Registration number:
High Voltage Power Systems Limited
for the Year Ended 31 July 2024
High Voltage Power Systems Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
High Voltage Power Systems Limited
Company Information
Directors |
Mr J Lake Mr D Glew Mr M Nunn |
Registered office |
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Accountants |
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High Voltage Power Systems Limited
(Registration number: 13537471)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Non-current assets |
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Tangible assets |
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Current assets |
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Trade and other receivables |
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Cash at bank and in hand |
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Current liabilities: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
180 |
180 |
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Retained earnings |
305,069 |
232,630 |
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Shareholders' funds |
305,249 |
232,810 |
High Voltage Power Systems Limited
(Registration number: 13537471)
Balance Sheet as at 31 July 2024 (continued)
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
25% Reducing Balance |
Furniture and Fixtures |
25% Reducing Balance |
Motor Vehicles |
25% Reducing Balance |
Office Equipment |
4 Year Straight Line |
High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade receivables
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Additions |
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Disposals |
( |
( |
( |
( |
At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Trade and other receivables |
Current |
2024 |
2023 |
Trade receivables |
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Prepayments |
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Other trade and other receivables |
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Current liabilities |
Current liabilities: amounts falling due within one year
High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
6 |
Current liabilities (continued) |
2024 |
2023 |
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Due within one year |
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Trade payables |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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|
|
150 |
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150 |
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|
10 |
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10 |
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10 |
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10 |
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10 |
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10 |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of £ |
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Interim dividend of £ |
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Interim dividend of £ |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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187,709 |
42,529 |
Loans from related parties
2024 |
Key management |
Total |
At start of period |
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Advanced |
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At end of period |
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High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
11 |
Related party transactions (continued) |
2023 |
Key management |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Terms of loans from related parties
Transition to FRS 102 |
The financial statements for the year ended 31 December 2024 are the first prepared in accordance with FRS 102. The comparative information for the year ended 31 July 2023 has been restated from the previously reported figures under FRS 105 to reflect the accounting policies under FRS 102.
The transition date is 1 August 2022. As a result of the transition to FRS 102, the company has applied the requirements of Section 35 ‘Transition to FRS 102’. The transition has resulted in certain recognition, measurement, and disclosure differences compared to FRS 105. The key differences affecting the company is due to deferred tax: Under FRS 102, deferred tax is recognised on timing differences, including revaluations and accelerated capital allowances, which were not accounted for under FRS 105.
Balance Sheet at 1 August 2022
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Provisions for liabilities |
- |
9,294 |
- |
9,294 |
Capital and reserves |
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Retained earnings |
97,086 |
(9,294) |
- |
87,792 |
Total equity |
97,086 |
(9,294) |
- |
87,792 |
High Voltage Power Systems Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)
12 |
Transition to FRS 102 (continued) |
Balance Sheet at 31 July 2023
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Provisions for liabilities |
- |
20,408 |
- |
20,408 |
Capital and reserves |
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Retained earnings |
253,039 |
(20,408) |
- |
232,631 |
Total equity |
253,039 |
(20,408) |
- |
232,631 |