Power Logistics Services Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07106796 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Power Logistics Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs B Wills

P J Wills

SECRETARY:

Mrs B Wills

REGISTERED OFFICE:

County Gate

County Way

Trowbridge

Wiltshire

BA14 7FJ

REGISTERED NUMBER:

07106796 (England and Wales)

CURRENT ASSETS

Stocks

90,115

97,118

Debtors

5

1,082,346

1,114,565

Cash at bank and in hand

1,231,815

1,276,115

2,404,276

2,487,798

CREDITORS

Amounts falling due within one year

6

1,198,453

1,242,825

NET CURRENT ASSETS

1,205,823

1,244,973

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,205,823

1,244,973

CREDITORS

Amounts falling due after more than one
year

7

101,266

289,333

NET ASSETS

1,104,557

955,640

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

1,104,555

955,638

SHAREHOLDERS' FUNDS

1,104,557

955,640

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mrs B Wills - Director

P J Wills - Director

1.	STATUTORY INFORMATION

Power Logistics Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared under the historical cost convention.

Turnover

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amount expected to be paid to the tax authorities.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 36 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

269,502

364,536

Other debtors

549,743

478,902

Prepayments and accrued income

263,101

271,127

1,082,346

1,114,565

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

173,600

Trade creditors

636,231

618,057

Social security and other taxes

41,941

43,040

VAT

92,201

145,227

Other creditors

111,507

38,246

Accruals and deferred income

142,973

224,655

1,198,453

1,242,825

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans - 1-2 years

101,266

173,600

Bank loans - 2-5 years

-

115,733

101,266

289,333

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

70,000

Between one and five years

280,000

In more than five years

245,000

315,000

595,000

665,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

274,866

462,933

Bank loans are secured by unlimited debentures from the company and from Power Logistics Limited and by an omnibus set off arrangement between the company and Power Logistics Limited.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 were paid to the directors .

At the balance sheet date £506,507 (2023: £394,345) was due to the company by related entities held under common control. The amounts due bear an interest charge on overdue invoices and are repayable on demand..

At the balance sheet date £76,865 (2023: £5,630) was due by the company to related entities held under common control. The amounts due bear an interest charge on overdue invoices and are repayable on demand.

During the year administration charges of £260,000 (2023: £260,000) were invoiced by related entities held under common control.

During the year hire charges of £1,000,000 (2023: £900,000) were invoiced by related entities held under common control.

During the year other charges of £20,000 (2023: nil) were invoiced to related entities held under common control.