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Registration number: 04772565

Powys Factors Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 30 November 2023

 

Powys Factors Limited

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Powys Factors Limited

Company Information

Directors

Ms A J Coles

Mr D A Coles

Company secretary

Ms A J Coles

Registered office

Silver Street
Llanfaes
Brecon
Powys
LD3 8BL
 

Bankers

National Westminster Bank plc
27 High Street
Brecon
Powys
LD3 7LF
 

Accountants

WJ James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Powys Factors Limited

Statement of Income and Retained Earnings
for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

274,836

239,426

Cost of sales

 

(169,330)

(123,568)

Gross profit

 

105,506

115,858

Administrative expenses

 

(141,244)

(157,488)

Other operating income

 

4,378

4,651

Operating loss

 

(31,360)

(36,979)

Loss before tax

(31,360)

(36,979)

Loss for the financial year

 

(31,360)

(36,979)

Retained earnings brought forward

 

174,220

211,200

Retained earnings carried forward

 

142,860

174,221

 

Powys Factors Limited

(Registration number: 04772565)

Balance Sheet
as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,215

11,199

Current assets

 

Stocks

6

173,833

181,372

Debtors

7

50,991

39,925

Cash at bank and in hand

 

76,004

107,043

 

300,828

328,340

Creditors: Amounts falling due within one year

8

(167,181)

(165,316)

Net current assets

 

133,647

163,024

Net assets

 

142,862

174,223

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

142,860

174,221

Total equity

 

142,862

174,223

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

Powys Factors Limited

(Registration number: 04772565)

Balance Sheet
as at 30 November 2023

Approved and authorised by the Board on 27 August 2024 and signed on its behalf by:
 

.........................................

Ms A J Coles

Company secretary and director

.........................................

Mr D A Coles

Director

 

Powys Factors Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Silver Street
Llanfaes
Brecon
Powys
LD3 8BL
United Kingdom

These financial statements were authorised for issue by the Board on 27 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in pounds sterling, which is the functional currency of the company, and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
the amount of revenue can be reliably measured; and
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises Corporation Tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current Corporation Tax charge is calculated on the basis of UK tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Powys Factors Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 UK tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% and 33% on reducing balance

Computer equipment

10% on cost and 15% on reducing balance

Motor vehicles

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised at the transaction price. They are subsequently measured at transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Powys Factors Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

Stocks

Stocks for resale are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

Stocks of stationery and motor fuel are stated at cost price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash
received .

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 6).

 

Powys Factors Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

20,000

20,000

At 30 November 2023

20,000

20,000

Amortisation

At 1 December 2022

20,000

20,000

At 30 November 2023

20,000

20,000

Carrying amount

At 30 November 2023

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2022 - £Nil).
 

 

Powys Factors Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

4,596

14,087

52,601

71,284

Additions

-

485

-

485

At 30 November 2023

4,596

14,572

52,601

71,769

Depreciation

At 1 December 2022

4,119

12,714

43,252

60,085

Charge for the year

189

411

1,869

2,469

At 30 November 2023

4,308

13,125

45,121

62,554

Carrying amount

At 30 November 2023

288

1,447

7,480

9,215

At 30 November 2022

477

1,373

9,349

11,199

6

Stocks

2023
£

2022
£

Other inventories

173,833

181,372

7

Debtors

2023
£

2022
£

Trade debtors

45,876

35,461

Prepayments

5,115

4,092

Other debtors

-

372

50,991

39,925

 

Powys Factors Limited

Notes to the Financial Statements
for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

36,859

34,428

Taxation and social security

4,322

4,377

Accruals and deferred income

2,727

2,723

Other creditors

123,273

123,788

167,181

165,316