Power Gems Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 05807625

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2017

FOR

POWER GEMS LIMITED

Page

Company Information

1

Report of the Directors

2

Abridged Statement of Financial Position

3

to

5

Notes to the Financial Statements

6

to

9

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

SOLICITORS:

Halliwells

St James Court

Brown Street

Manchester

M2 2JF

The directors present their report with the financial statements of the company for the year ended 28 February 2017.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1 March 2016 to the date of

this report.

The directors shown below were in office at 28 February 2017 but did not hold any interest in the Ordinary shares of £1

each at 1 March 2016 or 28 February 2017.

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

4 May 2017

FIXED ASSETS

Tangible assets

4

40,951

50,747

Investments

5

300,674

300,674

341,625

351,421

CURRENT ASSETS

Stocks

422,199

685,525

Debtors

667,953

956,104

Cash at bank and in hand

1,013,330

729,292

2,103,482

2,370,921

CREDITORS

Amounts falling due within one year

(378,947

)

(591,206

)

NET CURRENT ASSETS

1,724,535

1,779,715

TOTAL ASSETS LESS CURRENT LIABILITIES

2,066,160

2,131,136

PROVISIONS FOR LIABILITIES

(6,399

)

(9,343

)

NET ASSETS

2,059,761

2,121,793

CAPITAL AND RESERVES

Called up share capital

270

270

Share premium

170,476

170,476

Revaluation reserve

199,674

199,674

Capital redemption reserve

(201,334

)

(201,334

)

Retained earnings

1,890,675

1,952,707

SHAREHOLDERS' FUNDS

2,059,761

2,121,793

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 4 May 2017 and were signed on its behalf by:

Mr P McGuane - Director

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.

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 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. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Power Gems Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under

Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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.

Adoption of frs 102 section 1a

These financial statements for the year ended 28th February 2017 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1st March 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies to those used previously.

Turnover

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership

have transferred to them.

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

Government grants

Government grants in relation to tangible fixed assets are credited to the income statement over the useful lives

of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the

income statement.

Investments in subsidiaries

Investments in shares are included at deemed cost.

Inventories

Inventories have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work

in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of

manufacture/completion.

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 that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment

of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Research and development

Expenditure on research is written off to the income statement in the year in which it is incurred.

Foreign currencies

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange

ruling at the date of the transaction.

Balances at the year end denominated in a foreign currency are translated into sterling at the rate of exchange

ruling at the year end date.

Leasing

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Lease incentives

The benefits of lease incentives are recognised in the income statement over the lease period.

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 the profit and loss account when due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2016

265,523

Additions

13,491

At 28 February 2017

279,014

DEPRECIATION

At 1 March 2016

214,776

Charge for year

23,287

At 28 February 2017

238,063

NET BOOK VALUE

At 28 February 2017

40,951

At 29 February 2016

50,747

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 March 2016

and 28 February 2017

300,674

NET BOOK VALUE

At 28 February 2017

300,674

At 29 February 2016

300,674

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2017 and

29 February 2016:

28.2.17

29.2.16

£

£

Dr P Ellams and Mr P McGuane

Balance outstanding at start of year

2,806

19,700

Amounts advanced

14,768

-

Amounts repaid

-

(16,894

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,574

2,806

7.	RELATED PARTY DISCLOSURES

Haylight Limited

The company paid commission of £75,000 (2016 - £75,000) to Haylight Limited, a company under the control of

Mr P. McGuane's wife. During the year the company purchased/sold goods and services from/to Haylight

Limited amounting to £76,370 (2016 - £76,270) and £133,271 (2016 - £17,856) respectively. At 28th February

2017 the company owed Haylight Limited £nil (2016 - £nil) and was owed £14,753 (2016 - £nil) from Haylight

Limited.