Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 139,862 | 525,174 | |||
| Current assets | ||||
| Debtors | ||||
| - due within one year | 4 |
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| - due after more than one year | 4 |
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| Cash at bank and in hand |
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| 5,497,881 | 6,098,155 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 4,687,200 | 5,186,344 | ||
| Total assets less current liabilities | 4,827,062 | 5,711,518 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Eastern Power Systems Limited (registered number:
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Mr M Allison
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Eastern Power Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Larking Gowen Summerhill House, 1 Sculthorpe Road, Fakenham, NR21 9HA, United Kingdom. The principal place of business is Hill Farm, Watton Road, Norwich, NR9 4AR.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Vehicles |
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| Fixtures and fittings |
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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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Vehicles | Fixtures and fittings | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 September 2023 |
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| Additions |
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| Disposals |
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| At 31 August 2024 |
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| Accumulated depreciation | |||||
| At 01 September 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 31 August 2024 |
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| Net book value | |||||
| At 31 August 2024 |
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| At 31 August 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Debtors: amounts falling due within one year | |||
| Trade debtors |
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| Amounts owed by Parent undertakings |
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| Amounts owed by connected companies |
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| Prepayments and accrued income |
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| Other debtors |
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| Debtors: amounts falling due after more than one year | |||
| Amounts owed by Parent undertakings |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Trade creditors |
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| Amounts owed to connected companies |
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| Accruals |
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| Corporation tax |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax |
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| Other provisions |
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| Deferred taxation | Other | Total | |||
| £ | £ | £ | |||
| At 01 September 2023 |
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124,629 | ||
| Charged/(credited) to the Statement of Income and Retained Earnings | (
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( 65,169) | ||
| At 31 August 2024 |
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59,460 | ||
Deferred tax
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances |
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| Other timing differences | (
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| Provision for deferred tax |
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Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2024 | 2023 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
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The company has a loan account with a company under the control of the directors. Various sums have been expended by each company on behalf of the other during the year. At 31 August 2024 £221,578 was owed to the company (2023 - £67,003 owed by the company). This amount is repayable on demand and no interest is charged.