REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 31 December 2021 to 29 December 2022 |
for |
Powerall Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 31 December 2021 to 29 December 2022 |
for |
Powerall Limited |
Powerall Limited (Registered number: 04161472) |
Contents of the Financial Statements |
for the Period 31 December 2021 to 29 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Powerall Limited |
Company Information |
for the Period 31 December 2021 to 29 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
14 Clifton Moor Business Village |
James Nicolson Link |
York |
YO30 4XG |
Powerall Limited (Registered number: 04161472) |
Balance Sheet |
29 December 2022 |
29.12.22 | 30.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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. |
Powerall Limited (Registered number: 04161472) |
Balance Sheet - continued |
29 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Powerall Limited (Registered number: 04161472) |
Notes to the Financial Statements |
for the Period 31 December 2021 to 29 December 2022 |
1. | STATUTORY INFORMATION |
Powerall Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of discounts, rebates and value added tax. |
The company recognises revenue when: |
the amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the company; and |
specific completion criteria have been met for each of the company's activities. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery 3 years straight line |
Motor vehicles 25% on reducing balance |
Fixtures and fittings 15% on reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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. |
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 period 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. |
Powerall Limited (Registered number: 04161472) |
Notes to the Financial Statements - continued |
for the Period 31 December 2021 to 29 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a 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 period was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 31 December 2021 |
Additions |
Disposals | ( |
) |
At 29 December 2022 |
DEPRECIATION |
At 31 December 2021 |
Charge for period |
Eliminated on disposal | ( |
) |
At 29 December 2022 |
NET BOOK VALUE |
At 29 December 2022 |
At 30 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.12.22 | 30.12.21 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.12.22 | 30.12.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Powerall Limited (Registered number: 04161472) |
Notes to the Financial Statements - continued |
for the Period 31 December 2021 to 29 December 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.12.22 | 30.12.21 |
£ | £ |
Bank loans |
Other creditors |
8. | CONTINGENT LIABILITIES |
There is currently a HMRC tax Enquiry into the company and related parties which may impact on the tax treatment of transactions in previous years. At the date of signing, the outcome of the enquiry is unknown and therefore no provision has been made in these accounts. |
9. | OTHER FINANCIAL COMMITMENTS |
The total amount of financial commitments not included in the balance sheet is £30,292 (2021 - £10,209). |
10. | RELATED PARTY DISCLOSURES |
Transactions with directors |
2021 |
At 31.12.20 | Advances | Repayments | At 30.12.21 |
£ | £ | £ | £ |
Directors' loan account | 9,567 | 1,178 | 10,745 | 0 |
Summary of transactions with entities with joint control or significant interest |
There were transactions during the year with two companies that are under common ownership. |
Income and receivables from related parties |
2022 | 2021 |
£ | £ |
Sale of property or other assets | 0 | 52,000 |
Amounts receivable from related parties | 21,554 | 44,760 |
Expenditure with and payable to related parties |
2022 | 2021 |
£ | £ |
Leases | 56,788 | 62,138 |
Settlement of liabilities | 1,572 | 26 |
Amounts payable to related parties | 18,552 | 0 |