Company registration number 03310055 (England and Wales)
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
90,370
272,865
Current assets
Debtors
5
2,239,538
1,546,633
Cash at bank and in hand
79,498
639,052
2,319,036
2,185,685
Creditors: amounts falling due within one year
6
(1,918,282)
(1,790,126)
Net current assets
400,754
395,559
Total assets less current liabilities
491,124
668,424
Creditors: amounts falling due after more than one year
7
(7,500)
(17,500)
Provisions for liabilities
(22,592)
(47,641)
Net assets
461,032
603,283
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
461,030
603,281
Total equity
461,032
603,283
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
Mr R F Millard
Director
Company registration number 03310055 (England and Wales)
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
Powerpoint Electrical Contractors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Pullman Business Park, Pullman Way, Ringwood, Hampshire, BH24 1HD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
22
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
150,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
150,000
Carrying amount
At 31 August 2024
At 31 August 2023
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
68,776
26,749
82,785
367,028
545,338
Additions
8,296
6,653
14,949
Disposals
(244,837)
(244,837)
At 31 August 2024
77,072
26,749
89,438
122,191
315,450
Depreciation and impairment
At 1 September 2023
48,020
20,838
70,995
132,620
272,473
Depreciation charged in the year
6,873
1,492
4,146
40,914
53,425
Eliminated in respect of disposals
(100,818)
(100,818)
At 31 August 2024
54,893
22,330
75,141
72,716
225,080
Carrying amount
At 31 August 2024
22,179
4,419
14,297
49,475
90,370
At 31 August 2023
20,756
5,911
11,790
234,408
272,865
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,921,597
1,440,427
Amounts owed by group undertakings
107,307
Other debtors
210,634
106,206
2,239,538
1,546,633
POWERPOINT ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
930,598
905,878
Corporation tax
39,197
Other taxation and social security
77,827
53,131
Other creditors
860,660
821,117
1,918,282
1,790,126
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,500
17,500
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
19,000
19,000
Between two and five years
1,583
20,583
20,583
39,583