Power Mechanical Limited - Accounts to registrar (filleted) - small 17.3
Power Mechanical Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2017 |
| for |
| Power Mechanical Limited |
| Power Mechanical Limited (Registered number: 03284513) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Power Mechanical Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Chartered Tax Advisors |
| 2nd Floor, Grove House |
| 774-780 Wilmslow Road |
| Didsbury |
| Manchester |
| Greater Manchester |
| M20 2DR |
| Power Mechanical Limited (Registered number: 03284513) |
| Balance Sheet |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| Power Mechanical Limited (Registered number: 03284513) |
| Balance Sheet - continued |
| 31 March 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Power Mechanical Limited (Registered number: 03284513) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Power Mechanical Limited is a |
| 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 |
| At 31st March 2017, the company had net current liabilities of £316,819 (2016: £176,771) and net liabilities of |
| £225,592 (2016: £70,580). The director is of the opinion that it is appropriate to prepare the financial |
| statements on a going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| 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. |
| Intangible fixed assets |
| Intangible fixed assets, comprising a cherished vehicle plate number, are stated at cost less depreciation. |
| Depreciation is provided at 5% on a straight line basis. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance |
| for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and |
| variable overheads. |
| 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 have been enacted or |
| substantively enacted by the balance sheet date. |
| Power Mechanical Limited (Registered number: 03284513) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
| ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
| result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets |
| acquired by finance lease are depreciated over the shorter of the lease term and their useful economic lives. |
| Assets acquired by hire purchase are depreciated over their useful lives. Obligations under such agreements are |
| included in creditors net of the finance charge allocated to future period. The finance element of the rental |
| payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on net |
| obligation outstanding each period. |
| Rentals paid under operating leases are charges to the profit and loss account on straight line basis over the |
| period of the lease. |
| 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. | INTANGIBLE FIXED ASSETS |
| Patents |
| and |
| licences |
| £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 |
| AMORTISATION |
| At 1 April 2016 |
| Amortisation for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Power Mechanical Limited (Registered number: 03284513) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 6. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Stocks |
| Work-in-progress |
| Power Mechanical Limited (Registered number: 03284513) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Payments on Account | 365 | 1,147 |
| Other debtors |
| Chapel Grange Nursery - Loan | 1,405 | 799 |
| Directors' current accounts | 34,785 | 15,724 |
| S455 Debtor |
| Tax | 1,670 | - |
| Deferred tax asset |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Payments on account |
| Trade creditors |
| Social security and other taxes |
| VAT | 35,995 | 42,404 |
| Other creditors |
| Deferred income |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Loan - 1-2 years |
| Loan - 2-5 years |
| 10. | FINANCIAL INSTRUMENTS |
| Bank loans are initially measured at cost and subsequently adjusted using the agreed interest rate at the point |
| the agreement was made. |
| 11. | OTHER FINANCIAL COMMITMENTS |
| The company had outstanding commitments in respect of operating leases as 31 March 2017 of £128,953 |
| (2016: £186,429). |
| Power Mechanical Limited (Registered number: 03284513) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
| 31 March 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 13. | RELATED PARTY DISCLOSURES |
| Chapel Grange Montessori Nursery Ltd |
| A company in which Mr P Moretti is the director. |
| During the year, Power Mechanical provided goods and services to Chapel Grange Montessori Nursery |
| Limited on normal commercial terms. The total value of these sales during the year was £3,845 (2016 - |
| £4,482). Payments amounting to £3,239 (2016 - £3,913) were received. |
| 2017 | 2016 |
| £ | £ |
| Amount due from related party at the balance sheet date | 1,405 | 799 |
| Miss G Moretti |
| A close relative of the director. |
| During the year, Miss G Moretti provided an additional loan to company of £19,000 and received repayments |
| in respect of both loans totalling £11,300. |
| 2017 | 2016 |
| £ | £ |
| Amount due to related party at the balance sheet date | 29,389 | 21,689 |
| Power Mechanical Limited (Registered number: 03284513) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 13. | RELATED PARTY DISCLOSURES - continued |
| Mr. A Hornby |
| A shareholder and employee of the company. |
| During the year, loan were provided to Mr Hornby totalling £23,379. |
| During the year, no dividends (2016 - £Nil.) were paid to Mr. A Hornby. |
| 2017 | 2016 |
| £ | £ |
| Amount due from related party at the balance sheet date | 23,379 | - |
| 14. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is the director Mr. Moretti by virtue of his 100% ownership of the issued ordinary share capital in the company. |