IRIS Accounts Production v24.2.0.383 02255306 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022553062022-12-31022553062023-12-31022553062023-01-012023-12-31022553062021-12-31022553062022-01-012022-12-31022553062022-12-3102255306ns15:EnglandWales2023-01-012023-12-3102255306ns14:PoundSterling2023-01-012023-12-3102255306ns10:Director12023-01-012023-12-3102255306ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102255306ns10:SmallEntities2023-01-012023-12-3102255306ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3102255306ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102255306ns10:FullAccounts2023-01-012023-12-3102255306ns10:OrdinaryShareClass12023-01-012023-12-3102255306ns10:Director22023-01-012023-12-3102255306ns10:CompanySecretary12023-01-012023-12-3102255306ns10:RegisteredOffice2023-01-012023-12-3102255306ns5:CurrentFinancialInstruments2023-12-3102255306ns5:CurrentFinancialInstruments2022-12-3102255306ns5:Non-currentFinancialInstruments2023-12-3102255306ns5:Non-currentFinancialInstruments2022-12-3102255306ns5:ShareCapital2023-12-3102255306ns5:ShareCapital2022-12-3102255306ns5:CapitalRedemptionReserve2023-12-3102255306ns5:CapitalRedemptionReserve2022-12-3102255306ns5:FurtherSpecificReserve3ComponentTotalEquity2023-12-3102255306ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3102255306ns5:RetainedEarningsAccumulatedLosses2023-12-3102255306ns5:RetainedEarningsAccumulatedLosses2022-12-3102255306ns5:FurnitureFittings2023-01-012023-12-3102255306ns5:FurnitureFittings2022-12-3102255306ns5:FurnitureFittings2023-12-3102255306ns5:FurnitureFittings2022-12-3102255306ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3102255306ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3102255306ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3102255306ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2022-12-3102255306ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3102255306ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3102255306ns5:Secured2023-12-3102255306ns5:Secured2022-12-3102255306ns5:DeferredTaxation2022-12-3102255306ns5:DeferredTaxation2023-12-3102255306ns10:OrdinaryShareClass12023-12-3102255306ns5:RetainedEarningsAccumulatedLosses2022-12-3102255306ns5:CapitalRedemptionReserve2022-12-3102255306ns5:FurtherSpecificReserve3ComponentTotalEquity2022-12-3102255306ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 02255306 (England and Wales)












POWERCHAIN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






POWERCHAIN LIMITED (REGISTERED NUMBER: 02255306)

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


POWERCHAIN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr P Adamou BSc, MCMI, FPC
Mr C Stylianou





SECRETARY: Mr P Adamou BSc, MCMI, FPC





REGISTERED OFFICE: South Point House
321 Chase Road
Southgate
London
N14 6JT





REGISTERED NUMBER: 02255306 (England and Wales)





ACCOUNTANTS: Christiansons Ltd
Chartered Certified Accountants
Sterling House
Fulbourne Road
Walthamstow
London
E17 4EE

POWERCHAIN LIMITED (REGISTERED NUMBER: 02255306)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,430,022 1,430,022
1,430,022 1,430,022

CURRENT ASSETS
Debtors 6 2,205,180 2,148,108
Cash at bank and in hand 13,371 7,590
2,218,551 2,155,698
CREDITORS
Amounts falling due within one year 7 88,165 89,963
NET CURRENT ASSETS 2,130,386 2,065,735
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,560,408

3,495,757

CREDITORS
Amounts falling due after more than one
year

8

(1,973,605

)

(1,986,027

)

PROVISIONS FOR LIABILITIES 11 (16,027 ) (16,027 )
NET ASSETS 1,570,776 1,493,703

CAPITAL AND RESERVES
Called up share capital 12 50 50
Capital redemption reserve 13 (353,692 ) (353,692 )
Fair value reserve 13 679,829 679,829
Retained earnings 13 1,244,589 1,167,516
SHAREHOLDERS' FUNDS 1,570,776 1,493,703

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.

POWERCHAIN LIMITED (REGISTERED NUMBER: 02255306)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Mr C Stylianou - Director


POWERCHAIN LIMITED (REGISTERED NUMBER: 02255306)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Powerchain 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents gross rents receivable for the year. Turnover is recognised when rent becomes due under the lease agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - straight line over 3 years

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

POWERCHAIN LIMITED (REGISTERED NUMBER: 02255306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 23,108
DEPRECIATION
At 1 January 2023
and 31 December 2023 23,108
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,430,022
NET BOOK VALUE
At 31 December 2023 1,430,022
At 31 December 2022 1,430,022

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2016 695,856
Cost 734,166
1,430,022

If had not been revalued would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 734,166 734,166

Investment properties have not been revalued during the year, because in the directors opinion the market value of the properties at the balance sheet date is not different from that shown above.

POWERCHAIN LIMITED (REGISTERED NUMBER: 02255306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 27,030 25,380
Other debtors 1,538,356 1,483,356
Amounts owed by related undertakings 635,000 635,708
Prepayments and accrued income 4,794 3,664
2,205,180 2,148,108

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 41,661 41,661
Trade creditors 520 1,180
Corporation tax 21,475 22,776
Amounts owed to related undertakings 20,000 19,837
Directors' loan accounts 789 789
Accruals and deferred income 3,720 3,720
88,165 89,963

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 1,973,605 1,986,027

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 1,806,962 1,819,384

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 41,661 41,661

Amounts falling due between one and two years:
Bank loans - (1) 1-2 years 41,661 41,661

Amounts falling due between two and five years:
Bank loans - ( 1 ) - 2-5 years 124,982 124,982

Amounts falling due in more than five years:

POWERCHAIN LIMITED (REGISTERED NUMBER: 02255306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. LOANS - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more than 5 years 1,806,962 1,819,384

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 2,015,266 2,027,688

The bank loans are secured by fixed and floating charges on the land and buildings held.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 16,027 16,027

Deferred
tax
£   
Balance at 1 January 2023 16,027
Balance at 31 December 2023 16,027

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
50 Ordinary £1 50 50

13. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 1,167,516 (353,692 ) 679,829 1,493,653
Profit for the year 77,073 77,073
At 31 December 2023 1,244,589 (353,692 ) 679,829 1,570,726

14. ULTIMATE CONTROLLING PARTY

Mr C Stylianou, a director controls the company as a result of holding directly 100 per cent of the issued ordinary share capital of the company.