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COMPANY REGISTRATION NUMBER: 06821120
Power Commercial Savings Limited
Filleted Unaudited Financial Statements
28 February 2023
Power Commercial Savings Limited
Financial Statements
Year ended 28 February 2023
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Power Commercial Savings Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Power Commercial Savings Limited
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Power Commercial Savings Limited for the year ended 28 February 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Power Commercial Savings Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Power Commercial Savings Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Power Commercial Savings Limited and its director for our work or for this report.
It is your duty to ensure that Power Commercial Savings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Power Commercial Savings Limited. You consider that Power Commercial Savings Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Power Commercial Savings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
WALTER HUNTER & CO LIMITED Chartered accountants
24 Bridge Street Newport South Wales NP20 4SF
22 November 2023
Power Commercial Savings Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
6
105,301
Current assets
Debtors
7
16,801
40,882
Cash at bank and in hand
118,125
28,918
---------
--------
134,926
69,800
Creditors: amounts falling due within one year
8
28,437
28,950
---------
--------
Net current assets
106,489
40,850
---------
---------
Total assets less current liabilities
106,489
146,151
Creditors: amounts falling due after more than one year
9
25,833
35,833
---------
---------
Net assets
80,656
110,318
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
80,654
110,316
--------
---------
Shareholders funds
80,656
110,318
--------
---------
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 income statement has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Power Commercial Savings Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Miss P Lin
Director
Company registration number: 06821120
Power Commercial Savings Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 68 Commercial Road, Machen, Caerphilly, CF83 8PG.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that may affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The Turnover shown in the statement of represents amounts receivable for goods supplied and services rendered, as invoiced, stated net of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Offfice equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 (2022: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 March 2022 and 28 February 2023
6,285
6,285
-------
-------
Depreciation
At 1 March 2022 and 28 February 2023
6,285
6,285
-------
-------
Carrying amount
At 28 February 2023
-------
-------
At 28 February 2022
-------
-------
6. Investments
Other investments other than loans
£
Cost
At 1 March 2022
105,301
Additions
8,653
Disposals
( 113,954)
---------
At 28 February 2023
---------
Impairment
At 1 March 2022 and 28 February 2023
---------
Carrying amount
At 28 February 2023
---------
At 28 February 2022
105,301
---------
7. Debtors
2023
2022
£
£
Trade debtors
32,250
Other debtors
16,801
8,632
--------
--------
16,801
40,882
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Corporation tax
8,524
9,524
Other creditors
9,913
9,426
--------
--------
28,437
28,950
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,833
35,833
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Miss P Lin
( 7,551)
( 8,088)
7,740
( 7,899)
-------
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Miss P Lin
( 3,169)
( 7,346)
2,964
( 7,551)
-------
-------
-------
-------
11. Related party transactions
The company was under the control of Miss P Lin during this and the previous financial year. Miss Lin is the managing director and together with her husband owns 100% of the issued share capital of the company. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.