Katherine Powell And Associates Ltd
Unaudited Financial Statements
For the year ended 31 August 2023
Pages for Filing with Registrar
Company Registration No. 11512727 (England and Wales)
Katherine Powell and Associates Ltd
Katherine Powell And Associates Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Katherine Powell And Associates Ltd
Balance Sheet
As at 31 August 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,298
5,139
Current assets
Debtors
4
8,442
47,243
Cash at bank and in hand
86,840
126,643
95,282
173,886
Creditors: amounts falling due within one year
5
(10,307)
(35,420)
Net current assets
84,975
138,466
Net assets
92,273
143,605
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
92,173
143,505
Total equity
92,273
143,605
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 5 February 2024
K Powell
Director
Company Registration No. 11512727
Katherine Powell and Associates Ltd
Katherine Powell And Associates Ltd
Notes to the Financial Statements
For the year ended 31 August 2023
Page 2
1
Accounting policies
Company information
Katherine Powell and Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Brook Cottage, Ulcombe Road, Headcorn, TN27 9QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
Katherine Powell and Associates Ltd
Katherine Powell And Associates Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
Page 3
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
Katherine Powell and Associates Ltd
Katherine Powell And Associates Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
7,217
Additions
5,312
Disposals
(2,653)
At 31 August 2023
9,876
Depreciation and impairment
At 1 September 2022
2,078
Depreciation charged in the year
1,389
Eliminated in respect of disposals
(889)
At 31 August 2023
2,578
Carrying amount
At 31 August 2023
7,298
At 31 August 2022
5,139
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,418
39,622
Other debtors
-
480
Prepayments and accrued income
1,024
7,141
8,442
47,243
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,000
19,493
Other taxation and social security
5,877
14,527
Other creditors
895
20
Accruals and deferred income
1,535
1,380
10,307
35,420
Katherine Powell and Associates Ltd
Katherine Powell And Associates Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 5
6
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Related party transactions
Included in other creditors at the year end is an amount of £895 (2022: £20) owed to the director.