Silverfin false false 31/08/2023 01/09/2022 31/08/2023 J Beviss 29/04/2020 C Beviss 06/08/2018 J Mcveigh 06/08/2018 J Watt 29/04/2020 05 February 2024 The principal activity of the company during the financial year was that of specialised support of children with learning difficulties and behavioural disorders using a therapeutic backed practice. 11501541 2023-08-31 11501541 bus:Director1 2023-08-31 11501541 bus:Director2 2023-08-31 11501541 bus:Director3 2023-08-31 11501541 bus:Director4 2023-08-31 11501541 2022-08-31 11501541 core:CurrentFinancialInstruments 2023-08-31 11501541 core:CurrentFinancialInstruments 2022-08-31 11501541 core:Non-currentFinancialInstruments 2023-08-31 11501541 core:Non-currentFinancialInstruments 2022-08-31 11501541 core:ShareCapital 2023-08-31 11501541 core:ShareCapital 2022-08-31 11501541 core:RetainedEarningsAccumulatedLosses 2023-08-31 11501541 core:RetainedEarningsAccumulatedLosses 2022-08-31 11501541 core:LeaseholdImprovements 2022-08-31 11501541 core:Vehicles 2022-08-31 11501541 core:FurnitureFittings 2022-08-31 11501541 core:OfficeEquipment 2022-08-31 11501541 core:ComputerEquipment 2022-08-31 11501541 core:LeaseholdImprovements 2023-08-31 11501541 core:Vehicles 2023-08-31 11501541 core:FurnitureFittings 2023-08-31 11501541 core:OfficeEquipment 2023-08-31 11501541 core:ComputerEquipment 2023-08-31 11501541 2022-09-01 2023-08-31 11501541 bus:FilletedAccounts 2022-09-01 2023-08-31 11501541 bus:SmallEntities 2022-09-01 2023-08-31 11501541 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 11501541 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11501541 bus:Director1 2022-09-01 2023-08-31 11501541 bus:Director2 2022-09-01 2023-08-31 11501541 bus:Director3 2022-09-01 2023-08-31 11501541 bus:Director4 2022-09-01 2023-08-31 11501541 core:LeaseholdImprovements core:TopRangeValue 2022-09-01 2023-08-31 11501541 core:Vehicles 2022-09-01 2023-08-31 11501541 core:FurnitureFittings 2022-09-01 2023-08-31 11501541 core:OfficeEquipment 2022-09-01 2023-08-31 11501541 core:ComputerEquipment 2022-09-01 2023-08-31 11501541 2021-09-01 2022-08-31 11501541 core:LeaseholdImprovements 2022-09-01 2023-08-31 11501541 core:CurrentFinancialInstruments 2022-09-01 2023-08-31 11501541 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: 11501541 (England and Wales)

EMPOWER RESIDENTIALS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

EMPOWER RESIDENTIALS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

EMPOWER RESIDENTIALS LIMITED

BALANCE SHEET

As at 31 August 2023
EMPOWER RESIDENTIALS LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 134,246 166,417
134,246 166,417
Current assets
Debtors
- due within one year 4 183,030 94,330
- due after more than one year 4 0 666
Cash at bank and in hand 573,454 224,800
756,484 319,796
Creditors: amounts falling due within one year 5 ( 148,587) ( 176,825)
Net current assets 607,897 142,971
Total assets less current liabilities 742,143 309,388
Creditors: amounts falling due after more than one year 6 ( 25,297) ( 35,336)
Provision for liabilities ( 7,502) ( 19,645)
Net assets 709,344 254,407
Capital and reserves
Called-up share capital 4 4
Profit and loss account 709,340 254,403
Total shareholder's funds 709,344 254,407

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

Directors' responsibilities:

The financial statements of Empower Residentials Limited (registered number: 11501541) were approved and authorised for issue by the Director on 05 February 2024. They were signed on its behalf by:

J Beviss
Director
EMPOWER RESIDENTIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
EMPOWER RESIDENTIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Empower Residentials Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Prockters Farm Offices, West Monkton, Taunton, TA2 8QN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 33 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 September 2022 46,128 143,706 42,683 1,046 26,651 260,214
Additions 492 11,794 5,176 760 2,053 20,275
Disposals ( 6,719) 0 ( 15,933) 0 ( 3,220) ( 25,872)
At 31 August 2023 39,901 155,500 31,926 1,806 25,484 254,617
Accumulated depreciation
At 01 September 2022 11,609 52,830 17,577 99 11,682 93,797
Charge for the financial year 4,655 23,308 7,135 556 5,126 40,780
Disposals ( 2,016) 0 ( 9,800) 0 ( 2,390) ( 14,206)
At 31 August 2023 14,248 76,138 14,912 655 14,418 120,371
Net book value
At 31 August 2023 25,653 79,362 17,014 1,151 11,066 134,246
At 31 August 2022 34,519 90,876 25,106 947 14,969 166,417

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 65,754 33,502
Amounts owed by Group undertakings 24,425 400
Prepayments and accrued income 37,108 53,974
Corporation tax 49,773 0
Other debtors 5,970 6,454
183,030 94,330
Debtors: amounts falling due after more than one year
Other debtors 0 666

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 6,419 38,949
Amounts owed to Group undertakings 110,195 1,927
Accruals and deferred income 21,933 40,166
Corporation tax 0 81,540
Other taxation and social security 0 4,203
Obligations under finance leases and hire purchase contracts (secured) 10,040 10,040
148,587 176,825

Finance leases and hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 25,297 35,336

Finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 327,022 2,403,500

The total amount of financial commitments not included in the balance sheet is £327,022 (2022 - £2,403,500).

8. Related party transactions

Other related party transactions

Empower Residentials has provided a guarantee in favour of Barclays Bank Plc in respect of another group company Grey Stag Lettings Ltd. This is in relation to investment property held in the balance sheet of Grey Stag Lettings Ltd.