Company Registration No. 03448945 (England and Wales)
Investpower Limited
Unaudited accounts
for the year ended 29 February 2024
Investpower Limited
Company Information
for the year ended 29 February 2024
Directors
Caitland Lomas
Carl Lomas
Company Number
03448945 (England and Wales)
Registered Office
C/O Accounts And Legal
81 King Street
Manchester
Greater Manchester
M2 4AH
England
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
Investpower Limited
Accountants' report
Accountants' report to the board of directors of Investpower Limited on the preparation of the unaudited statutory accounts for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Investpower Limited for the year ended
29 February 2024 as set out on pages
5 -
8 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 Investpower Limited, as a body, in accordance with the terms of our engagement letter dated 20 July 2023. Our work has been undertaken solely to prepare for your approval the accounts of Investpower Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Investpower Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Investpower 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 loss of Investpower Limited. You consider that Investpower 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 Investpower 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.
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
26 July 2024
Investpower Limited
Statement of financial position
as at 29 February 2024
Tangible assets
25,743
3,719
Investment property
4,655,000
4,655,000
Investments
250,000
250,000
Cash at bank and in hand
152,560
23,189
Creditors: amounts falling due within one year
(611,889)
(743,670)
Net current liabilities
(449,749)
(712,824)
Total assets less current liabilities
4,480,994
4,195,895
Creditors: amounts falling due after more than one year
(2,120,823)
(1,835,412)
Provisions for liabilities
Deferred tax
(409,561)
(403,040)
Net assets
1,950,610
1,957,443
Called up share capital
2
2
Revaluation reserve
2,119,599
2,119,599
Profit and loss account
(168,991)
(162,158)
Shareholders' funds
1,950,610
1,957,443
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by
Carl Lomas
Director
Company Registration No. 03448945
Investpower Limited
Notes to the Accounts
for the year ended 29 February 2024
Investpower Limited is a private company, limited by shares, registered in England and Wales, registration number 03448945. The registered office is C/O Accounts And Legal, 81 King Street, Manchester, Greater Manchester, M2 4AH, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Computer equipment
25% Straight Line
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Investpower Limited
Notes to the Accounts
for the year ended 29 February 2024
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2023
21,717
2,597
15,444
39,758
Additions
27,025
1,385
354
28,764
At 29 February 2024
48,742
3,982
15,798
68,522
At 1 March 2023
21,692
541
13,806
36,039
Charge for the year
4,529
765
1,446
6,740
At 29 February 2024
26,221
1,306
15,252
42,779
At 29 February 2024
22,521
2,676
546
25,743
At 28 February 2023
25
2,056
1,638
3,719
Fair value at 1 March 2023
4,655,000
At 29 February 2024
4,655,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors during the year.
6
Investments
Subsidiary undertakings
Valuation at 1 March 2023
250,000
Valuation at 29 February 2024
250,000
Investpower Limited
Notes to the Accounts
for the year ended 29 February 2024
Amounts falling due within one year
Accrued income and prepayments
1,441
1,747
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
-
134,211
Trade creditors
1,028
2,005
Amounts owed to group undertakings and other participating interests
568,481
574,661
Taxes and social security
17,483
5,036
Other creditors
24,897
27,757
9
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,828,467
1,580,282
Other creditors
206,498
209,977
Loans from directors
85,858
45,153
10
Average number of employees
During the year the average number of employees was 6 (2023: 6).