Powertec Lighting Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02992590 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

POWERTEC LIGHTING LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Director:

P C Dear

Registered office:

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

Registered number:

02992590 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

Bankers:

National Westminster Bank Plc

PO Box No 159

332 High Holborn

London

M16 0QN

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Powertec Lighting Limited for the year ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Powertec Lighting Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Powertec Lighting Limited and state those matters that we have agreed to state to the director of Powertec Lighting Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Powertec Lighting Limited and its director for our work or for this report.

It is your duty to ensure that Powertec Lighting Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Powertec Lighting Limited. You consider that Powertec Lighting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Powertec Lighting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cooper Parry Advisory Limited

Northside House

69 Tweedy Road

Bromley

Kent

BR1 3WA

28 December 2023

Fixed assets

Intangible assets

4

35,348

39,766

Tangible assets

5

4,373

5,831

39,721

45,597

Current assets

Stocks

10,000

10,000

Debtors

6

18,285

4,749

Cash at bank

5,157

17,176

33,442

31,925

Creditors

Amounts falling due within one year

7

17,384

37,321

Net current assets/(liabilities)

16,058

(5,396

)

Total assets less current liabilities

55,779

40,201

Provisions for liabilities

8

717

969

Net assets

55,062

39,232

Capital and reserves

Called up share capital

9

45

45

Capital redemption reserve

55

55

Retained earnings

54,962

39,132

Shareholders' funds

55,062

39,232

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 director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 December 2023 and were signed by:

P C Dear - Director

1.	Statutory information

Powertec Lighting Limited 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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

The total turnover of the company for the year has been derived from its principle activity wholly undertaken in the UK.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

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

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	Employees and directors

The average number of employees during the year was NIL (2022 - 1 ).

4.	Intangible fixed assets

Patents

and

licences

£

Cost

At 1 April 2022

and 31 March 2023

44,185

Amortisation

At 1 April 2022

4,419

Amortisation for year

4,418

At 31 March 2023

8,837

Net book value

At 31 March 2023

35,348

At 31 March 2022

39,766

5.	Tangible fixed assets

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

Cost

At 1 April 2022

and 31 March 2023

116,026

5,909

121,935

Depreciation

At 1 April 2022

110,530

5,574

116,104

Charge for year

1,374

84

1,458

At 31 March 2023

111,904

5,658

117,562

Net book value

At 31 March 2023

4,122

251

4,373

At 31 March 2022

5,496

335

5,831

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

15,667

2,193

Other debtors

2,618

2,556

18,285

4,749

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Trade creditors

4,526

8,594

Other creditors

12,858

28,727

17,384

37,321

8.	Provisions for liabilities

2023

2022

£

£

Deferred tax

717

969

Deferred

tax

£

Balance at 1 April 2022

969

Provided during year

(252

)

Accelerated capital allowances

Balance at 31 March 2023

717

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

45

Ordinary shares

£1

45

45

10.	Related party disclosures

There are purchases from Microtec Instruments Ltd a company in which Peter Dear is a director and shareholder. Purchases of £51,160 (2022 £75,928) were made from that company during the year and a balance of £10,826 (2022 £nil) was due from that company at the year end.

11.	Ultimate controlling party

The ultimate controlling party is Peter Dear by virtue of his owning 100% of the issued share capital.