Registered number
08331085
Peter Powell Kites Limited
Filleted Accounts
31 December 2023
Peter Powell Kites Limited
Company Information
Directors
P A Powell
M A Powell
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered number
08331085
Peter Powell Kites Limited
Registered number: 08331085
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Stocks 500 500
Cash at bank and in hand 6,720 4,397
7,220 4,897
Creditors: amounts falling due within one year 4 (11,936) (12,284)
Net current liabilities (4,716) (7,387)
Net liabilities (4,716) (7,387)
Capital and reserves
Called up share capital 1,000 100
Profit and loss account (5,716) (7,487)
Shareholders' funds (4,716) (7,387)
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.
P A Powell
Director
Approved by the board on 29 February 2024
Peter Powell Kites Limited
Notes to the Accounts
for the year ended 31 December 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 discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery 25% straight line
Fixtures and fittings 25% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 12,635 640 500 13,775
At 31 December 2023 12,635 640 500 13,775
Depreciation
At 1 January 2023 12,635 640 500 13,775
At 31 December 2023 12,635 640 500 13,775
Net book value
At 31 December 2023 - - - -
4 Creditors: amounts falling due within one year 2023 2022
£ £
Directors loan 8,712 9,882
Other creditors 3,224 2,402
11,936 12,284
5 Contingent liabilities
The accounts have been prepared on the going concern basis which is dependent on the continuing financial support of the directors.
6 Controlling party
The company is controlled by the directors.
7 Other information
Peter Powell Kites Limited is a private company limited by shares and incorporated in England. Its registered office is:
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
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