law or regulations are removed from events and transactions reflected within the financial statements, will result in ourselves being less likely to become aware of instances of non-compliance. There is a much greater risk of irregularities occurring due to fraud rather than error as fraud involves an act of deliberate concealment, forgery, collusion, omissions or misrepresentations.

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.

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.




Michael Amos (Senior Statutory Auditor)
for and on behalf of Cooper Dawn Jerrom Limited
Statutory Auditors and Chartered Accountants
Units SCF 1 & 2
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ

28 March 2025

Bells Power Solutions Ltd (Registered number: 00085951)

STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   

REVENUE 16,073,720 17,261,383

Cost of sales (11,958,463 ) (13,465,074 )
GROSS PROFIT 4,115,257 3,796,309

Administrative expenses (2,999,273 ) (1,749,588 )
1,115,984 2,046,721

Other operating income 362,525 339,206
OPERATING PROFIT 5 1,478,509 2,385,927


Interest payable and similar
expenses

6

(37,508

)

(7,605

)
PROFIT BEFORE TAXATION 1,441,001 2,378,322

Tax on profit 7 (376,263 ) (304,884 )
PROFIT FOR THE FINANCIAL YEAR 1,064,738 2,073,438

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,064,738

2,073,438
Prior year adjustment 9 405,904
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

1,470,642

Bells Power Solutions Ltd (Registered number: 00085951)

STATEMENT OF FINANCIAL POSITION
30 June 2024

30.6.24 30.6.23 1.7.22
as restated
Notes £    £    £   
CURRENT ASSETS
Debtors 10 10,408,021 7,963,519 6,384,274
Cash at bank and in hand 457,599 1,721 55
10,865,620 7,965,240 6,384,329
CREDITORS
Amounts falling due within one
year

11

(7,563,680

)

(5,103,038

)

(5,049,565

)
NET CURRENT ASSETS 3,301,940 2,862,202 1,334,764
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,301,940

2,862,202

1,334,764
NET ASSETS 3,301,940 2,862,202 1,334,764

CAPITAL AND RESERVES
Called up share capital 14 4,051 4,051 4,051
Retained earnings 15 3,297,889 2,858,151 1,330,713
SHAREHOLDERS' FUNDS 3,301,940 2,862,202 1,334,764

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





Mr J R Davidson - Director


Bells Power Solutions Ltd (Registered number: 00085951)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 4,051 1,330,713 1,334,764

Changes in equity
Dividends - (546,000 ) (546,000 )
Total comprehensive income - 1,667,534 1,667,534
Balance at 30 June 2023 4,051 2,452,247 2,456,298
Prior year adjustment - 405,904 405,904
As restated 4,051 2,858,151 2,862,202

Changes in equity
Dividends - (625,000 ) (625,000 )
Total comprehensive income - 1,064,738 1,064,738
Balance at 30 June 2024 4,051 3,297,889 3,301,940

Bells Power Solutions Ltd (Registered number: 00085951)

STATEMENT OF CASH FLOWS
for the Year Ended 30 June 2024

30.6.24 30.6.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 19 1,392,383 976,740
Interest paid (37,508 ) (7,605 )
Tax paid (86,017 ) (15,565 )
Net cash from operating activities 1,268,858 953,570

Cash flows from financing activities
Amount introduced by directors 405,904 -
Amount withdrawn by directors (593,884 ) (405,904 )
Equity dividends paid (625,000 ) (546,000 )
Net cash from financing activities (812,980 ) (951,904 )

Increase in cash and cash equivalents 455,878 1,666
Cash and cash equivalents at
beginning of year

20

1,721

55

Cash and cash equivalents at
end of year

20

457,599

1,721

Bells Power Solutions Ltd (Registered number: 00085951)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Bells Power Solutions Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. these estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover, which excludes value added tax and other sales taxes, comprises the value of services provided. Turnover is recognised in the profit and loss account on receipt of submitted payment applications based on stage completion of projects by quantity surveyors.

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.

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
as restated
£    £   
Wages and salaries 2,704,317 1,772,172
Social security costs 134,656 95,826
Other pension costs 124,710 64,727
2,963,683 1,932,725

The average number of employees during the year was as follows:
30.6.24 30.6.23
as restated

Direct 5 5
Administration 24 20
29 25

Bells Power Solutions Ltd (Registered number: 00085951)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

30.6.24 30.6.23
as restated
£    £   
Directors' remuneration 266,408 32,837
Directors' pension contributions to money purchase
schemes

39,982

28,016

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

Money purchase schemes 3 3

Information regarding the highest paid director for the year ended 30 June 2024 is as follows:
30.6.24

£   
Emoluments etc 193,884
Pension contributions to money purchase schemes 15,240

5. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
as restated
£    £   
Auditors' remuneration 62,655 51,101
Taxation advisory services 6,450 10,900
Other non- audit services 2,125 20,900

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
as restated
£    £   
Interest payable 36,768 6,929
Fines & Penalties 740 676
37,508 7,605

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
as restated
£    £   
Current tax:
UK corporation tax 373,174 407,127
Tax Prior Year adjustment 3,089 (102,243 )

Tax on profit 376,263 304,884

Bells Power Solutions Ltd (Registered number: 00085951)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

7. TAXATION - continued

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

30.6.24 30.6.23
as restated
£    £   
Profit before tax 1,441,001 2,378,322
Profit multiplied by the standard rate of
corporation tax in the UK of 25% (2023 - 25%)

360,250

594,581

Effects of:
Expenses not deductible for tax purposes 12,924 3,492
Adjustments to tax charge in respect of previous
periods

(77,807

)

(102,243

)
Apportionment of tax at 19% for 2022 (adjustment) - (110,050 )
Additional Corporation Tax Liability on Prior Year Adjustment of BIK
80,896

(80,896

)
Total tax charge 376,263 304,884

8. DIVIDENDS
30.6.24 30.6.23
as restated
£    £   
Ordinary Shares shares of £1 each
Interim 625,000 546,000

9. PRIOR YEAR ADJUSTMENT

During prior years the company experienced rapid growth from £9m in 2021 to £17m in 2023, the Company faced challenges in its finance team's capacity, which consisted of only two people. A financial consultant was brought in to review processes, capabilities, and manpower. The key recommendations were to improve commercial infrastructure and increase finance team resources. Following this, the Company restructured the team and appointed a Group Financial Controller and an accounts assistant, easing the workload and better supporting its expanding business. With the enhanced support the finance director was able to review projects and highlighted the inaccuracies of the previous years' financial records. This brought about the realisation that a director had not been charged for work on his property.

Bells Power Solutions Ltd (Registered number: 00085951)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
as restated
£    £   
Trade debtors 535,467 953,211
Amounts owed by group undertakings 940,503 13,522
Amounts owed by associates 270,544 545,050
Amounts recoverable on
contract

7,791,492

5,780,156
Other debtors 230,040 240,695
Directors' current accounts 593,884 405,904
Prepayments 46,091 24,981
10,408,021 7,963,519

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
as restated
£    £   
Trade creditors 2,323,773 2,701,437
Amounts owed to group undertakings 817,031 384,367
Amounts owed to associates 1,839,002 529,479
Corporation Tax 849,303 559,057
Social security and other
taxes

513,903

85,329
Other creditors 1,096,141 739,584
Accruals and deferred income 124,527 103,785
7,563,680 5,103,038

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
as restated
£    £   
Within one year 220,004 165,752
Between one and five years 338,258 558,262
558,262 724,014

13. SECURED DEBTS

Included within other creditors is amounts relating to factoring with Bibby Factors Limited £938,566 (2023: £693,649) in which the company has secured against its book debts and the freehold property located at Unit 8 Belvedere Business Park, Crabtree Manorway South, Belvedere, Kent which is owned by controlling parent Bells Power Group Limited.

Bells Power Solutions Ltd (Registered number: 00085951)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: as
restated
£    £   
3,901 Ordinary Shares £1 3,901 3,901
3,000 Deferred Shares £0.05 150 150
4,051 4,051

15. RESERVES
Retained
earnings
£   

At 1 July 2023 2,452,247
Prior year adjustment 405,904
2,858,151
Profit for the year 1,064,738
Dividends (625,000 )
At 30 June 2024 3,297,889

16. ULTIMATE PARENT COMPANY

Bells Power Group Limited is regarded by the directors as being the company's ultimate parent company.

Copies of the group's accounts can be obtained from the registered address on the company information page.

17. 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.

At the year end £593,884 was owed to the company by Mr JM Murphy who is the substantial shareholder in the holding company.

Other related parties
30.6.24 30.6.23
as restated
£    £   
Sales 3,094,593 1,838,597
Purchases 6,478,538 2,563,895
Amount due from related party 270,544 545,050
Amount due to related party 1,839,001 529,479

Other related parties are non-group companies that the directors have significant influence upon

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M J T Murphy.

Bells Power Solutions Ltd (Registered number: 00085951)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2024

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

30.6.24 30.6.23
as restated
£    £   
Profit before taxation 1,441,001 2,378,322
Finance costs 37,508 7,605
1,478,509 2,385,927
Increase in inventories (2,011,336 ) -
Increase in trade and other debtors (245,186 ) (1,173,341 )
Increase/(decrease) in trade and other creditors 2,170,396 (235,846 )
Cash generated from operations 1,392,383 976,740

20. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 457,599 1,721
Year ended 30 June 2023
30.6.23 1.7.22
as restated
£    £   
Cash and cash equivalents 1,721 55


21. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 1,721 455,878 457,599
1,721 455,878 457,599
Total 1,721 455,878 457,599

22. CONTINGENCIES

There are cross guarantees in respect of the bank overdraft of this company with Bells Power Group Limited.