Registered number
10195825
Powers Consultancy Ltd
Filleted Accounts
For the year ended 31 May 2023
Powers Consultancy Ltd
Registered number: 10195825
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 753 486
Current assets
Debtors 4 4,760 -
Cash at bank and in hand 25,597 51,533
30,357 51,533
Creditors: amounts falling due within one year 5 (25,520) (34,665)
Net current assets 4,837 16,868
Total assets less current liabilities 5,590 17,354
Provisions for liabilities (143) (92)
Net assets 5,447 17,262
Capital and reserves
Called up share capital 20 20
Profit and loss account 5,427 17,242
Shareholders' funds 5,447 17,262
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the board on 7 January 2024
A S Powers R M Powers
Director Director
Powers Consultancy Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 25% per annum straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of employee's (including directors) 2 2
3 Tangible fixed assets
Fixtures fittings and equipment
£
Cost
At 1 June 2022 2,690
Additions 542
Disposals (659)
At 31 May 2023 2,573
Depreciation
At 1 June 2022 2,204
Charge for the year 275
On disposals (659)
At 31 May 2023 1,820
Net book value
At 31 May 2023 753
At 31 May 2022 486
4 Debtors 2023 2022
£ £
Trade debtors 4,760 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,156 19,106
Other creditors 23,364 15,559
25,520 34,665
6 Other information
Powers Consultancy Ltd is a private company limited by shares and incorporated in England. Its registered office is 37 Bradbourne Road, Bexley, Kent DA5 1NS.
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