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REGISTERED NUMBER: 02997419 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Powell Developments (Trefeglwys) Limited

Powell Developments (Trefeglwys) Limited (Registered number: 02997419)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Powell Developments (Trefeglwys) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C W Powell
Mrs M J Powell





SECRETARY: Mrs M J Powell





REGISTERED OFFICE: Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY





REGISTERED NUMBER: 02997419 (England and Wales)





ACCOUNTANTS: Morgan Griffiths LLP
Chartered Accountants
Cross Chambers
9 High Street
Newtown
Powys
SY16 2NY

Powell Developments (Trefeglwys) Limited (Registered number: 02997419)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 799,245 858,248

CURRENT ASSETS
Stocks 1,789,326 1,728,213
Debtors 6 473,671 304,943
Cash at bank 454,440 550,522
2,717,437 2,583,678
CREDITORS
Amounts falling due within one year 7 133,408 175,400
NET CURRENT ASSETS 2,584,029 2,408,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,383,274

3,266,526

CREDITORS
Amounts falling due after more than one
year

8

(7,500

)

(53,465

)

PROVISIONS FOR LIABILITIES (124,109 ) (130,524 )
NET ASSETS 3,251,665 3,082,537

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,251,565 3,082,437
SHAREHOLDERS' FUNDS 3,251,665 3,082,537

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 Developments (Trefeglwys) Limited (Registered number: 02997419)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





C W Powell - Director


Powell Developments (Trefeglwys) Limited (Registered number: 02997419)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Powell Developments (Trefeglwys) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Changes in accounting policies
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.

Turnover
Turnover represents work done, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Powell Developments (Trefeglwys) Limited (Registered number: 02997419)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 302,750 873,062 1,175,812
Additions - 21,821 21,821
Disposals - (3,300 ) (3,300 )
At 31 December 2023 302,750 891,583 1,194,333
DEPRECIATION
At 1 January 2023 - 317,564 317,564
Charge for year - 78,712 78,712
Eliminated on disposal - (1,188 ) (1,188 )
At 31 December 2023 - 395,088 395,088
NET BOOK VALUE
At 31 December 2023 302,750 496,495 799,245
At 31 December 2022 302,750 555,498 858,248

Powell Developments (Trefeglwys) Limited (Registered number: 02997419)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 247,607
DEPRECIATION
At 1 January 2023 64,759
Charge for year 27,607
At 31 December 2023 92,366
NET BOOK VALUE
At 31 December 2023 155,241
At 31 December 2022 182,848

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 103,042 105,032
Other debtors 370,629 199,911
473,671 304,943

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 31,566 8,707
Hire purchase contracts 13,333 54,120
Trade creditors 2,325 40,924
Taxation and social security 76,389 60,773
Other creditors 9,795 10,876
133,408 175,400

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 32,585
Hire purchase contracts 7,500 20,880
7,500 53,465

Powell Developments (Trefeglwys) Limited (Registered number: 02997419)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 31,566 41,292

The bank loans and overdraft are secured with a fixed charge over land and building adjoining Llwyn Celyn and Upper Rhosymaen.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
C W Powell and Mrs M J Powell
Balance outstanding at start of year 9,937 (151,561 )
Amounts advanced 84,676 165,498
Amounts repaid (20,192 ) (4,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 74,421 9,937

The directors have given a personal guarantee of £20,000 to HSBC Bank Plc, to secure bank finances of Powell Developments ( Trefeglwys ) Ltd.

The directors loan account was overdrawn at the balance sheet date by £74,421 (2022 £9,937 overdrawn).This was repaid in full by 29 August 2024 (2022 balance repaid by 30 June 2023).

11. RELATED PARTY DISCLOSURES

Mr C W Powell and Mrs M J Powell are the directors and shareholders of the company.