Company Registration No. NI056355 (Northern Ireland)
Nexus Power Ltd
Unaudited accounts
for the year ended 31 August 2024
Nexus Power Ltd
Unaudited accounts
Contents
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
Nexus Power Ltd
Statement of financial position
as at 31 August 2024
Intangible assets
7,809
15,618
Tangible assets
158,679
168,161
Inventories
250,043
34,000
Cash at bank and in hand
143,631
97,380
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
Net assets
385,514
294,341
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
Nexus Power Ltd
Notes to the Accounts
for the year ended 31 August 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
Nexus Power Ltd
Notes to the Accounts
for the year ended 31 August 2024
4
Intangible fixed assets
Other
At 1 September 2023
39,045
At 1 September 2023
23,427
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
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
At 31 August 2024
35,325
116,336
7,018
158,679
At 31 August 2023
31,689
128,509
7,963
168,161
Amounts falling due within one year
Trade debtors
305,727
861,664
Accrued income and prepayments
108,000
126,000
Other debtors
319,248
244,792
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
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
Obligations under finance leases and hire purchase contracts
63,142
58,716
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.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Overdrawn Director Loan account
30,535
-
-
30,535
Overdrawn Director Loan account
84,549
-
-
84,549
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).