Power on Demand Limited,Ltd - AccountsLtd - Accounts

Power on Demand Limited,Ltd - AccountsLtd - Accounts

POWER ON DEMAND LTD - Company Information

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2016-04-01 08054149 2017-03-31 08054149 2016-04-01 2017-03-31 08054149 2016-03-31 08054149 2015-04-01 2016-03-31 08054149 uk-core:WithinOneYear 2016-03-31 08054149 uk-core:WithinOneYear 2017-03-31 08054149 uk-core:AfterOneYear 2016-03-31 08054149 uk-core:AfterOneYear 2017-03-31 08054149 uk-core:ShareCapital 2017-03-31 08054149 uk-core:ShareCapital 2016-03-31 08054149 uk-core:RetainedEarningsAccumulatedLosses 2017-03-31 08054149 uk-core:RetainedEarningsAccumulatedLosses 2016-03-31 08054149 uk-bus:Director1 2016-04-01 2017-03-31 08054149 uk-core:PlantMachinery 2016-04-01 2017-03-31 08054149 uk-core:ToolsEquipment 2016-04-01 2017-03-31 08054149 uk-core:MotorCars 2016-04-01 2017-03-31 08054149 uk-core:ToolsEquipment 2016-03-31 08054149 uk-core:MotorCars 2016-03-31 08054149 uk-core:PlantMachinery 2016-03-31 08054149 uk-core:PlantMachinery 2017-03-31 08054149 uk-core:MotorCars 2017-03-31 08054149 uk-core:ToolsEquipment 2017-03-31 08054149 uk-core:WithinOneYear 2017-03-31 08054149 uk-core:WithinOneYear 2016-03-31 08054149 uk-core:AfterOneYear 2016-04-01 2017-03-31 iso4217:GBP 08054149 uk-bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 08054149 uk-bus:FRS102 2016-04-01 2017-03-31 08054149 uk-bus:FullAccounts 2016-04-01 2017-03-31 08054149 uk-bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31
Power on Demand Limited
Registered Number:08054149
For the year ended 31 March 2017
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2017
Power on Demand Limited
Contents Page
1 to 2
Statement of Financial Position
3 to 6
Notes to the Financial Statements
3
As at 31 March 2017
Power on Demand Limited
Statement of Financial Position
Registered Number :
08054149
£
£
2016
2017
Notes
Fixed assets
Property, plant and equipment
2,716
38,354
2
2,716
38,354
Current assets
Inventories
125,275
114,252
3
Trade and other receivables
645,827
308,298
4
161,170
Cash and cash equivalents
29,643
452,193
932,272
Trade and other payables: amounts falling due within
one year
(749,866)
(524,261)
5
182,406
(72,068)
Net current liabilities
Total assets less current liabilities
(69,352)
220,760
Trade and other payables: amounts falling due after
more than one year
-
(47,157)
6
(116,509)
Net assets/liabilities
220,760
Capital and reserves
Called up share capital
100
100
Retained earnings
(116,609)
220,660
(116,509)
220,760
Shareholders' funds
For the year ended 31 March 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
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.
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4
For the year ended 31 March 2017
Power on Demand Limited
Statement of Financial Position Continued
Adrian Ladds Director
These financial statements were approved and authorised for issue by the Board on 15 December 2017 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 March 2017
Power on Demand Limited
Notes to the Financial Statements
Statutory Information
Power on Demand Limited is a private limited company, limited by shares, domiciled in England and
Wales, registration number 08054149.
Registered address:
Unit 4 Buzzard Court
Mullacott Cross Industrial Estate
Ilfracombe
Devon
EX34 8PX
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Plant and machinery
20 Reducing balance
25 Reducing balance
Computer equipment
25 Reducing balance
Motor vehicles
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Obligations under the hire purchase agreement for the car were passed to a Director, Mr Adrian Ladds, during the year.
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6
For the year ended 31 March 2017
Power on Demand Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
equipment
Motor
vehicles
Plant and
machinery
£
£
£
£
Cost or
valuation
At 01 April 2016
42,812
3,522
10,990
28,300
589
589
-
-
Additions
-
(10,990)
(26,500)
Disposals
(37,490)
At 31 March 2017
1,800
-
4,111
5,911
Provision for depreciation and impairment
At 01 April 2016
4,458
1,724
229
2,505
Charge for year
1,047
597
-
450
(2,310)
-
(229)
(2,081)
On disposal
At 31 March 2017
3,195
2,321
-
874
At 31 March 2017
Net book value
926
-
1,790
2,716
At 31 March 2016
25,795
10,761
1,798
38,354
During the year the ownership of the solar panel array was transferred to a Director, Mr Adrian Ladds, at
written down value of £23,651. Some equipment was scrapped, and a pool car was transferred to a
Director, Mr Adrian Ladds, at written down value of £10,761.
3. Inventories
2016
2017
£
£
Stocks
114,252
125,275
4. Trade and other receivables
2016
2017
£
£
Trade debtors
265,434
438,274
Other debtors
42,864
207,553
645,827
308,298
Included in Debtors are amounts due from connected companies £42,864 (£191,048 in 2016). It is considered unlikely that these amounts will be received.
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7
For the year ended 31 March 2017
Power on Demand Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2016
2017
£
£
Bank loans and overdraft
35,887
-
Trade creditors
433,425
629,193
Taxation and social security
31,603
59,208
Directors' current accounts
23,346
55,475
Obligations under HP/Financial leases
-
5,990
524,261
749,866
6. Trade and other payables: amounts falling due after more than one year
2016
2017
£
£
Bank loans and overdraft (secured)
47,157
-
This is an interest only loan repayable at the end of its 5 year term in 2022.
7. Reserves
2017 2016
£ £
Retained profit as at 1 April 2016 220,660 19,679
Reatined profit for the year (337,269) 200,981
Dividends paid in the year -
________ ________
Retained profti as at 31 March 2017 (116,609) 220,660
________ ________
8. Related party transactions
Various sales and payments to connected companies for services have been carried out on a commercial
basis. On this basis Power on Demand Ltd has been invoiced by them for its share of the administration
and running expenses, £130,760.19. This amount has been allocated against the amounts they owed
Power on Demand Ltd.
A Director, Mr AD Ladds, has a controlling interest with a shareholding of 90 out of 100 shares.
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8
For the year ended 31 March 2017
Power on Demand Limited
Notes to the Financial Statements Continued
9. Guarantees and other financial commitments
Guarantees and contingent assets and liabilities
Included in debtors is £42,864 (£191,048 2016) owed by a connected company, Alvesta Energy
Limited. The Directors of Power on Demand Limited have agreed that they will continue to support
Alvesta Energy Limited.
The second crowdfunding loan of £47,157 is secured against a Director, Mr Adrian Ladds, personal
assets.
10. Subsequent events
After the very negative effect of Brexit, the confidence of the renewable energy sector is now growing again, and Power on Demand Limited has already obtained some sizeable contracts which should show a healthy profit, and the Directors have assured us that other large contracts are in the final stages of negotiation.
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