The ultimate parent company is Power Electronics International SL, a company incorporated in Spain. The parent company prepares consolidated accounts. The company made sales amounting to £103,840 during the year. The total amount outstanding as at 31st December 2020 is £108,800.42 and same is included in Trade debtor note no.5 above.
During the year, the company made purchases amounting to £-1,678,213.88 (2019: £621,969) from one of the group companies, Power Electronics Espana SL, a company incorporated in Spain and 100% owned by Power Electronic International SL. The total amount outstanding as at 31st December 2020 is £62,803.36 (2019 : £1,741,017) and is included in trade creditors note no. 6 above.
The accrual of expense for current year is NIL (2019 : 16,801.65), invoices to be received after year end from Power Electronics Espana. There is accrual of income for £39,995.10 during the year 2020 (2019 : £27,903.09) related to Power Electronics Espana.
As at 31.12.20, The company owes £244,114 (2019 : £344,114) to Power Electronics Internacional and is included in note no. 6 above.