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Registered Number: 10950975
England and Wales

 

 

 

POW FOOD LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 October 2022

End date: 30 September 2023
Directors D W M Curry
A Warburton
E Warburton Adams
Registered Number 10950975
Registered Office UNIT B13 ALPHA BUSINESS CENTRE
MINERVA ROAD LONDON
NW10 6HJ
Accountants Blue Peak Consulting Limited
Arena, 100 Berkshire Place
GF33
Winnersh
RG41 5RD
1
Director's report and financial statements
The directors present their annual report and financial statements for the year ended 30 September 2023.
Principal activities
The principal activity of the company during the year under review was the provision of catering activities.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:


D W M Curry
A Warburton
E Warburton Adams
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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


----------------------------------
A Warburton
Director

Date approved: 09 August 2024
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of POW Food Limited, for the year ended 30 Sep 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.


This report is made solely to the Board of Directors of POW Food Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of POW Food Limited and state those matters that we have agreed to state to the Board of Directors of POW Food Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.


It is your duty to ensure that POW Food Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of POW Food Limited You consider the POW Food 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 financial statements of POW Food 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 financial statements.



....................................................
Blue Peak Consulting Limited
Arena, 100 Berkshire Place
GF33
Winnersh
RG41 5RD
09 August 2024
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 29,454    27,619 
29,454    27,619 
Current assets      
Debtors 4 211,840    149,960 
Cash at bank and in hand 121,719    70,844 
333,559    220,804 
Creditors: amount falling due within one year 5 (350,210)   (269,383)
Net current assets (16,651)   (48,579)
 
Total assets less current liabilities 12,803    (20,960)
Creditors: amount falling due after more than one year 6 (253,669)   (183,943)
Accruals and deferred income   (1,547)
Net assets (240,866)   (206,450)
 

Capital and reserves
     
Called up share capital 7 124    124 
Share premium account 8 175,964    175,964 
Profit and loss account (416,954)   (382,538)
Shareholders' funds (240,866)   (206,450)
 


For the year ended 30 September 2023 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 09 August 2024 and were signed on its behalf by:


-------------------------------
A Warburton
Director
4
Company information
POW Food Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B13 Alpha Business Centre, Minerva Road, London, NW10 6HJ.
1.

Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of
section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.


The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.


The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.


When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.


Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:




                                     Fixtures and fittings                                            25% Straight Line




Computer Equipment 25% Straight Line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased
carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.


Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.


The cost of any unused holiday entitlement is recognised in the period in which the employees services are received.


Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.

Average number of employees

Average number of employees during the year was 20 (2022 : 15).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 October 2022 34,181    10,595    44,776 
Additions 12,642    1,752    14,394 
Disposals    
At 30 September 2023 46,823    12,347    59,170 
Depreciation
At 01 October 2022 13,054    4,103    17,157 
Charge for year 9,546    3,013    12,559 
On disposals    
At 30 September 2023 22,600    7,116    29,716 
Net book values
Closing balance as at 30 September 2023 24,223    5,231    29,454 
Opening balance as at 01 October 2022 21,127    6,492    27,619 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 157,658    113,317 
Other Debtors 45,280    27,741 
Corporation Tax 8,902    8,902 
211,840    149,960 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 159,509    163,029 
Bank Loans & Overdrafts 6,000    6,000 
PAYE & Social Security 84,341    23,659 
VAT 82,410    71,718 
Accrued Expenses 2,152    1,579 
Other Creditors 11,668    3,398 
Wages & Salaries Control Account  
Revolut Cards 4,130   
350,210    269,383 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 10,500    16,500 
Directors' Loan Accounts 243,169    167,443 
253,669    183,943 

7.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
124 Class A shares of £1.00 each 124    124 
124    124 

8.

Share premium account

2023
£
  2022
£
Equity Share Premium b/fwd 175,964    175,964 
175,964    175,964 

9.

Directors' transactions

At 30 September 2023 the company owed D Curry is £109,100 (2022: £116,970) the loan incurs monthly interest at a rate of 1%, is unsecured and is repayable on demand.

At 30 September 2023 the company owed A Warburton £133,133 (2022: £49,849) the loan incurs monthly interest at a rate of 1%, is unsecured and is repayable on demand.

At 30 September 2023 the company owed E Warburton £936 (2022: £624) the loan is interest free and repayable on demand.

The above amounts are included within other creditors.
5