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COMPANY REGISTRATION NUMBER: 01817459
Powerlift Plant Limited
Filleted Unaudited Financial Statements
31 December 2022
Powerlift Plant Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
172,614
198,925
Current assets
Stocks
600
600
Debtors
6
55,171
56,018
Cash at bank and in hand
10,239
43,242
--------
--------
66,010
99,860
Creditors: amounts falling due within one year
7
39,462
67,674
--------
--------
Net current assets
26,548
32,186
---------
---------
Total assets less current liabilities
199,162
231,111
Creditors: amounts falling due after more than one year
8
31,567
41,294
Provisions
32,797
35,573
---------
---------
Net assets
134,798
154,244
---------
---------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
134,796
154,242
---------
---------
Shareholders funds
134,798
154,244
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Powerlift Plant Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 9 November 2023 , and are signed on behalf of the board by:
Mr A P Thompson
Director
Company registration number: 01817459
Powerlift Plant Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Motor vehicles
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2022
237,365
4,455
241,820
Additions
32,323
32,323
Disposals
( 18,842)
( 18,842)
---------
-------
---------
At 31 December 2022
250,846
4,455
255,301
---------
-------
---------
Depreciation
At 1 January 2022
41,275
1,620
42,895
Charge for the year
40,073
1,620
41,693
Disposals
( 1,901)
( 1,901)
---------
-------
---------
At 31 December 2022
79,447
3,240
82,687
---------
-------
---------
Carrying amount
At 31 December 2022
171,399
1,215
172,614
---------
-------
---------
At 31 December 2021
196,090
2,835
198,925
---------
-------
---------
6. Debtors
2022
2021
£
£
Trade debtors
38,486
46,667
Other debtors
16,685
9,351
--------
--------
55,171
56,018
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,727
8,706
Trade creditors
17,521
4,227
Accruals and deferred income
6,893
9,384
Corporation tax
607
Social security and other taxes
5,321
10,685
Director loan accounts
34,065
--------
--------
39,462
67,674
--------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
31,567
41,294
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £885) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A P Thompson
( 34,065)
97,843
( 56,470)
7,308
--------
--------
--------
-------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A P Thompson
61,716
( 95,781)
( 34,065)
----
--------
--------
--------
The maximum amount outstanding on the directors loan account was £7,308. No interest has been charged on the loan and the loan has been fully repaid since the year end.