POWER KNITWEAR LTD
Statement of financial position
as at 30 November 2023
Tangible assets
11,472
16,074
Cash at bank and in hand
94,656
149,271
Creditors: amounts falling due within one year
(40,984)
(84,871)
Net current assets
109,440
131,682
Net assets
120,912
147,756
Called up share capital
10
10
Profit and loss account
120,902
147,746
Shareholders' funds
120,912
147,756
For the year ending 30 November 2023 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 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 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 and authorised for issue on 24 August 2024 and were signed on its behalf by
Omar Ali Zahid
Director
Company Registration No. 10463911
POWER KNITWEAR LTD
Notes to the Accounts
for the year ended 30 November 2023
POWER KNITWEAR LTD is a private company, limited by shares, registered in England and Wales, registration number 10463911. The registered office is 37 DEVONSHIRE STREET NORTH, MANCHESTER, LANCASHIRE, M12 6JR, 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.
These financial statements for the year ended 30 November 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 December 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
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.
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:
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 December 2022
11,144
23,022
34,166
At 30 November 2023
11,144
23,022
34,166
At 1 December 2022
5,543
12,549
18,092
Charge for the year
1,167
3,435
4,602
At 30 November 2023
6,710
15,984
22,694
At 30 November 2023
4,434
7,038
11,472
At 30 November 2022
5,601
10,473
16,074
POWER KNITWEAR LTD
Notes to the Accounts
for the year ended 30 November 2023
Amounts falling due within one year
Trade debtors
43,268
62,782
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
12,270
19,840
Taxes and social security
(6,483)
16,795
Other creditors
7,600
15,600
Loans from directors
24,186
20,443
7
Average number of employees
During the year the average number of employees was 4 (2022: 5).