REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
WILLPOWER SOUTH WEST LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
WILLPOWER SOUTH WEST LIMITED |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WILLPOWER SOUTH WEST LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 MARCH 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Willpower South West Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is the Pound Sterling (£). |
Turnover |
Turnover represents net invoiced sales of services provided during the year, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Going concern |
The director has considered the company's ability to continue as a going concern for at least 12 months from the date of signing of these financial statements and has concluded that he considers the company to be a going concern. This assessment is based on the director's intention to continue to provide any financial support necessary for the foreseeable future. The director therefore continues to adopt the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Director's loan account | - | 3,657 |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Hire purchase contracts |
Trade creditors |
VAT | 1,505 | 1,939 |
Other creditors |
Director's loan account | 133,233 | - |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans - 1-2 years |
Other loans - 2-5 years |
Other loans in over 5yrs |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Other loans in over 5yrs | 91,179 | 111,512 |
Hire purchase | - | 6,048 |
91,179 | 117,560 |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 139,720 | 169,924 |
Other loans | 178,892 | 193,333 |
The hire purchase contracts are secured on the fixed assets to which they relate. The Other loan is secured on other fixed assets currently carried at a net book value of £258,255. |
9. | PROVISIONS FOR LIABILITIES |
At 31 March 2023 the deferred tax recognised in the balance sheet was £nil, which comprises: |
2023 | 2022 |
£ | £ |
Capital allowances in excess of depreciation | 171,088 | 120,787 |
Tax losses | (171,088 | ) | (120,787 | ) |
- | - |
At 31 March 2023, there is also an unrecognised deferred tax asset of £184,405 (2022 - £112,413) in respect of tax losses carried forward, which is in addition to the amounts detailed above. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
WILLPOWER SOUTH WEST LIMITED (REGISTERED NUMBER: 09515993) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 MARCH 2023 |
11. | RELATED PARTY DISCLOSURES |
The company is controlled by Mr M P Matthews, the director, by virtue of his shareholding in the company. |
As at 31 March 2023 a total of £133,233 was owed to (2022 - £3,657 owed by) the director by the company. No interest is being charged in relation to this amount. |
Funds totalling £9,519 (2022 - £20,700) were advanced to Willpower South West Limited during the year by Electrical & Mechanical Solutions Limited, a related party by virtue of the director's equity interest in that company. At 31 March 2023 an amount of £981,148 (2022 - £971,629) was owed to Electrical & Mechanical Solutions Limited. |
During the year, the company provided management consultancy services to Northavon Group Limited, a related party by virtue of the director's equity interest in that company, totalling £50,000 (2022 - £50,000). Also, Northavon Group Limited advanced £55,000 (2022 - was repaid £29,450) during the year, and £250,550 (2022 - £195,550) was owed by this company at the year end. |