REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
Bells Power Solutions Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
BANKERS: |
1st Floor West Wing |
Octagon House |
Gadbrooke Park |
Northwich |
Cheshire |
CW9 7RB |
SOLICITORS: |
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: |
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 £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
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: |
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. |
for and on behalf of |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
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 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,115,984 | 2,046,721 |
Other operating income |
OPERATING PROFIT | 5 |
Interest payable and similar expenses |
6 |
( |
) |
( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Prior year adjustment | 9 |
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 | 6,384,274 |
Cash at bank and in hand |
6,384,329 |
CREDITORS |
Amounts falling due within one year |
11 |
( |
) |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Prior year adjustment | - |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from financing activities |
Amount introduced by directors | 405,904 | - |
Amount withdrawn by directors | (593,884 | ) | (405,904 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
20 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Social security costs |
Other pension costs |
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 |
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 |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director for the year ended 30 June 2024 is as follows: |
30.6.24 |
£ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Auditors' remuneration |
Taxation advisory services |
Other non- audit services |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Interest payable |
Fines & Penalties |
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 |
Tax Prior Year adjustment | 3,089 | (102,243 | ) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
( |
) |
( |
) |
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 |
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 |
Amounts owed by group undertakings |
Amounts owed by associates |
Amounts recoverable on contract |
Other debtors |
Directors' current accounts | 593,884 | 405,904 |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 1,839,002 | 529,479 |
Corporation Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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 |
Between one and five years |
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 |
£ | £ |
Ordinary Shares | £1 | 3,901 | 3,901 |
Deferred Shares | £0.05 | 150 | 150 |
4,051 | 4,051 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Prior year adjustment |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
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. |
30.6.24 | 30.6.23 |
as | restated |
£ | £ |
Sales |
Purchases |
Amount due from related party |
Amount due to related party |
18. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
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 |
Finance costs | 37,508 | 7,605 |
1,478,509 | 2,385,927 |
Increase in inventories | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | 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. |