Powerco Systems International Limited - Accounts to registrar (filleted) - small 18.2
Powerco Systems International Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| FOR |
| POWERCO SYSTEMS INTERNATIONAL LIMITED |
| POWERCO SYSTEMS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03839495) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| POWERCO SYSTEMS INTERNATIONAL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 13 Yorkersgate |
| Malton |
| North Yorkshire |
| YO17 7AA |
| POWERCO SYSTEMS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03839495) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| POWERCO SYSTEMS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03839495) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 DECEMBER 2018 |
| 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. |
| 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 on its behalf by: |
| POWERCO SYSTEMS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03839495) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| Powerco Systems International Limited is a |
| 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 the provisions of Section 1A |
| "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in |
| the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures |
| from that standard. |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its |
| estimated useful life. |
| Fixtures and fittings | - 25% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
| Statement, except to the extent that it relates to items recognised in other comprehensive income |
| or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
| enacted or substantively enacted by the statement of financial position date. |
| POWERCO SYSTEMS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03839495) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 3. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
| at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that |
| are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
| probable that they will be recovered against the reversal of deferred tax liabilities or other future |
| taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling |
| at the statement of financial position 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. |
| Revenue recognition |
| Revenue is recognised as earned when, and to the extent that, the company obtains the right to |
| consideration in exchange for the supply of goods and services that it provides. It is measured at the |
| fair value of the right to consideration, which represents amounts chargeable to customers. |
| Employer finance retirement benefit scheme (efrbs) |
| In a previous accounting period, the Company established an EFRBS for the benefit of its officers, |
| employees and their wider families, The Powerco Systems International 2012 EFRBS ('the Scheme'). |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| POWERCO SYSTEMS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03839495) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| POWERCO SYSTEMS INTERNATIONAL LIMITED (REGISTERED NUMBER: 03839495) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2018 |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2018 |
| and 31 December 2017: |
| 2018 | 2017 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Where the above loans are in credit they are interest free and repayable on demand, where the loan |
| accounts were overdrawn in the year interest has been charged at a rate of 3%. |
| The maximum amount the loan to Mr C R Errington was overdrawn in the year was £29,857 and |
| interest totalling £221 was charged to the loan. |
| 9. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £145,000 (2017 - £45,000) were paid to the directors . |