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Company Registration No. NI056355 (Northern Ireland)
Nexus Power Ltd Unaudited accounts for the year ended 31 August 2024
Nexus Power Ltd Unaudited accounts Contents
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Nexus Power Ltd Company Information for the year ended 31 August 2024
Directors
Mr R Pauley Mr B McNally
Company Number
NI056355 (Northern Ireland)
Registered Office
1 Church Street Fintona Co Tyrone BT78 2BR
Accountants
A D Pottie & Co Ltd 1 Church Street Fintona Tyrone BT78 2BR
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Nexus Power Ltd Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
7,809 
15,618 
Tangible assets
158,679 
168,161 
166,488 
183,779 
Current assets
Inventories
250,043 
34,000 
Debtors
750,902 
1,251,943 
Cash at bank and in hand
143,631 
97,380 
1,144,576 
1,383,323 
Creditors: amounts falling due within one year
(834,112)
(1,151,826)
Net current assets
310,464 
231,497 
Total assets less current liabilities
476,952 
415,276 
Creditors: amounts falling due after more than one year
(91,437)
(94,501)
Provisions for liabilities
Deferred tax
(1)
(26,434)
Net assets
385,514 
294,341 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
385,414 
294,241 
Shareholders' funds
385,514 
294,341 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by
Mr R Pauley Director Company Registration No. NI056355
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Nexus Power Ltd Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
Nexus Power Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI056355. The registered office is 1 Church Street, Fintona, Co Tyrone, BT78 2BR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance
Motor vehicles
20% Reducing Balance
Fixtures & fittings
20% Reducing Balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Nexus Power Ltd Notes to the Accounts for the year ended 31 August 2024
4
Intangible fixed assets
Other 
£ 
Cost
At 1 September 2023
39,045 
At 31 August 2024
39,045 
Amortisation
At 1 September 2023
23,427 
Charge for the year
7,809 
At 31 August 2024
31,236 
Net book value
At 31 August 2024
7,809 
At 31 August 2023
15,618 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 September 2023
181,500 
370,802 
15,286 
567,588 
Additions
12,467 
25,900 
809 
39,176 
Disposals
- 
(34,290)
- 
(34,290)
At 31 August 2024
193,967 
362,412 
16,095 
572,474 
Depreciation
At 1 September 2023
149,811 
242,293 
7,323 
399,427 
Charge for the year
8,831 
29,084 
1,754 
39,669 
On disposals
- 
(25,301)
- 
(25,301)
At 31 August 2024
158,642 
246,076 
9,077 
413,795 
Net book value
At 31 August 2024
35,325 
116,336 
7,018 
158,679 
At 31 August 2023
31,689 
128,509 
7,963 
168,161 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
17,927 
19,487 
Trade debtors
305,727 
861,664 
Accrued income and prepayments
108,000 
126,000 
Other debtors
319,248 
244,792 
750,902 
1,251,943 
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Nexus Power Ltd Notes to the Accounts for the year ended 31 August 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
5,957 
5,132 
Obligations under finance leases and hire purchase contracts
19,907 
15,717 
Trade creditors
45,612 
343,302 
Taxes and social security
645,265 
727,221 
Other creditors
77,371 
60,454 
Accruals
40,000 
- 
834,112 
1,151,826 
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £20849 (2022 £17980). The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
28,295 
35,785 
Obligations under finance leases and hire purchase contracts
63,142 
58,716 
91,437 
94,501 
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £94501(2022 £19126). The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr R Pauley
Overdrawn Director Loan account
30,535 
- 
- 
30,535 
Mr B McNally
Overdrawn Director Loan account
84,549 
- 
- 
84,549 
115,084 
- 
- 
115,084 
Interest on loans is accounted for as Benefit in Kind charged to all director with loans over £10,000.
11
Average number of employees
During the year the average number of employees was 17 (2023: 17).
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