Powersource Projects Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04102249 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

Powersource Projects Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

5

DIRECTORS:

Mr J R Davidson

Mr M J T Murphy

Mr J M Murphy

REGISTERED OFFICE:

Unit 8 Belvedere Business Park

Crabtree Manorway South

Belvedere

Kent

DA17 6AH

REGISTERED NUMBER:

04102249 (England and Wales)

ACCOUNTANTS:

Cooper Dawn Jerrom Limited

Chartered Accountants

Units SCF 1 & 2

Western International Market

Hayes Road

Southall

Middlesex

UB2 5XJ

FIXED ASSETS

Tangible assets

4

683

3,208

CURRENT ASSETS

Stocks

313,568

377,735

Debtors

5

1,314,055

610,236

Cash at bank and in hand

574,789

223,844

2,202,412

1,211,815

CREDITORS

Amounts falling due within one year

6

1,799,014

1,006,963

NET CURRENT ASSETS

403,398

204,852

TOTAL ASSETS LESS CURRENT LIABILITIES

404,081

208,060

CREDITORS

Amounts falling due after more than one year

7

21,667

31,667

NET ASSETS

382,414

176,393

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

382,412

176,391

SHAREHOLDERS' FUNDS

382,414

176,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 21 March 2024 and were signed on its behalf by:

Mr J R Davidson - Director

1.	STATUTORY INFORMATION

Powersource Projects 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.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

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.

Holiday Rights has been fully amortised in the current year.

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

-

25% 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.

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 4 (2022 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2022

and 30 June 2023

15,243

DEPRECIATION

At 1 July 2022

12,035

Charge for year

2,525

At 30 June 2023

14,560

NET BOOK VALUE

At 30 June 2023

683

At 30 June 2022

3,208

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

606,831

243,010

Amounts owed by group undertakings

610,470

332,197

Amounts owed by associates

2,848

843

Other debtors

93,906

34,186

1,314,055

610,236

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans and overdrafts

10,000

10,000

Payments on account

109,972

295,283

Trade creditors

874,138

320,300

Amounts owed to associates

739,630

349,554

Taxation and social security

53,774

4,756

Other creditors

11,500

27,070

1,799,014

1,006,963

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans

21,667

31,667

The following reproduces the text of the report prepared for the directors 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 Income Statement and certain other primary statements and the Report of the Directors 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 Powersource Projects Limited for the year ended 30 June 2023 which comprise the Income Statement, 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 Board of Directors of Powersource Projects Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Powersource Projects Limited and state those matters that we have agreed to state to the Board of Directors of Powersource Projects Limited, as a body, 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 Powersource Projects Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Powersource Projects 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 Powersource Projects Limited. You consider that Powersource Projects 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 Powersource Projects 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 Dawn Jerrom Limited

Chartered Accountants

Units SCF 1 & 2

Western International Market

Hayes Road

Southall

Middlesex

UB2 5XJ

21 March 2024