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Registration number: 13537471

High Voltage Power Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

High Voltage Power Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

High Voltage Power Systems Limited

Company Information

Directors

Mr J Lake

Mr D Glew

Mr M Nunn

Registered office

C2 Cirrus Court
Aviation Park
Bournemouth International Airport
Christchurch
Dorset
BH23 6BW

Accountants

Harney & Co Limited
Chartered Certified Accountants58 Kinson Road
Bournemouth
Dorset
BH10 4AN

 

High Voltage Power Systems Limited

(Registration number: 13537471)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Non-current assets

 

Tangible assets

4

259,242

122,185

Current assets

 

Trade and other receivables

5

161,606

120,854

Cash at bank and in hand

 

130,363

163,601

 

291,969

284,455

Current liabilities: Amounts falling due within one year

6

(184,947)

(153,422)

Net current assets

 

107,022

131,033

Total assets less current liabilities

 

366,264

253,218

Provisions for liabilities

(61,015)

(20,408)

Net assets

 

305,249

232,810

Capital and reserves

 

Called up share capital

7

180

180

Retained earnings

305,069

232,630

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

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

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
Mr J Lake
Director

.........................................
Mr D Glew
Director

.........................................
Mr M Nunn
Director

 

High Voltage Power Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
C2 Cirrus Court
Aviation Park
Bournemouth International Airport
Christchurch
Dorset
BH23 6BW

The financial statements have been prepared for the year using the accounting standard FRS 102 section 1A for small entities, as compared to FRS 105 for the previous accounting period. The reason for this change in preparation is due to the company exceeding the thresholds for two consecutive years for the application of FRS 105. Comparatives have been restated as per the accounting standards.

These financial statements were authorised for issue by the Board on 15 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These 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

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

High Voltage Power Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

15,617

86,541

58,667

160,825

Additions

17,542

128,048

63,650

209,240

Disposals

(3,013)

(24,791)

(9,106)

(36,910)

At 31 July 2024

30,146

189,798

113,211

333,155

Depreciation

At 1 August 2023

2,741

17,555

18,344

38,640

Charge for the year

5,320

22,844

18,313

46,477

Eliminated on disposal

(1,004)

(7,747)

(2,453)

(11,204)

At 31 July 2024

7,057

32,652

34,204

73,913

Carrying amount

At 31 July 2024

23,089

157,146

79,007

259,242

At 31 July 2023

12,876

68,986

40,323

122,185

5

Trade and other receivables

Current

2024
£

2023
£

Trade receivables

113,029

86,757

Prepayments

19,241

12,198

Other trade and other receivables

29,336

21,899

 

161,606

120,854

6

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
£

Due within one year

Trade payables

71,574

76,217

Taxation and social security

49,941

58,558

Accruals and deferred income

6,980

5,848

Other creditors

56,452

12,799

184,947

153,422

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

150

150

150

150

Ordinary B shares of £1 each

10

10

10

10

Ordinary C shares of £1 each

10

10

10

10

Ordinary D shares of £1 each

10

10

10

10

180

180

180

180

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

16,344

14,342

Later than one year and not later than five years

9,301

26,753

25,645

41,095

The amount of non-cancellable operating lease payments recognised as an expense during the year was £15,449 (2023 - £7,030).

 

High Voltage Power Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £4,800.00 per each Ordinary B shares

48,000

48,000

Interim dividend of £6,000.00 per each Ordinary C shares

60,000

60,000

Interim dividend of £6,180.00 (2023 - £500.00) per each Ordinary D shares

61,800

5,000

169,800

113,000

10

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 £25,645 (2023 - £41,095). In the year, the company entered into an operating lease agreement commencing on 19 January 2023 for three years. As at 31 July 2023, the company was committed to further rental payments totalling £41,095. Of this amount, £16,344 is expected to be paid within 12 months from the balance sheet date, and £9,301 is expected to be paid between 1 and 5 years after the balance sheet date.

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

37,709

9,429

Contributions paid to money purchase schemes

150,000

33,100

187,709

42,529

Loans from related parties

2024

Key management
£

Total
£

At start of period

12,798

12,798

Advanced

21,262

21,262

At end of period

34,060

34,060

 

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

44,681

44,681

Repaid

(31,883)

(31,883)

At end of period

12,798

12,798

Terms of loans from related parties

Loans owed to directors are included in other creditors due within 1 year. The loans are interest free and repayable on demand.
 

12

Transition to FRS 102

For the year ended 31 July 2024, the company has transitioned from FRS 105 (The Financial Reporting Standard applicable to the Micro-entities Regime) to FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) for the first time.

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
£

Provisions for liabilities

-

9,294

-

9,294

Capital and reserves

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
£

Provisions for liabilities

-

20,408

-

20,408

Capital and reserves

Retained earnings

253,039

(20,408)

-

232,631

Total equity

253,039

(20,408)

-

232,631