15 false false false false false false false false false false true false false false false true true No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 21,463 130,254 4,853,649 5,005,366 5,366 5,000,000 16,097 134,401 11,568 145,969 79,557 16,603 96,160 49,809 54,844 xbrli:pure xbrli:shares iso4217:GBP 8798531 2023-01-01 2023-12-31 8798531 2023-12-31 8798531 2022-12-31 8798531 2022-01-01 2022-12-31 8798531 2022-12-31 8798531 2021-12-31 8798531 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 8798531 core:FurnitureFittings 2023-01-01 2023-12-31 8798531 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 8798531 bus:Director1 2023-01-01 2023-12-31 8798531 core:WithinOneYear 2023-12-31 8798531 core:WithinOneYear 2022-12-31 8798531 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 8798531 core:FurnitureFittings 2022-12-31 8798531 core:FurnitureFittings 2023-12-31 8798531 core:UKTax 2023-01-01 2023-12-31 8798531 core:UKTax 2022-01-01 2022-12-31 8798531 core:ShareCapital 2023-12-31 8798531 core:ShareCapital 2022-12-31 8798531 core:RevaluationReserve 2023-12-31 8798531 core:RetainedEarningsAccumulatedLosses 2023-12-31 8798531 core:RetainedEarningsAccumulatedLosses 2022-12-31 8798531 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 8798531 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 8798531 core:FurnitureFittings 2022-12-31 8798531 bus:SmallEntities 2023-01-01 2023-12-31 8798531 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 8798531 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 8798531 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 8798531 bus:FullAccounts 2023-01-01 2023-12-31 8798531 bus:OrdinaryShareClass1 2023-12-31 8798531 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 8798531
Power Plus Group Limited
Filleted Unaudited Financial Statements
31 December 2023
Power Plus Group Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
6
5,000,000
16,097
Tangible assets
7
49,809
54,844
------------
--------
5,049,809
70,941
Current assets
Debtors
8
318,399
213,109
Cash at bank and in hand
42,126
129,771
---------
---------
360,525
342,880
Creditors: amounts falling due within one year
9
255,030
181,823
---------
---------
Net current assets
105,495
161,057
------------
---------
Total assets less current liabilities
5,155,304
231,998
Provisions
Taxation including deferred tax
1,187,745
13,479
------------
---------
Net assets
3,967,559
218,519
------------
---------
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
3,677,622
Profit and loss account
289,837
218,419
------------
---------
Shareholders funds
3,967,559
218,519
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Power Plus Group Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 May 2024 , and are signed on behalf of the board by:
Mrs J Boanas - Director
Company registration number: 8798531
Power Plus Group Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Britannic House, 279 Chanterlands Avenue, Hull, East Yorkshire, HU5 4DS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
25% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 7 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
63,180
26,008
Adjustments in respect of prior periods
( 16,452)
--------
--------
Total current tax
63,180
9,556
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 1,763)
2,743
--------
--------
Tax on profit
61,417
12,299
--------
--------
6. Intangible assets
Development costs
£
Cost
At 1 January 2023
21,463
Additions
130,254
Revaluations
4,853,649
------------
At 31 December 2023
5,005,366
------------
Amortisation
At 1 January 2023 and 31 December 2023
5,366
------------
Carrying amount
At 31 December 2023
5,000,000
------------
At 31 December 2022
16,097
------------
7. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023
134,401
Additions
11,568
---------
At 31 December 2023
145,969
---------
Depreciation
At 1 January 2023
79,557
Charge for the year
16,603
---------
At 31 December 2023
96,160
---------
Carrying amount
At 31 December 2023
49,809
---------
At 31 December 2022
54,844
---------
8. Debtors
2023
2022
£
£
Trade debtors
186,992
210,109
Directors loan account
128,407
Other debtors
3,000
3,000
---------
---------
318,399
213,109
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,143
12,391
Accruals and deferred income
2,750
3,945
Corporation tax
63,180
26,562
Social security and other taxes
34,748
36,953
Director loan accounts
770
Factoring loan
127,538
97,779
Other creditors
2,671
3,423
---------
---------
255,030
181,823
---------
---------
The factoring loan is secured on the trade debtors of the company.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Directors' advances, credits and guarantees
At the year end the director, G Boanas, owed the company £128,407. This was repaid within 9 months after the year end.