Powerhouse Automotive (UK) Ltd
Registered number: 08765278
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 57,718 64,451
Current assets
Stocks 214,532 209,837
Debtors 4 29,445 12,000
Cash at bank and in hand 93,683 36,761
337,660 258,598
Creditors: amounts falling due within one year 5 (93,198) (42,064)
Net current assets 244,462 216,534
Total assets less current liabilities 302,180 280,985
Provisions for liabilities - (1,956)
Net assets 302,180 279,029
Capital and reserves
Called up share capital 130 120
Profit and loss account 302,050 278,909
Shareholders' funds 302,180 279,029
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.
L F Smith
Director
Approved by the board on 15 February 2024
Powerhouse Automotive (UK) Ltd
Notes to the Accounts
for the year ended 30 November 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.
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 and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
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.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 December 2022 43,301 222,640 265,941
Additions - 12,509 12,509
At 30 November 2023 43,301 235,149 278,450
Depreciation
At 1 December 2022 36,507 164,983 201,490
Charge for the year 1,700 17,542 19,242
At 30 November 2023 38,207 182,525 220,732
Net book value
At 30 November 2023 5,094 52,624 57,718
At 30 November 2022 6,794 57,657 64,451
4 Debtors 2023 2022
£ £
Trade debtors 21,312 9,000
Deferred tax asset 5,133 -
Other debtors 3,000 3,000
29,445 12,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,161 736
Trade creditors 12,045 5,483
Corporation tax 45,161 14,986
Other taxes and social security costs 8,831 10,859
Other creditors 20,000 10,000
93,198 42,064
6 Other information
Powerhouse Automotive (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3a Broom Business Park
Bridge Way, Sheepbridge
Chesterfield
Derbyshire
S41 9QG
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