Power to Switch Ltd iXBRL

POWER TO SWITCH LTD - Company Information

Company Number: NI628873

Power to Switch Ltd

Unaudited Financial Statements

for the year ended 31 March 2017

Power to Switch Ltd

DIRECTOR AND OTHER INFORMATION


Director	Aodhan O'Donnell


Company Number	NI628873


Registered Office and Business Address	33 Breda Terrace
	Belfast
	Co. Antrim
	BT8 7BY
	Northern Ireland


Accountants	CavanaghKelly
	36-38 Northland Row
	Dungannon
	Co. Tyrone
	BT71 6AP
	Northern Ireland

Power to Switch Ltd

ACCOUNTANTS' REPORT

to the Director on the unaudited financial statements of Power to Switch Ltd for the year ended 31 March 2017

In accordance with our engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 31 March 2017 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the director of Power to Switch Ltd, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Power to Switch Ltd and state those matters that we have agreed to state to the director of Power to Switch Ltd, in this report in accordance with the guidance of Chartered Accountants Ireland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Power to Switch Ltd and its director for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

It is your duty to ensure that Power to Switch Ltd 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 loss of Power to Switch Ltd. You consider that Power to Switch Ltd 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 Power to Switch Ltd. 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.

CAVANAGHKELLY

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

Northern Ireland

21 December 2017

Power to Switch Ltd

Company Number: NI628873

STATEMENT OF FINANCIAL POSITION

as at 31 March 2017

		2017	2016
	Notes	£	£

Non-Current Assets

Property, plant and equipment

210

315

─────────

Current Assets

Receivables

106

469

Cash and cash equivalents

628

3,048

─────────

734

3,517

─────────

Payables: Amounts falling due within one year

(19,060)

(11,389)

─────────

Net Current Liabilities

(18,326)

(7,872)

─────────

Total Assets less Current Liabilities

(18,116)

(7,557)

═════════

Equity

Called up share capital

Income statement

(18,117)

(7,558)

─────────

Equity attributable to owners of the company

(18,116)

(7,557)

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director confirms that the members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Director and authorised for issue on 21 December 2017


________________________________
Aodhan O'Donnell
Director

Power to Switch Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2017

GENERAL INFORMATION

Power to Switch Ltd is a private company limited by shares incorporated in Northern Ireland.

ACCOUNTING POLICIES

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company’s financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 March 2017 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.

Basis of preparation

The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Revenue

Revenue comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

25% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future.

Share capital of the company

Ordinary share capital

The ordinary share capital of the company is presented as equity.

ADOPTION OF FRS 102 SECTION 1A

This is the first set of financial statements prepared by Power to Switch Ltd in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 23rd January 2015.

EMPLOYEES

The average monthly number of employees, including director, during the year was 1.


5.	PROPERTY, PLANT AND EQUIPMENT
		Fixtures,	Total
		fittings and
		equipment
		£	£
	Cost

	At 31 March 2017	420	420
		─────────	─────────
	Depreciation
	At 1 April 2016	105	105
	Charge for the year	105	105
		─────────	─────────
	At 31 March 2017	210	210
		─────────	─────────
	Carrying amount
	At 31 March 2017	210	210
		═════════	═════════
	At 31 March 2016	315	315
		═════════	═════════


6.	RECEIVABLES	2017	2016
		£	£

	Taxation	106	469
		═════════	═════════


7.	PAYABLES	2017	2016
	Amounts falling due within one year	£	£

	Director's current account	18,560	10,889
	Accruals	500	500
		─────────	─────────
		19,060	11,389
		═════════	═════════

EVENTS AFTER END OF REPORTING PERIOD

There have been no significant events affecting the company since the year-end.