Solent Power Systems Limited - Abbreviated accounts

SOLENT POWER SYSTEMS LIMITED - Company Information

Registered number

02706756

Solent Power Systems Limited

Abbreviated Accounts

30 April 2014

Solent Power Systems Limited
Registered number:		02706756
Abbreviated Balance Sheet
as at 30 April 2014

Notes			2014			2013
£				£
Fixed assets
Tangible assets	2		777,822			780,351

Current assets
Debtors		10,029			3,137
Cash at bank and in hand		12,435			13,273
		22,464			16,410

Creditors: amounts falling due within one year		(177,477)			(195,698)

Net current liabilities			(155,013)			(179,288)

Net assets			622,809			601,063

Capital and reserves
Called up share capital	4		800			800
Capital redemption reserve			200			200
Profit and loss account			621,809			600,063

Shareholders' funds			622,809			601,063

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



A R Ferguson
Director
Approved by the board on 23 January 2015

Solent Power Systems Limited
Notes to the Abbreviated Accounts
for the year ended 30 April 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			25% reducing balance
	Motor vehicles			25% reducing balance

	Stocks
	Stock is valued at the lower of cost and net realisable value.

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.


2	Tangible fixed assets					£

	Cost
	At 1 May 2013					902,934
	Additions					13,093
	At 30 April 2014					916,027

	Depreciation
	At 1 May 2013					122,583
	Charge for the year					15,622
	At 30 April 2014					138,205

	Net book value
	At 30 April 2014					777,822
	At 30 April 2013					780,351


3	Loans					2014		2013
£							£
	Creditors include:
	Secured bank loans					-		2,835


4	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		800		800		800