Powerfish Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: SC257763 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

POWERFISH LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Kirkhope

L Leckie

REGISTERED OFFICE:

Unit 3, Inveralmond Road

Inveralmond Industrial Estate

Perth

Tayside

PH1 3TW

REGISTERED NUMBER:

SC257763 (Scotland)

ACCOUNTANTS:

McDaid & Partners

Stanley House

69/71 Hamilton Road

Motherwell

Lanarkshire

ML1 3DG

FIXED ASSETS

Tangible assets

4

9,625

15,276

CURRENT ASSETS

Stocks

36,000

Debtors

5

99,361

56,687

Cash at bank

30,149

28,388

165,510

121,075

CREDITORS

Amounts falling due within one year

6

83,752

66,386

NET CURRENT ASSETS

81,758

54,689

TOTAL ASSETS LESS CURRENT
LIABILITIES

91,383

69,965

CREDITORS

Amounts falling due after more than one
year

7

(5,033

)

(15,075

)

PROVISIONS FOR LIABILITIES

(2,337

)

(3,222

)

NET ASSETS

84,013

51,668

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

83,913

51,568

SHAREHOLDERS' FUNDS

84,013

51,668

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 24 September 2025 and were signed on its behalf by:

D Kirkhope - Director

1.	STATUTORY INFORMATION

Powerfish Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is stated net of VAT and trade discounts. 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 value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery

-

15% on cost

Motor vehicles

-

25% on cost

Office equipment

-

15% on cost

Stocks

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments

Trade debtors

Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors

Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Cash

Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Government grants

Government grants are eligible for recognition within the financial statements once they become receivable

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant &

Motor

Office

machinery

vehicles

equipment

Totals

£

COST

At 1 January 2024

1,500

36,983

6,328

44,811

Additions

-

2,041

At 31 December 2024

1,500

36,983

8,369

46,852

DEPRECIATION

At 1 January 2024

488

27,894

1,153

29,535

Charge for year

225

6,416

1,051

7,692

At 31 December 2024

713

34,310

2,204

37,227

NET BOOK VALUE

At 31 December 2024

787

2,673

6,165

9,625

At 31 December 2023

1,012

9,089

5,175

15,276

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

95,941

49,642

Other debtors

3,420

7,045

99,361

56,687

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

10,000

Trade creditors

24,930

14,855

Taxation and social security

41,976

38,193

Other creditors

6,846

3,338

83,752

66,386

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans

5,033

15,075

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

D Kirkhope and L Leckie

Balance outstanding at start of year

554

10,208

Amounts advanced

66,638

28,588

Amounts repaid

(67,119

)

(38,242

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

73

554

Interest of 4.5% is charged on directors loans. Directors loans are repayable upon demand.

9.	RELATED PARTY DISCLOSURES

Powerfish Solutions Limited is a related party by virtue of D B Kirkhope and L M Leckie being directors in both companies. Included within other debtors is a balance due from the company of £71 (2023 £NIL).

10.	LEASING AGREEMENT

The company has lease commitments outstanding at the year end of £46,406 (2023 £11,250).