Company registration number 08865653 (England and Wales)
ASG POWER SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ASG POWER SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ASG POWER SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
48,066
1,838
Cash at bank and in hand
33,564
46,729
81,630
48,567
Creditors: amounts falling due within one year
5
(22,846)
(95,755)
Net current assets/(liabilities)
58,784
(47,188)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
57,784
(48,188)
Total equity
58,784
(47,188)

These financial statements 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 25 August 2025
Mr A Pellecchia
Director
Company registration number 08865653 (England and Wales)
ASG POWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

ASG Power Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP. The company number is 08865653.

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

As at 31 December 202true4 the company has net assets of £58,784, which includes amounts due from its parent company ASG Superconductors s.p.a. of £46,065. The company was wholly reliant on its parent company for financial support. The company now carries out work which is invoiced to the parent company, is profitable and has turned a net asset position in the current year. The company is however, still reliant on its parents continued custom. ASG Superconductors s.p.a is financially healthy. These financial statements have, therefore, been prepared on the going concern basis. To the date of signing these accounts, the group has remained financially healthy and nothing has invalidated this assumption.

1.3
Turnover

Turnover represents amounts receivable for the provision of professional services in the maintenance of medical devices (MRI scanners).

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

ASG POWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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 balance sheet 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.

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 and loans from fellow group companies, 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.7
Retirement benefits

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

1.8
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.

ASG POWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).

ASG POWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
46,065
-
0
Other debtors
2,001
1,838
48,066
1,838
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
912
1,427
Amounts owed to group undertakings
-
0
75,990
Taxation and social security
826
917
Other creditors
21,108
17,421
22,846
95,755
6
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 is unqualified and includes the following:

The senior statutory auditor was Ian Smith.
The auditor was Ryecroft Glenton.
7
Related party transactions

Key management personnel

 

The company has elected to take advantage of the key management personnel compensation exemption under FRS 102 paragraphs 1.12(e) and 33.7.

Transactions with related parties

 

The company relies on ASG Superconductors s.p.a. for financial support and this was previously provided in the form of intercompany trading and continuing cash loans. Interest on cash loans was charged at a commercial fixed rate of 3.1%. This interest rate was reviewed and amended annually.

 

At the period end, £46,065 is due from ASG Superconductors s.p.a (2023: £75,990 due to parent). This amount is included under amounts due to group undertakings.

ASG POWER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
8
Parent company

The smallest and largest group, of which the company is a member, for which consolidated financial statements are drawn up is that headed by ASG Superconductors s.p.a, a company incorporated in Italy, with its registered office at Corso F. M. Perrone, 73R - 16152 Genova.

 

ASG Superconductors s.p.a. owns 100% of the issued share capital of the company and is therefore the ultimate controlling party.

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