Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31false2021-01-011720truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03481278 2021-01-01 2021-12-31 03481278 2020-01-01 2020-12-31 03481278 2021-12-31 03481278 2020-12-31 03481278 c:Director2 2021-01-01 2021-12-31 03481278 d:Buildings 2021-01-01 2021-12-31 03481278 d:Buildings 2021-12-31 03481278 d:Buildings 2020-12-31 03481278 d:Buildings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03481278 d:Buildings d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 03481278 d:PlantMachinery 2021-01-01 2021-12-31 03481278 d:MotorVehicles 2021-01-01 2021-12-31 03481278 d:OfficeEquipment 2021-01-01 2021-12-31 03481278 d:OtherPropertyPlantEquipment 2021-01-01 2021-12-31 03481278 d:OtherPropertyPlantEquipment 2021-12-31 03481278 d:OtherPropertyPlantEquipment 2020-12-31 03481278 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03481278 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 03481278 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 03481278 d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 03481278 d:CurrentFinancialInstruments 2021-12-31 03481278 d:CurrentFinancialInstruments 2020-12-31 03481278 d:Non-currentFinancialInstruments 2021-12-31 03481278 d:Non-currentFinancialInstruments 2020-12-31 03481278 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03481278 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 03481278 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 03481278 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 03481278 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 03481278 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 03481278 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 03481278 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 03481278 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 03481278 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 03481278 d:ShareCapital 2021-12-31 03481278 d:ShareCapital 2020-12-31 03481278 d:RetainedEarningsAccumulatedLosses 2021-12-31 03481278 d:RetainedEarningsAccumulatedLosses 2020-12-31 03481278 c:OrdinaryShareClass1 2021-01-01 2021-12-31 03481278 c:OrdinaryShareClass1 2021-12-31 03481278 c:OrdinaryShareClass1 2020-12-31 03481278 c:OrdinaryShareClass2 2021-01-01 2021-12-31 03481278 c:OrdinaryShareClass2 2021-12-31 03481278 c:OrdinaryShareClass2 2020-12-31 03481278 c:FRS102 2021-01-01 2021-12-31 03481278 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 03481278 c:FullAccounts 2021-01-01 2021-12-31 03481278 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03481278 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-01-01 2021-12-31 03481278 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-12-31 03481278 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 03481278 d:HirePurchaseContracts d:WithinOneYear 2020-12-31 03481278 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 03481278 d:HirePurchaseContracts d:BetweenOneFiveYears 2020-12-31 03481278 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 03481278 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 03481278 d:RetirementBenefitObligationsDeferredTax 2021-12-31 03481278 d:RetirementBenefitObligationsDeferredTax 2020-12-31 03481278 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2021-12-31 03481278 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03481278









POWDERPLUS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
POWDERPLUS LIMITED
REGISTERED NUMBER: 03481278

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
390,147
401,733

Current assets
  

Stocks
  
6,360
5,643

Debtors: amounts falling due within one year
 5 
342,953
361,668

Cash at bank
  
160,197
114,019

Current liabilities
  
509,510
481,330

Creditors: amounts falling due within one year
 6 
(129,696)
(167,962)

Net current assets
  
 
 
379,814
 
 
313,368

Total assets less current liabilities
  
769,961
715,101

Creditors: amounts falling due after more than one year
 7 
(206,861)
(230,708)

Provisions for liabilities
  

Deferred tax
 10 
(13,419)
(15,560)

Net assets
  
549,681
468,833


Capital and reserves
  

Called up share capital 
 11 
13
13

Profit and loss account
  
549,668
468,820

  
549,681
468,833


Page 1

 
POWDERPLUS LIMITED
REGISTERED NUMBER: 03481278

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Mr D Bullard
Director

Date: 17 August 2022

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Powderplus Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 3 Morleys Place, High Street, Sawston, Cambridge, CB22 3TG. This Company is not part of a group.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

There has been minimal effect on the Company by restrictions imposed by the UK Government in response to the COVID-19 pandemic as the Company’s operations have been able to continue. In addition the Company has additional finance available to it in the form of support from the shareholders.
The directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could affect this assessment. The financial statements do not contain any adjustments that would be required if the Company were not able to continue as a going concern. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Office equipment
-
10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2020 - 20).

Page 6

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Freehold property
Other fixed assets
Total

£
£
£



Cost


At 1 January 2021
318,296
283,674
601,970


Additions
-
9,577
9,577


Disposals
-
(26,450)
(26,450)



At 31 December 2021

318,296
266,801
585,097



Depreciation


At 1 January 2021
-
200,237
200,237


Charge for the year on owned assets
-
8,655
8,655


Charge for the year on financed assets
-
9,638
9,638


Disposals
-
(23,580)
(23,580)



At 31 December 2021

-
194,950
194,950



Net book value



At 31 December 2021
318,296
71,851
390,147



At 31 December 2020
318,296
83,437
401,733




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold
318,296
318,296


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Plant and machinery
38,817
48,189

Page 7

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
339,702
349,109

Other debtors
2,221
2,619

Prepayments and accrued income
1,030
9,940

342,953
361,668



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
26,247
17,914

Trade creditors
22,614
32,421

Corporation tax
32,189
29,398

Other taxation and social security
34,143
61,140

Obligations under finance lease and hire purchase contracts
4,700
13,349

Other creditors
614
7,478

Accruals and deferred income
9,189
6,262

129,696
167,962



7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
200,595
219,741

Net obligations under finance leases and hire purchase contracts
6,266
10,967

206,861
230,708


Included within creditors are secured debts amounting to £10,967 (2020 - £24,316) which are secured on the fixed assets to which they relate and secured debts amounting to £177,675 (2020 - £187,655) which are secured via a fixed and floating charge on the Company's assets.

Page 8

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
26,247
17,914

Amounts falling due 1-2 years

Bank loans
26,247
26,247

Amounts falling due 2-5 years

Bank loans
77,909
78,742

Amounts falling due after more than 5 years

Bank loans
96,439
114,752

226,842
237,655



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
4,700
13,349

Between 1-5 years
6,267
10,967

10,967
24,316

Page 9

 
POWDERPLUS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Deferred taxation




2021


£






At beginning of year
(15,560)


Charged to profit or loss
2,139



At end of year
(13,421)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(13,471)
(15,631)

Pension surplus
50
71

(13,421)
(15,560)


11.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



10 (2020 - 10) Ordinary shares of £1.00 each
10
10
3 (2020 - 3) Preference shares of £1.00 each
3
3

13

13



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,867 (2020 - £4,503). Contributions totalling £464 (2020 - £323) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

During the year the Company operated loans with one of the directors of the Company. The amount payable to the directors of the Company at the year end was £111 (2020 - £7,155). These loans are interest free and repayable on demand.


Page 10