Power Gems Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05807625

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

POWER GEMS LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

7

DIRECTORS:

Dr P Ellams

Mr P McGuane

SECRETARY:

Dr P Ellams

REGISTERED OFFICE:

Unit 1 Fairhills Trade Ctr

Fairhills Road

Irlam

Manchester

Lancashire

M44 6BA

REGISTERED NUMBER:

05807625

ACCOUNTANTS:

Cadishead Accountancy Services Limited

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

BANKERS:

HSBC Bank plc

4 Hardman Square

Spinningfields

Manchester

M3 3EB

The directors present their report with the financial statements of the company for the year ended 28 February 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of specialist lighting control equipment manufacturer.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 March 2021 to the date of this report.

The directors shown below were in office at 28 February 2022 but did not hold any interest in the Ordinary shares of £1 each at 1 March 2021 or 28 February 2022.

Dr P Ellams

Mr P McGuane

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr P McGuane - Director

30 November 2022

FIXED ASSETS

Tangible assets

4

20,437

22,005

Investments

5

276,696

276,696

297,133

298,701

CURRENT ASSETS

Stocks

808,615

691,103

Debtors

6

579,654

716,446

Cash at bank and in hand

2,475,490

1,462,451

3,863,759

2,870,000

CREDITORS

Amounts falling due within one year

7

(716,122

)

(209,205

)

NET CURRENT ASSETS

3,147,637

2,660,795

TOTAL ASSETS LESS CURRENT LIABILITIES

3,444,770

2,959,496

PROVISIONS FOR LIABILITIES

(33,583

)

(33,697

)

NET ASSETS

3,411,187

2,925,799

CAPITAL AND RESERVES

Called up share capital

270

270

Share premium

170,476

170,476

Revaluation reserve

8

145,828

145,828

Capital redemption reserve

(201,334

)

(201,334

)

Retained earnings

3,295,947

2,810,559

SHAREHOLDERS' FUNDS

3,411,187

2,925,799

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 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 November 2022 and were signed on its behalf by:

Dr P Ellams - Director

1.	STATUTORY INFORMATION

Power Gems Limited is a private company, limited by shares , registered in Not specified/Other. 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 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.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2021 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2021

170,621

109,085

10,829

290,535

Additions

-

4,129

-

4,129

At 28 February 2022

170,621

113,214

10,829

294,664

DEPRECIATION

At 1 March 2021

160,996

99,417

8,117

268,530

Charge for year

1,595

3,424

678

5,697

At 28 February 2022

162,591

102,841

8,795

274,227

NET BOOK VALUE

At 28 February 2022

8,030

10,373

2,034

20,437

At 28 February 2021

9,625

9,668

2,712

22,005

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 March 2021

and 28 February 2022

276,696

NET BOOK VALUE

At 28 February 2022

276,696

At 28 February 2021

276,696

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Trade debtors

425,166

375,926

Amounts owed by group undertakings

81,138

129,959

Other debtors

73,350

210,561

579,654

716,446

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.22

28.2.21

£

£

Trade creditors

277,147

118,737

Amounts owed to group undertakings

266,550

-

Taxation and social security

147,570

10,385

Other creditors

24,855

80,083

716,122

209,205

8.

RESERVES

Revaluation

reserve

£

At 1 March 2021

and 28 February 2022

145,828

9.	RELATED PARTY DISCLOSURES

As a subsidiary company Power Gems Corporation is a related party. During the year the company sold goods to Power Gems Corporation totalling £376,331 (2021 - £247,613). At the year end date Power Gems Corporation owed Power Gems Limited a total of £81,138 (2021 - £119,770).

As parent company Power Gems Holdings Limited is a related party. During the year the company purchased services from Power Gems Holdings Limited totalling £24,000 (2021 - £24,000). At the year end date Power Gems Holdings Limited owed Power Gems Limited a total of £266,550 (2021 - £10,189).

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Power Gems Holdings Limited.

The ultimate controlling party is Mr P Ellams and Mr P McGuane.