IRIS Accounts Production v17.3.0.1062 00956853 Board of Directors 1.6.16 31.5.17 31.5.17 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure009568532016-05-31009568532017-05-31009568532016-06-012017-05-31009568532015-05-31009568532015-06-012016-05-31009568532016-05-3100956853ns15:EnglandWales2016-06-012017-05-3100956853ns14:PoundSterling2016-06-012017-05-3100956853ns10:Director12016-06-012017-05-3100956853ns10:PrivateLimitedCompanyLtd2016-06-012017-05-3100956853ns10:SmallEntities2016-06-012017-05-3100956853ns10:AuditExempt-NoAccountantsReport2016-06-012017-05-3100956853ns10:SmallCompaniesRegimeForDirectorsReport2016-06-012017-05-3100956853ns10:SmallCompaniesRegimeForAccounts2016-06-012017-05-3100956853ns10:AbridgedAccounts2016-06-012017-05-3100956853ns10:Director22016-06-012017-05-3100956853ns10:Director32016-06-012017-05-3100956853ns10:Director42016-06-012017-05-3100956853ns10:CompanySecretary12016-06-012017-05-3100956853ns10:RegisteredOffice2016-06-012017-05-3100956853ns5:CurrentFinancialInstruments2017-05-3100956853ns5:CurrentFinancialInstruments2016-05-3100956853ns5:Non-currentFinancialInstruments2017-05-3100956853ns5:Non-currentFinancialInstruments2016-05-3100956853ns5:ShareCapital2017-05-3100956853ns5:ShareCapital2016-05-3100956853ns5:RetainedEarningsAccumulatedLosses2017-05-3100956853ns5:RetainedEarningsAccumulatedLosses2016-05-3100956853ns5:LandBuildingsns5:ShortLeaseholdAssets2016-06-012017-05-3100956853ns5:PlantMachinery2016-06-012017-05-3100956853ns5:FurnitureFittings2016-06-012017-05-3100956853ns5:MotorVehicles2016-06-012017-05-3100956853ns5:ComputerEquipment2016-06-012017-05-3100956853ns5:Secured2017-05-3100956853ns5:Secured2016-05-3100956853ns10:Director112016-05-3100956853ns10:Director112015-05-3100956853ns10:Director112016-06-012017-05-3100956853ns10:Director112015-06-012016-05-3100956853ns10:Director112017-05-3100956853ns10:Director112016-05-31009568534ns10:Director42016-05-31009568534ns10:Director42015-05-31009568534ns10:Director42016-06-012017-05-31009568534ns10:Director42015-06-012016-05-31009568534ns10:Director42017-05-31009568534ns10:Director42016-05-31


REGISTERED NUMBER: 00956853 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

FOR

POWER TESTING LIMITED
POWER TESTING LIMITED (REGISTERED NUMBER: 00956853)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4

POWER TESTING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2017







DIRECTORS: M T Sansom
C Park
Mrs Z R Park
Mrs P Park





SECRETARY: S D Park





REGISTERED OFFICE: 33 Hanbury Road
Widford Industrial Estate
Chelmsford
Essex
CM1 3AE





REGISTERED NUMBER: 00956853 (England and Wales)





ACCOUNTANTS: Baverstocks
Chartered Accountants
Dickens House
Guithavon Street
Witham
Essex
CM8 1BJ
POWER TESTING LIMITED (REGISTERED NUMBER: 00956853)

ABRIDGED BALANCE SHEET
31 MAY 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 166,066 192,524

CURRENT ASSETS
Stocks 169,182 280,165
Debtors 2,320,912 1,974,399
Cash at bank and in hand 45,674 129,143
2,535,768 2,383,707
CREDITORS
Amounts falling due within one year 2,026,222 1,944,976
NET CURRENT ASSETS 509,546 438,731
TOTAL ASSETS LESS CURRENT
LIABILITIES

675,612

631,255

CREDITORS
Amounts falling due after more than one
year

(30,745

)

(7,119

)

PROVISIONS FOR LIABILITIES (29,239 ) (35,360 )
NET ASSETS 615,628 588,776

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 614,628 587,776
SHAREHOLDERS' FUNDS 615,628 588,776

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.
POWER TESTING LIMITED (REGISTERED NUMBER: 00956853)

ABRIDGED BALANCE SHEET - continued
31 MAY 2017


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 Balance Sheet for the year ended 31 May 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 22 November 2017 and were signed on its behalf
by:





C Park - Director

POWER TESTING LIMITED (REGISTERED NUMBER: 00956853)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017

1. STATUTORY INFORMATION

Power Testing 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 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short Leasehold - Over the term of the Lease
Plant and Machinery - 25% on reducing balance
Fixtures and Fittings - 25% on reducing balance
Motor Vehicles - 25% on reducing balance
Office Equipment - 33% on reducing balance

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in
bringing stocks to their present location and condition.

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.

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.
POWER TESTING LIMITED (REGISTERED NUMBER: 00956853)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2017

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.

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 65 (2016 - 64 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2016 474,956
Additions 32,200
At 31 May 2017 507,156
DEPRECIATION
At 1 June 2016 282,432
Charge for year 58,658
At 31 May 2017 341,090
NET BOOK VALUE
At 31 May 2017 166,066
At 31 May 2016 192,524

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2016
and 31 May 2017 18,177
DEPRECIATION
At 1 June 2016 1,136
Charge for year 4,260
At 31 May 2017 5,396
NET BOOK VALUE
At 31 May 2017 12,781
At 31 May 2016 17,041
POWER TESTING LIMITED (REGISTERED NUMBER: 00956853)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2017

5. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans 34,438 8,304
Hire purchase contracts 7,119 10,948
Invoice Discounting Advance 951,647 658,633
993,204 677,885

Lloyds TSB Commercial Finance Limited hold a fixed and floating charge over all the assets of the Company as
security for the amounts advanced.

6. OTHER FINANCIAL COMMITMENTS

The company has financial commitments of £853,774 in relation to non cancellable lease agreements for the
company premises and motor vehicles.

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2017 and
31 May 2016:

2017 2016
£    £   
C Park
Balance outstanding at start of year 74,192 27,234
Amounts advanced 79,419 46,958
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 153,611 74,192

Mrs P Park
Balance outstanding at start of year 49,989 -
Amounts advanced 11,000 49,989
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 60,989 49,989

8. RELATED PARTY DISCLOSURES

During the year the company has loaned monies and provided services to a business in which the Director, C
Park, has an interest. The amount outstanding at the balance sheet date was £347,112.

Options

Monitor

  • Receive an alert email on changes to financial status
  • Early indications of liquidity problems
  • Warns when company reporting is overdue
  • Free service, no spam emails
Monitor Now

Please Help Us!

Was this document useful to you? Please Like our page. The more Likes we get, the more documents we can supply you free. Thanks.