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REGISTERED NUMBER: 07018377 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Powerjet (Glos) Limited

Powerjet (Glos) Limited (Registered number: 07018377)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Powerjet (Glos) Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr J S Gay





REGISTERED OFFICE: 7 Mistletoe Mews
Churchdown
Gloucester
Gloucestershire
GL3 1LN





REGISTERED NUMBER: 07018377 (England and Wales)





ACCOUNTANTS: ARC & Co. Accountants Limited
Northfield House
Shurdington Road
Bentham
Cheltenham
Gloucestershire
GL51 4UA

Powerjet (Glos) Limited (Registered number: 07018377)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 24,402 34,145

CURRENT ASSETS
Stocks 5 16,129 -
Debtors 6 4,675 28,736
Cash at bank 21,871 23,162
42,675 51,898
CREDITORS
Amounts falling due within one year 7 22,282 31,967
NET CURRENT ASSETS 20,393 19,931
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,795

54,076

CREDITORS
Amounts falling due after more than one
year

8

(11,671

)

(15,848

)

PROVISIONS FOR LIABILITIES 9 (4,636 ) (6,488 )
NET ASSETS 28,488 31,740

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 28,388 31,640
SHAREHOLDERS' FUNDS 28,488 31,740

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Powerjet (Glos) Limited (Registered number: 07018377)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 23 January 2024 and were signed by:





Mr J S Gay - Director


Powerjet (Glos) Limited (Registered number: 07018377)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Powerjet (Glos) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Powerjet (Glos) Limited (Registered number: 07018377)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 September 2022 58,132 549 58,681
Additions 457 - 457
Disposals (4,751 ) - (4,751 )
At 31 August 2023 53,838 549 54,387
DEPRECIATION
At 1 September 2022 24,152 384 24,536
Charge for year 8,264 54 8,318
Eliminated on disposal (2,869 ) - (2,869 )
At 31 August 2023 29,547 438 29,985
NET BOOK VALUE
At 31 August 2023 24,291 111 24,402
At 31 August 2022 33,980 165 34,145

5. STOCKS
31.8.23 31.8.22
£    £   
Work-in-progress 16,129 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 4,675 24,020
VAT - 4,716
4,675 28,736

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 4,178 4,069
Trade creditors 2,481 -
Corporation tax 1,304 1,502
Social security and other taxes 770 967
VAT 2,512 -
Directors' current accounts 9,837 23,929
Accrued expenses 1,200 1,500
22,282 31,967

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 11,671 15,848

Powerjet (Glos) Limited (Registered number: 07018377)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

9. PROVISIONS FOR LIABILITIES
31.8.23 31.8.22
£    £   
Deferred tax 4,636 6,488

Deferred
tax
£   
Balance at 1 September 2022 6,488
Credit to Income Statement during year (1,852 )
Balance at 31 August 2023 4,636

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
100 Ordinary "A" £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 September 2022 31,640
Deficit for the year (2,252 )
Dividends (1,000 )
At 31 August 2023 28,388

12. RELATED PARTY DISCLOSURES

During the year the director, Mr J S Gay, made net withdrawals from his account of £14,092. The balance on his account at 31 August 2023 was £9,837 in credit (2022 - £23,929).

Also during the year Mr Gay received dividends from the company of £1,000 (2022 - £2,000).

13. ULTIMATE CONTROLLING PARTY

Mr J S Gay is the ultimate controlling party by virtue of his holding all of the company's issued share capital.