Registered number
12308974
Povey Holdings Limited
Report and Accounts
31 July 2023
LSGK Accountants Limited
Accountants and Business Advisors
Fiscal House
19/21 Talbot Street
Leek
Staffordshire
ST13 5JT
Tel 01538 383374 Fax 0871 222 1921
Email info@accountancy4growth.co.uk
Website www.lsgkaccountants.com
Povey Holdings Limited
Registered number: 12308974
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 264,880 304,612
Tangible assets 4 230,000 154,421
494,880 459,033
Current assets
Debtors 5 25,908 21,227
Cash at bank and in hand 11,288 371
37,196 21,598
Creditors: amounts falling due within one year 6 (71,270) (65,212)
Net current liabilities (34,074) (43,614)
Total assets less current liabilities 460,806 415,419
Creditors: amounts falling due after more than one year 7 (356,506) (399,047)
Net assets 104,300 16,372
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 75,579 -
Profit and loss account 28,621 16,272
Shareholders' funds 104,300 16,372
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alex Povey
Director
Approved by the board on 13 October 2023
Povey Holdings Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 397,320
At 31 July 2023 397,320
Amortisation
At 1 August 2022 92,708
Provided during the year 39,732
At 31 July 2023 132,440
Net book value
At 31 July 2023 264,880
At 31 July 2022 304,612
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2022 154,421
Surplus on revaluation 75,579
At 31 July 2023 230,000
Depreciation
At 31 July 2023 -
Net book value
At 31 July 2023 230,000
At 31 July 2022 154,421
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 17,592 13,800
Other debtors 8,316 7,427
25,908 21,227
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 52,691 52,691
Trade creditors - 1,140
Amounts owed to group undertakings and undertakings in which the company has a participating interest 17,381 -
Other creditors 1,198 11,381
71,270 65,212
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 356,506 399,047
8 Revaluation reserve 2023 2022
£ £
Gain on revaluation of land and buildings 75,579 -
At 31 July 2023 75,579 -
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