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Financial Statements for the Year Ended 30 April 2022 |
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Abex Power Components Ltd |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 April 2022 |
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for |
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Abex Power Components Ltd |
Abex Power Components Ltd (Registered number: 01905949) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Abex Power Components Ltd |
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Company Information |
for the Year Ended 30 April 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Suites 5 & 6 The Printworks |
Hey Road |
Barrow |
Clitheroe |
Lancashire |
BB7 9WB |
Abex Power Components Ltd (Registered number: 01905949) |
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Balance Sheet |
30 April 2022 |
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30.4.22 | 30.4.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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Abex Power Components Ltd (Registered number: 01905949) |
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Balance Sheet - continued |
30 April 2022 |
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30.4.22 | 30.4.21 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Abex Power Components Ltd (Registered number: 01905949) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2022 |
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1. | STATUTORY INFORMATION |
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Abex Power Components Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Abex Power Components Ltd (Registered number: 01905949) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Abex Power Components Ltd (Registered number: 01905949) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2021 |
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Additions |
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Disposals |
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At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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Eliminated on disposal |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 May 2021 |
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Transfer to ownership | (18,450 | ) |
At 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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Transfer to ownership | (10,703 | ) |
At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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Abex Power Components Ltd (Registered number: 01905949) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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5. | DEBTORS |
30.4.22 | 30.4.21 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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E. Jackson (Chatburn) Limited | 18,437 | 18,437 |
Prepayments |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.22 | 30.4.21 |
£ | £ |
Hire purchase contracts (see note 8) |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | 52,939 | 50,580 |
Factoring creditor |
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Other creditors | 9,400 | 9,400 |
Directors' current accounts | 22,563 | 22,563 |
Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
30.4.22 | 30.4.21 |
£ | £ |
Hire purchase contracts (see note 8) |
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Abex Power Components Ltd (Registered number: 01905949) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase | contracts |
30.4.22 | 30.4.21 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable | operating leases |
30.4.22 | 30.4.21 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.22 | 30.4.21 |
£ | £ |
Hire purchase contracts | 36,664 | 51,544 |
Factoring creditor | 251,927 | 224,217 |
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Net obligations under hire purchase contracts are secured on the assets to which they relate. |
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The factoring creditor is secured by a fixed and floating charge, dated 28 June 2005, on all the property and other assets of the company. |
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10. | PROVISIONS FOR LIABILITIES |
30.4.22 | 30.4.21 |
£ | £ |
Deferred tax | 12,600 | 18,100 |
Abex Power Components Ltd (Registered number: 01905949) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2022 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 May 2021 |
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Credit to Statement of Income and Retained Earnings during
year |
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Balance at 30 April 2022 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.22 | 30.4.21 |
value: | £ | £ |
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Ordinary | £1 | 4,500 | 4,500 |
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A Ordinary | £1 | 1,500 | 1,500 |
6,000 | 6,000 |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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