Power and Lighting Solutions Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10557262 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

POWER AND LIGHTING SOLUTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D Richards

C P T Haig-Hosking

P R Raymond

REGISTERED OFFICE:

A1 Oak Business Park

New Road

Pencoed

Bridgend

CF35 5LD

REGISTERED NUMBER:

10557262 (England and Wales)

ACCOUNTANTS:

Graham Paul Limited

Court House

Court Road

Bridgend

CF31 1BE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

112,698

13,971

112,698

13,971

CURRENT ASSETS

Stocks

82,157

67,629

Debtors

6

424,424

251,481

Cash at bank and in hand

32,223

11,164

538,804

330,274

CREDITORS

Amounts falling due within one year

7

361,025

247,117

NET CURRENT ASSETS

177,779

83,157

TOTAL ASSETS LESS CURRENT LIABILITIES

290,477

97,128

CREDITORS

Amounts falling due after more than one year

8

(101,360

)

(58,769

)

PROVISIONS FOR LIABILITIES

(21,413

)

-

NET ASSETS

167,704

38,359

CAPITAL AND RESERVES

Called up share capital

2

1

Retained earnings

167,702

38,358

167,704

38,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 1 November 2023 and were signed on its behalf by:

P R Raymond - Director

1.	STATUTORY INFORMATION

Power and Lighting Solutions Ltd 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.	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.

Turnover is recognised by reference to the stage of completion of the work carried out.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 5, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc

-

20% 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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 8 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

20,000

AMORTISATION

At 1 April 2022

and 31 March 2023

20,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

21,260

Additions

109,162

At 31 March 2023

130,422

DEPRECIATION

At 1 April 2022

7,289

Charge for year

10,435

At 31 March 2023

17,724

NET BOOK VALUE

At 31 March 2023

112,698

At 31 March 2022

13,971

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

239,327

146,122

Other debtors

185,097

105,359

424,424

251,481

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

22,442

18,363

Hire purchase contracts

23,544

2,039

Trade creditors

130,569

105,066

Taxation and social security

130,692

64,291

Other creditors

53,778

57,358

361,025

247,117

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

25,847

40,708

Hire purchase contracts

71,921

7,815

Other creditors

3,592

10,246

101,360

58,769

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

C P T Haig-Hosking

Balance outstanding at start of year

-

2,387

Amounts advanced

26,696

-

Amounts repaid

-

(2,387

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

26,696

-

J D Richards

Balance outstanding at start of year

-

2,551

Amounts advanced

23,880

-

Amounts repaid

-

(2,551

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,880

-

10.	RELATED PARTY DISCLOSURES

At the balance sheet date, a balance of £40,576 (2022 - £2,554) was due from the directors. The loan is interest free.