Powerline 1 Limited 10517155 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true true 10517155 2022-06-01 2023-05-31 10517155 2023-05-31 10517155 bus:OrdinaryShareClass1 2023-05-31 10517155 core:ShareCapital 2023-05-31 10517155 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10517155 bus:SmallEntities 2022-06-01 2023-05-31 10517155 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10517155 bus:FullAccounts 2022-06-01 2023-05-31 10517155 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10517155 bus:RegisteredOffice 2022-06-01 2023-05-31 10517155 bus:Director1 2022-06-01 2023-05-31 10517155 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 10517155 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10517155 countries:England 2022-06-01 2023-05-31 10517155 2022-05-31 10517155 2021-06-01 2022-05-31 10517155 2022-05-31 10517155 bus:OrdinaryShareClass1 2022-05-31 10517155 core:ShareCapital 2022-05-31 10517155 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10517155

Powerline 1 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Powerline 1 Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 4

 

Powerline 1 Limited

Company Information
__________________________________________________________________________

Director

L Richards

Registered office

342 Regents Park Road
Finchley
London
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

Powerline 1 Limited

(Registration number: 10517155)
Balance Sheet as at 31 May 2023
__________________________________________________________________________

Note

2023
£

2022
£

   

     

Fixed assets

   

 

Investment property

3

 

174,092

 

174,092

Current assets

   

 

Debtors

4

100

 

100

 

Creditors: Amounts falling due within one year

5

(174,092)

 

(174,092)

 

Net current liabilities

   

(173,992)

 

(173,992)

Net assets

   

100

 

100

Capital and reserves

   

 

Called up share capital

100

 

100

 

Total equity

   

100

 

100

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director on 9 November 2023
 

.........................................
L Richards
Director

 

Powerline 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

1

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Powerline 1 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 1).

3

Investment properties

2023
£

At 1 June

174,092

At 31 May

174,092

Investment properties are included at its cost, plus attributable development costs, and valued to its fair value.
Gains are recognised in the statement of recognised gains and losses in the income statement.

There has been no valuation of investment property by an independent valuer.

4

Debtors

Current

2023
£

2022
£

Other debtors

100

100

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

174,092

174,092

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100