Company registration number 03891811 (England and Wales)
POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
G A Park
B A Waddell
Z A Nasr
D K Hughes
Company number
03891811
Registered office
C/O Monetta LLP
232 Stamford Street Central
Ashton-Under-Lyne
OL6 7NQ
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
306,425
588,721
Cash at bank and in hand
621,710
383,002
928,135
971,723
Creditors: amounts falling due within one year
6
(245,090)
(287,248)
Net current assets
683,045
684,475
Net assets
683,045
684,475
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
682,845
684,275
Total equity
683,045
684,475

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 April 2025 and are signed on its behalf by:
G A Park
Director
Company Registration No. 03891811
POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Power Construction Services International Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Monetta LLP, 232 Stamford Street Central, Ashton-Under-Lyne, OL6 7NQ.

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.

The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis in preparing the financial statements.true

The current and future financial position of the company, its cash flows and liquidity position have been reviewed by the directors. Cashflow projections including sensitivities have been prepared that extend beyond one year from the date of approval of these financial statements.

 

The company has also obtained assurances that its parent entity will continue to provide such financial support as necessary to assist the business and to facilitate the development and growth of the company to meet the long term objectives of its investors. The directors have satisfied themselves as to the validity of these assurances and that its parent entity has the means and authority to provide such funding if it is required.

 

As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Revenue represents labour and overhead charges receivable from group entities. It is recognised in the period to which the services relate.

 

Other operating income is included in the financial statements when received.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Straight line over 3 years
Fixtures and fittings
Straight line over 3 years
Furniture and office equipment
Straight line over 3 years

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

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Where a reasonable and consistent basis of allocation can be identified, assets are allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
29
29
2024
2023
£
£
Wages and salaries
2,198,979
1,860,306
Social security costs
231,703
208,073
Pension costs
174,287
123,351
2,604,969
2,191,730
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 and 31 December 2024
67,069
Depreciation and impairment
At 1 January 2024 and 31 December 2024
67,069
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
304,252
582,071
Other debtors
1
1,353
304,253
583,424
Deferred tax asset
2,171
5,297
306,424
588,721
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
22,964
34,272
Corporation tax
55,047
51,797
Other taxation and social security
105,697
124,447
Other creditors
61,382
76,732
245,090
287,248
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David MacCallum
Statutory Auditor:
Azets Audit Services
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
£
£
157,784
258,049
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

POWER CONSTRUCTION SERVICES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Related party transactions
(Continued)
- 8 -

Masaood John Brown International LLC is a related party by common control. Sales of £2,895,118 (2023: £2,819,686) were entered into with Masaood John Brown International LLC, which includes the wages recharged per Note 6. At the Statement of Financial Position date the amount due from Masaood John Brown International LLC was £232,898 (2023: £231,134) and the amount due to Masaood John Brown International LLC was £Nil (2023: £Nil). The amounts outstanding are unsecured for cash settlement in accordance with usual terms.

 

Masaood John Brown International Limited is a related party by common control. Sales of £749,176 (2023: £680,852) were entered into with Masaood John Brown International Limited. During the year Power Construction Services International Limited recharged £749,176 (2023: £680,852 ) of costs to Masaood John Brown International Limited. At the Statement of Financial Position date the amount due from Masaood John Brown International Limited was £71,353 (2023: £350,937). The amounts outstanding are unsecured for cash settlement in accordance with usual terms.

 

Dividends of £82,500 (2023: £67,500) and £82,500 (2023: £67,500) were paid during the year to Turbine Holdings Ltd and MBM Overseas Limited respectively.

10
Controlling party

Power Construction Services International Limited is owned 50% by Turbine Holdings Ltd and 50% by MBM Overseas Limited. Both companies are incorporated in the British Virgin Islands. The registered address of Turbine Holdings Ltd is PO BOX 3162, Woodbourne Hall, Road Town, Tortola, BVI. Its registered number is 1850424. The registered address of MBM Overseas Limited is PO BOX 3162, Woodbourne Hall, Road Town, Tortola, BVI. Its registered number is 442079.

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