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Registered number: 14206333
Powdrill Drylining & Plastering LTD
Financial Statements
For The Year Ended 30 June 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14206333
2023
Notes £ £
FIXED ASSETS
Intangible Assets 4 10,800
Tangible Assets 5 4,667
15,467
CURRENT ASSETS
Debtors 6 17,002
Cash at bank and in hand 24,577
41,579
Creditors: Amounts Falling Due Within One Year 7 (17,816 )
NET CURRENT ASSETS (LIABILITIES) 23,763
TOTAL ASSETS LESS CURRENT LIABILITIES 39,230
NET ASSETS 39,230
CAPITAL AND RESERVES
Called up share capital 8 100
Profit and Loss Account 39,130
SHAREHOLDERS' FUNDS 39,230
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For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Will Powdrill
Director
9 April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Powdrill Drylining & Plastering LTD is a private company, limited by shares, incorporated in England & Wales, registered number 14206333 . The registered office is 17 Noskwith Street, Ilkeston, DE7 4BX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1
1
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4. Intangible Assets
Goodwill
£
Cost
As at 30 June 2022 -
Additions 12,000
As at 30 June 2023 12,000
Amortisation
As at 30 June 2022 -
Provided during the period 1,200
As at 30 June 2023 1,200
Net Book Value
As at 30 June 2023 10,800
As at 30 June 2022 -
5. Tangible Assets
Motor Vehicles
£
Cost
As at 30 June 2022 -
Additions 6,000
As at 30 June 2023 6,000
Depreciation
As at 30 June 2022 -
Provided during the period 1,333
As at 30 June 2023 1,333
Net Book Value
As at 30 June 2023 4,667
As at 30 June 2022 -
6. Debtors
2023
£
Due within one year
Trade debtors 5,080
Other debtors 11,830
VAT 92
17,002
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7. Creditors: Amounts Falling Due Within One Year
2023
£
Corporation tax 9,104
Accruals and deferred income 800
Director's loan account 7,912
17,816
8. Share Capital
2023
£
Allotted, Called up and fully paid 100
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