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Company No: 09461105 (England and Wales)

EASTERN POWER SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

EASTERN POWER SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

EASTERN POWER SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
EASTERN POWER SYSTEMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 139,862 525,174
139,862 525,174
Current assets
Debtors
- due within one year 4 3,849,684 2,778,523
- due after more than one year 4 603,891 1,526,434
Cash at bank and in hand 1,044,306 1,793,198
5,497,881 6,098,155
Creditors: amounts falling due within one year 5 ( 810,681) ( 911,811)
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 ( 603,891) ( 1,526,434)
Provision for liabilities 7 ( 59,460) ( 124,629)
Net assets 4,163,711 4,060,455
Capital and reserves
Called-up share capital 1 1
Profit and loss account 4,163,710 4,060,454
Total shareholder's funds 4,163,711 4,060,455

For the financial 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.

Directors' responsibilities:

The financial statements of Eastern Power Systems Limited (registered number: 09461105) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mr M Allison
Director

27 May 2025

EASTERN POWER SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
EASTERN POWER SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

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.

General information and basis of accounting

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

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 3 years straight line
15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 31

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 September 2023 386,269 567,809 954,078
Additions 0 3,837 3,837
Disposals 0 ( 445,535) ( 445,535)
At 31 August 2024 386,269 126,111 512,380
Accumulated depreciation
At 01 September 2023 270,409 158,495 428,904
Charge for the financial year 28,965 137,417 166,382
Disposals 0 ( 222,768) ( 222,768)
At 31 August 2024 299,374 73,144 372,518
Net book value
At 31 August 2024 86,895 52,967 139,862
At 31 August 2023 115,860 409,314 525,174

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 1,773,518 1,178,212
Amounts owed by Parent undertakings 1,214,705 1,126,298
Amounts owed by connected companies 221,578 0
Prepayments and accrued income 356,878 207,097
Other debtors 283,005 266,916
3,849,684 2,778,523
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings 603,891 1,526,434

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 50,012 129,591
Trade creditors 460,880 232,208
Amounts owed to connected companies 0 67,003
Accruals 26,708 297,204
Corporation tax 167,247 152,314
Other taxation and social security 92,174 28,720
Other creditors 13,660 4,771
810,681 911,811

Bank loans are secured on the assets of the company and it's parent company.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 603,891 1,526,434

Bank loans are secured on the assets of the company and it's parent company.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 34,460 104,629
Other provisions 25,000 20,000
59,460 124,629
Deferred taxation Other Total
£ £ £
At 01 September 2023 104,629 20,000 124,629
Charged/(credited) to the Statement of Income and Retained Earnings ( 70,169) 5,000 ( 65,169)
At 31 August 2024 34,460 25,000 59,460

Deferred tax

2024 2023
£ £
Accelerated capital allowances 34,531 105,141
Other timing differences ( 71) ( 512)
Provision for deferred tax 34,460 104,629

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 0 16,000

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) 285 4,771

9. Related party transactions

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.