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REGISTERED NUMBER: 04962164 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2024

FOR

POWELL & CO CONSTRUCTION LTD

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


POWELL & CO CONSTRUCTION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







Directors: J W W Powell
D E Powell





Registered office: Longmoor
Shirlheath
Kingsland
Leominster
HR6 9RG





Registered number: 04962164 (England and Wales)

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 629,988 572,255
Investment property 6 - 300,000
629,988 872,255

Current assets
Stocks 7 1,235,904 1,077,366
Debtors 8 2,765,112 2,486,407
Cash at bank and in hand 337,154 1,276,682
4,338,170 4,840,455
Creditors
Amounts falling due within one year 9 1,914,510 2,717,278
Net current assets 2,423,660 2,123,177
Total assets less current liabilities 3,053,648 2,995,432

Provisions for liabilities 10 127,500 123,900
Net assets 2,926,148 2,871,532

Capital and reserves
Called up share capital 11 100 100
Undistb. reserves - 48,600
Retained earnings 2,926,048 2,822,832
Shareholders' funds 2,926,148 2,871,532

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

BALANCE SHEET - continued
31ST MARCH 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 1st August 2024 and were signed on its behalf by:





D E Powell - Director


POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. Statutory information

Powell & Co Construction Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Long-term contracts are those where the time taken substantially to complete the contract is such that the contract activity falls into different accounting periods. Long-term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. The degree of completion of the contract is assessed by comparing the cost of the work completed at the financial year end to total anticipated cost of the contract.

When it is probable that total contract costs exceed total contract turnover, the expected loss is recognised as a cost immediately.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

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

Leasehold improvements4% SL
Plant & machinery10% & 20% SL
Computer equipment50% SL
Motor vehicles25% RB

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. Accounting policies - continued

Stocks & work-in-progress
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research & development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 deducing all of its liabilities. Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. Accounting policies - continued
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3. Employees (including officers)

The average number of employees during the year was 48 (2023 - 48 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1st April 2023
and 31st March 2024 140,000
Amortisation
At 1st April 2023
and 31st March 2024 140,000
Net book value
At 31st March 2024 -
At 31st March 2023 -

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. Tangible fixed assets
Leasehold Plant & Motor Computer
Improvements machinery vehicles equipment Totals
£ £ £ £ £
Cost
At 1st April 2023 211,818 983,657 703,922 85,440 1,984,837
Additions - 74,277 214,935 5,705 294,917
Disposals - (10,000 ) (107,043 ) - (117,043 )
At 31st March 2024 211,818 1,047,934 811,814 91,145 2,162,711
Depreciation
At 1st April 2023 111,992 789,147 444,798 66,645 1,412,582
Charge for year 8,397 76,967 111,046 14,292 210,702
Eliminated on disposal - (10,000 ) (80,561 ) - (90,561 )
At 31st March 2024 120,389 856,114 475,283 80,937 1,532,723
Net book value
At 31st March 2024 91,429 191,820 336,531 10,208 629,988
At 31st March 2023 99,826 194,510 259,124 18,795 572,255

6. Investment property
Total
£
Fair value
At 1st April 2023 300,000
Transfer to Powell & Co Holdings
Limited

(300,000

)
At 31st March 2024 -
Net book value
At 31st March 2024 -
At 31st March 2023 300,000

7. Stocks
31.3.24 31.3.23
£ £
Stocks 540,996 608,088
Work-in-progress 694,908 469,278
1,235,904 1,077,366

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


8. Debtors: amounts falling due within one year
31.3.24 31.3.23
£ £
Trade debtors 1,659,656 1,377,969
Amount owed by related parties 123,614 116,370
Amounts owed by group undertakings 673,000 -
Other debtors 59,582 288,586
Corporation tax - 14,300
s455 tax 102,811 102,811
Directors' loan accounts - 477,906
Prepayments 146,449 108,465
2,765,112 2,486,407

9. Creditors: amounts falling due within one year
31.3.24 31.3.23
£ £
Trade creditors 247,986 585,124
Amounts owed to group undertakings - 773,000
Corporation tax 199,600 31,500
Social security & other taxes 169,456 197,991
Other creditors 21,012 18,335
Directors' loan accounts 133,711 51,188
Accruals & deferred income 1,142,745 1,060,140
1,914,510 2,717,278

10. Provisions for liabilities
31.3.24 31.3.23
£ £
Deferred tax
Accelerated capital allowances 127,500 108,900
Investment property revalue - 15,000
127,500 123,900

Deferred tax
£
Balance at 1st April 2023 123,900
Provided during year 3,600
Balance at 31st March 2024 127,500

POWELL & CO CONSTRUCTION LTD (REGISTERED NUMBER: 04962164)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £ £
100 Ordinary £1 100 100

12. Contingent liabilities & lease commitments

There were no contingent liabilities or lease commitments as at 31st March 2024.

13. Directors' advances, credits and guarantees

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £188,138 and repayments totalling £614,856 were made during the year. The balance at the year end was £133,711 owed by the company (2023: £426,718 owed to the company).

The loans and advances were made interest free and were repayable on demand.

14. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


The following transactions with related parties took place during the year:



Rent paid

Loans
Balance
debtor
Balance
creditor
£   £   £   £   
Entities with common key management personnel(15,000)--
Other related parties55,5108,6148,614-

15. Ultimate controlling party

The company is a wholly owned subsidiary of Powell & Co. Holdings Limited
Company registration number: 11642436
Company registration address: Longmoor, Shirlheath, Kingsland, Leominster, HR6 9RG