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REGISTERED NUMBER: 02158670















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Powerhouse Marine Limited

Powerhouse Marine Limited (Registered number: 02158670)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Powerhouse Marine Limited

Company Information
for the Year Ended 31 December 2021







DIRECTOR: M J Newbold





REGISTERED OFFICE: Unit 1 Derwenthaugh Marina
Blaydon
Tyne and Wear
NE21 5LL





REGISTERED NUMBER: 02158670





ACCOUNTANTS: Essell Accountants Limited
29 Howard Street
North Shields
Tyne and Wear
NE30 1AR

Powerhouse Marine Limited (Registered number: 02158670)

Balance Sheet
31 December 2021

31/12/21 31/12/20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,567 6,090
4,567 6,090

CURRENT ASSETS
Stocks 60,648 60,648
Debtors 6 2,971 11,739
Cash at bank 11,009 6,127
74,628 78,514
CREDITORS
Amounts falling due within one year 7 22,141 26,921
NET CURRENT ASSETS 52,487 51,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

57,054

57,683

CREDITORS
Amounts falling due after more than one year 8 43,415 57,361
NET ASSETS 13,639 322

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 13,539 222
SHAREHOLDERS' FUNDS 13,639 322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Powerhouse Marine Limited (Registered number: 02158670)

Balance Sheet - continued
31 December 2021


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2022 and were signed by:





M J Newbold - Director


Powerhouse Marine Limited (Registered number: 02158670)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Powerhouse Marine Limited is a private company, limited by shares , registered in Not specified/Other. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 25% 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 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.

Powerhouse Marine Limited (Registered number: 02158670)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 20,000
AMORTISATION
At 1 January 2021
and 31 December 2021 20,000
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021
and 31 December 2021 55,792
DEPRECIATION
At 1 January 2021 49,702
Charge for year 1,523
At 31 December 2021 51,225
NET BOOK VALUE
At 31 December 2021 4,567
At 31 December 2020 6,090

Powerhouse Marine Limited (Registered number: 02158670)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/21 31/12/20
£    £   
Trade debtors 2,481 11,446
Other debtors 490 293
2,971 11,739

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/21 31/12/20
£    £   
Trade creditors 18,614 18,891
Taxation and social security 3,230 2,213
Other creditors 297 5,817
22,141 26,921

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/21 31/12/20
£    £   
Other creditors 43,415 57,361