Company No:
Contents
Note | 2023 | 2022 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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134,246 | 166,417 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 4 |
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- due after more than one year | 4 |
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Cash at bank and in hand |
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756,484 | 319,796 | |||
Creditors: amounts falling due within one year | 5 | (
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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 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Empower Residentials Limited (registered number:
J Beviss
Director |
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Leasehold improvements |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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Computer equipment |
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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.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total | ||||||
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Cost | |||||||||||
At 01 September 2022 |
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Additions |
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Disposals | (
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At 31 August 2023 |
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Accumulated depreciation | |||||||||||
At 01 September 2022 |
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Charge for the financial year |
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Disposals | (
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At 31 August 2023 |
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Net book value | |||||||||||
At 31 August 2023 |
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At 31 August 2022 |
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2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments and accrued income |
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Corporation tax |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other debtors |
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£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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2023 | 2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
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Commitments
2023 | 2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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The total amount of financial commitments not included in the balance sheet is £327,022 (2022 - £2,403,500).
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.