Registered number
07818109
Powells Forest and Garden Equipment Limited
Unaudited Filleted Accounts
31 January 2024
Powells Forest and Garden Equipment Limited
Registered number: 07818109
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 88,326 85,453
Current assets
Stocks 815,934 674,698
Debtors 4 83,283 93,965
Cash at bank and in hand 70,636 63,175
969,853 831,838
Creditors: amounts falling due within one year 5 (357,686) (294,827)
Net current assets 612,167 537,011
Total assets less current liabilities 700,493 622,464
Creditors: amounts falling due after more than one year 6 (88,977) (140,448)
Provisions for liabilities (17,701) (15,115)
Net assets 593,815 466,901
Capital and reserves
Called up share capital 2 2
Profit and loss account 593,813 466,899
Shareholders' funds 593,815 466,901
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Diana Lane
Director
Approved by the board on 15 August 2024
Powells Forest and Garden Equipment Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Fixtures and fittings 15% straight line
Motor vehicles 25% reducing balance
Computer equipment 33.33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 6,350 159,566 75,659 241,575
Additions - 3,750 32,438 36,188
Disposals - - (35,559) (35,559)
At 31 January 2024 6,350 163,316 72,538 242,204
Depreciation
At 1 February 2023 5,683 91,180 59,259 156,122
Charge for the year 334 20,772 12,209 33,315
On disposals - - (35,559) (35,559)
At 31 January 2024 6,017 111,952 35,909 153,878
Net book value
At 31 January 2024 333 51,364 36,629 88,326
At 31 January 2023 667 68,386 16,400 85,453
4 Debtors 2024 2023
£ £
Trade debtors 70,527 82,841
Other debtors 12,756 11,124
83,283 93,965
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 60,818 44,568
Obligations under finance lease and hire purchase contracts 95,555 24,965
Trade creditors 78,446 128,852
Taxation and social security costs 81,805 53,127
Other creditors 41,062 43,315
357,686 294,827
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 76,923 115,881
Obligations under finance lease and hire purchase contracts 12,054 24,567
88,977 140,448
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 90,814 119,585
The bank loan from Lloyds Bank plc is secured by way of fixed charge and floating charges covering all property and undertakings of the company.
8 Related party transactions
None noted.
9 Transactions with directors
During the year both Directors, Edwin Rusling and Diana Lane used a current account with the company to record amounts due to them and amounts drawn by them. The account shows an amount of £15,593.38 owed back to the directors as at 31st January 2024 (2023: £18,084.54). The amount is repayable on demand carries interest.
10 Controlling party
Mr Edwin Rusling & Ms Diana Lane each hold 50% of the share capital of the company therefore together they are the ultimate controlling party of Powells Forest and Garden Equipment Limited.
11 Other information
Powells Forest and Garden Equipment Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Hoaldalbert Farm
Grosmont
Abergavenny
Monmouthshire
NP7 8HR
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