Registration number:
Powa Services Limited
Information for Filing with The Registrar
31 March 2022
Powa Services Limited
(Registration number: 03905916)
Balance Sheet
31 March 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
H.A. Hunter
Director
Powa Services Limited
Notes to the Accounts
Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
The financial statements have been prepared on a going concern basis on the assumption that the director will continue to support the company for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities.
Tax
The tax expense for the period comprises corporation and deferred tax.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the financial statements at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition.
Powa Services Limited
Notes to the Accounts
Year Ended 31 March 2022
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
10 years straight line basis |
Plant and machinery |
10 years straight line basis |
Motor vehicles |
10 years straight line basis |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company during the year, was
Powa Services Limited
Notes to the Accounts
Year Ended 31 March 2022
Tangible assets |
Land and buildings |
Plant and machinery |
Motor |
Total |
|
Cost or valuation |
||||
At 1 April 2021 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
( |
At 31 March 2022 |
|
|
|
|
Depreciation |
||||
At 1 April 2021 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2022 |
|
|
|
|
Carrying amount |
||||
At 31 March 2022 |
|
|
|
|
At 31 March 2021 |
|
|
|
|
Included within the net book value of land and buildings above is £8,603 (2021 - £18,467) in respect of freehold land and buildings.
Debtors |
Current |
2022 |
2021 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Powa Services Limited
Notes to the Accounts
Year Ended 31 March 2022
Creditors |
Note |
2022 |
2021 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Corporation tax |
|
|
|
Other taxes and social security |
|
|
|
Other creditors |
|
|
|
|
|
Note |
2022 |
2021 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Finance lease liabilities |
- |
|
|
|
Powa Services Limited
Notes to the Accounts
Year Ended 31 March 2022
2022 |
2021 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Finance lease liabilities |
|
|
|
|