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Registered Number: 03279839
England and Wales

 

 

 

POWERFACTOR (U.K.) LIMITED


Filleted Unaudited Financial Statements
 


Period of accounts

Start date: 04 May 2023

End date: 03 May 2024
Directors Andrew Wills
Marian Wills
Registered Number 03279839
Registered Office 10 St Martins Lane
Marshfield
Chippenham
Wiltshire
SN14 8LZ
Accountants Bond & Co Chartered Certified Accountants
66 Gloucester Road
Bishopston
Bristol
BS7 8BH
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 03 May 2024.
Principal activities
Principal activity of the company during the financial year was that of property management.
Directors
The directors who served the company throughout the year were as follows:
Andrew Wills
Marian Wills
Statement of directors' responsibilities
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the board and signed on its behalf by:


----------------------------------
Andrew Wills
Director

Date approved: 03 August 2024
2
Report to the directors on the preparation of the unaudited statutory accounts of Powerfactor (U.K.) Limited for the year ended 03 May 2024. In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Powerfactor (U.K.) Limited for the year ended 03 May 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/. This report is made solely to the Board of Directors of Powerfactor (U.K.) Limited, as a body, in accordance with the terms of our engagement letter dated 28 July 2020. Our work has been undertaken solely to prepare for your approval the accounts of Powerfactor (U.K.) Limited and state those matters that we have agreed to state to the Board of Directors of Powerfactor (U.K.) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Powerfactor (U.K.) Limited and its Board of Directors as a body for our work or for this report. It is your duty to ensure that Powerfactor (U.K.) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Powerfactor (U.K.) Limited. You consider that Powerfactor (U.K.) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the accounts of Powerfactor (U.K.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts 03 May 2024.


Bond & Co Chartered Certified Accountants
66 Gloucester Road
Bishopston
Bristol
BS7 8BH
03 August 2024
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 765,250    765,250 
765,250    765,250 
Current assets      
Cash at bank and in hand 69,671    73,581 
Creditors: amount falling due within one year 4 (14,404)   (13,874)
Net current assets 55,267    59,707 
 
Total assets less current liabilities 820,517    824,957 
Creditors: amount falling due after more than one year 5 (2,200)   (38,979)
Provisions for liabilities 6 (17,305)   (17,305)
Net assets 801,012    768,673 
 

Capital and reserves
     
Called up share capital 535,002    535,002 
Reserves 7 73,774    73,774 
Profit and loss account 192,236    159,897 
Shareholders' funds 801,012    768,673 
 


For the year ended 03 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 August 2024 and were signed on its behalf by:


-------------------------------
Andrew Wills
Director
4
General Information
Powerfactor (U.K.) Limited is a private company, limited by shares, registered in England and Wales, registration number 03279839, registration address 10 St Martins Lane, Marshfield, Chippenham, Wiltshire, SN14 8LZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties are recognised initially at cost which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at their open market value at each reporting date. Gains and losses arising from changes in the value of investment properties are transferred to a revaluation reserve (non-distributable) in the period in which they arise.

The fair value is determined annually by the directors, on an open market value basis.


Deferred taxation is provided on gains at the rate expected to apply when the properties are
sold.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 04 May 2023 765,250    4,067    769,317 
Additions    
Disposals    
At 03 May 2024 765,250    4,067    769,317 
Depreciation
At 04 May 2023   4,067    4,067 
Charge for year    
On disposals    
At 03 May 2024   4,067    4,067 
Net book values
Closing balance as at 03 May 2024 765,250      765,250 
Opening balance as at 04 May 2023 765,250      765,250 


4.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 9,040    8,873 
PAYE & Social Security 1,206    587 
Accrued Expenses   200 
Other Creditors 1   
VAT 4,157    4,214 
14,404    13,874 

5.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Directors' Loan Accounts 2,200    38,979 
2,200    38,979 

6.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 17,305    17,305 
17,305    17,305 

7.

Reserves

2024
£
  2023
£
Non-distributable Reserve 73,774    73,774 
73,774    73,774 

5