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REGISTERED NUMBER: 04614165 (England and Wales)


























GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

POWELLS GROUP LIMITED

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


POWELLS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr G R Wells
Mr P A Moulding
Mr R M J Munnery
Mr M V Higgins
Mr G Wells
Mr C M Paris



SECRETARY: Mr G Turner



REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD



REGISTERED NUMBER: 04614165 (England and Wales)



SENIOR STATUTORY AUDITOR: Graham Taylor



AUDITORS: Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their strategic report for the year ended 31st December 2023.

The results for the period and financial position of the group are shown in the annexed financial statements.

REVIEW OF BUSINESS

The principal activity of the group during the year continued to be that of shopfitting and undertaking interior fit outs for commercial customers.

The major influence of performance in 2023 was the on going effects from the global pandemic, and more especially the Ukraine war resulting in the high inflation experienced in the UK economy. The shortfalls in supply experienced the previous year were no longer such a major concern but high prices for materials and concurrently labour were major drivers. However, with the good management of supply chain issues improved gross profitability has been achieved and this has also resulted in limiting the increase in the cost of overheads in the current year.

As a major shopfitting and interiors main contractor the group operates with regard to the key performance indicators of turnover, gross profit and level of overheads. The figures for these for the current year and previous two years are as follows:

2023 2022 2021
Y/e 31st Dec Y/e 31st Dec Y/e 31st Dec
£   's £   's £   's

Turnover 27,719 26,589 20,976

Gross Profit 4,112 3,714 2,215

Administrative expenses 3,011 2,679 2,268

Profit/(loss) before tax 1,183 1,063 (18)

Turnover is now higher than pre pandemic levels. Gross profit this year is also above pre Covid levels in amount and percentage terms although overheads has risen in terms of the figure and as a percentage of sales. Despite the latter effect the profit before tax is above the historic levels both in amount and proportion of turnover. Similarly turnover, gross profit and profit before tax show improvements in amount and as a percentage of from the previous year.

The directors are confident that the group's cash reserves plus the vastly improved trading conditions together with on going contract work expected from existing clients in addition to continued support from the group's bankers and suppliers will enable the group to continue as a going concern for the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES
The major threats to the group remains the increases in the costs of major materials as a consequence of the effects of the war in Ukraine and the continuing retail market insecurities. With regard to costs, many of our clients have long standing rates agreed for a period and these have not been adjusted to take into account current conditions and problems in the supply chain. However this effect is being mitigated by specific agreements being drafted into contracts to allow for variation claims based on changing supply conditions which could not have been foreseen at the time of the original agreement to rates.

Despite the fragilities in the retail sector as a whole, the London market, which is the largest area of activity for the group remains a large draw for companies especially those looking to start in the UK for the first time. Our good reputation in this area ensures that we continue to have a steady supply of potential work to quote on a continuing basis. In addition our continued policy of diversification into other areas gives the Directors confidence that the company can continue to thrive and grow in the future.

A lesser risk is the skill shortage within the construction sector as the effects of the implementation of the Brexit process continues to feed through. Continual use of long standing contacts within the labour market enable the group to maintain and expand the sub contractor pool available.


POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

FUTURE DEVELOPMENTS AND RESEARCH AND DEVELOPMENT
The directors are seeking to maintain the existing management policies in the belief that this will maintain the excellent results reported in the year. The rigorous tendering process has ensured little exposure to risk related to design responsibilities this year and the monitoring of all contracts on a monthly basis by the surveying department has enabled timely action to be taken where any threats to targeted profitability has occurred.

As mentioned above we will progress our efforts to reach out to markets outside of our traditional sectors but will continue to fully support our current and future retail partners.

The group has continued its often innovative activities during the year as part of the creative and individual work it undertakes. Such pioneering work, enabling clients to expand their design boundaries, is part of the service we offer to clients and as such should continue into the future as part of the high end projects regularly undertaken.

BY ORDER OF THE BOARD:





Mr G R Wells - Director


17th September 2024

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

DIVIDENDS
The directors recommend a final dividend in relation to the year ended 31st December 2023 totalling £315,000 as follows;

Ordinary A share of £1 £315.00
Ordinary B share of 1p £3.15
Ordinary C share of £1 £315.00

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

Mr G R Wells
Mr P A Moulding
Mr R M J Munnery
Mr M V Higgins
Mr G Wells
Mr C M Paris

DISCLOSURE IN THE STRATEGIC REPORT
Items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the Report of the Directors are set out in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Langdowns DFK Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:





Mr G R Wells - Director


17th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
POWELLS GROUP LIMITED


Opinion
We have audited the financial statements of Powells Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
POWELLS GROUP LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning procedures we identify the significant laws and regulations applicable to the group based upon our knowledge of the group, the industry in which it operates and from making enquiries with management. We consider those laws and regulations where non-compliance may have a material effect on the financial statements and those which have a direct impact on the financial statements. We identified that the most significant laws and regulations applicable during the year were compliance with Health and Safety regulations, compliance with ISO9001 and ISO14001 standards and compliance with the requirements of the Companies Act 2006 and FRS 102.

Audit procedures performed by the engagement team in relation to laws and regulations include making enquiries of management as to any known or suspected instances of non-compliance, maintaining awareness throughout the course of the audit as to any indications of instances of non-compliance, undertaking a review of the accident logs and the Health and Safety Executive website for notices or convictions, reviewing ISO audit report findings, reviewing legal invoices for costs that may relate to potential claims against the company and undertaking a review of the disclosures in the financial statements to supporting information and to disclosure checklists..

We also consider areas that are at a higher risk of causing material misstatement in the financial statements due to irregularities, including those resulting from fraud and how such fraud may occur. We discuss with senior management the key controls in place to mitigate the risk of fraud and enquire as to whether they are aware of, or suspect, any fraudulent activities having taken place.

Throughout the audit, we maintain an appropriate level of professional scepticism when provided with information and explanations. We consider the appropriateness of significant accounting journals that were processed during the year, assess the reasonableness of any significant accounting estimates and consider whether there were any indications of bias by management during the year that represents a risk of material misstatement due to fraud. We also carry out analytical procedures to identify any unusual or unexpected variances to expectations as these may be an indication of management over-ride or management bias.

As group auditors we are required to communicate with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner considers that the engagement team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
POWELLS GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Graham Taylor (Senior Statutory Auditor)
for and on behalf of Langdowns DFK Limited
Statutory Auditor
Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD

23rd September 2024

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 4 27,719,073 26,589,205

Cost of sales 23,606,656 22,874,742
GROSS PROFIT 4,112,417 3,714,463

Administrative expenses 3,010,788 2,679,094
1,101,629 1,035,369

Other operating income 5 5,139 21,039
OPERATING PROFIT 7 1,106,768 1,056,408

Interest receivable and similar income 82,338 6,199
1,189,106 1,062,607

Interest payable and similar expenses 8 5,786 16
PROFIT BEFORE TAXATION 1,183,320 1,062,591

Tax on profit 9 146,728 -
PROFIT FOR THE FINANCIAL YEAR 1,036,592 1,062,591
Profit attributable to:
Owners of the parent 1,036,592 1,062,591

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,036,592 1,062,591


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,036,592

1,062,591

Total comprehensive income attributable to:
Owners of the parent 1,036,592 1,062,591

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 107,657 16,956
Investments 14 - -
107,657 16,956

CURRENT ASSETS
Stocks 15 5,098 4,154
Debtors 16 3,073,943 4,520,749
Cash at bank and in hand 4,513,941 3,036,124
7,592,982 7,561,027
CREDITORS
Amounts falling due within one year 17 5,059,719 5,701,613
NET CURRENT ASSETS 2,533,263 1,859,414
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,640,920

1,876,370

CREDITORS
Amounts falling due after more than one year 18 (86,433 ) (55,943 )

PROVISIONS FOR LIABILITIES 21 (12,468 ) -
NET ASSETS 2,542,019 1,820,427

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Capital redemption reserve 23 30 30
Retained earnings 23 2,540,989 1,819,397
SHAREHOLDERS' FUNDS 2,542,019 1,820,427

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





Mr G R Wells - Director


POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

COMPANY BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 222 222
222 222

CURRENT ASSETS
Debtors 16 336,001 370,894

CREDITORS
Amounts falling due within one year 17 335,029 369,922
NET CURRENT ASSETS 972 972
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,194

1,194

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings 23 194 194
SHAREHOLDERS' FUNDS 1,194 1,194

Company's profit for the financial year 315,000 321,000

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





Mr G R Wells - Director


POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 1,000 1,077,806 30 1,078,836

Changes in equity
Dividends - (321,000 ) - (321,000 )
Total comprehensive income - 1,062,591 - 1,062,591
Balance at 31st December 2022 1,000 1,819,397 30 1,820,427

Changes in equity
Dividends - (315,000 ) - (315,000 )
Total comprehensive income - 1,036,592 - 1,036,592
Balance at 31st December 2023 1,000 2,540,989 30 2,542,019

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 1,000 194 1,194

Changes in equity
Dividends - (321,000 ) (321,000 )
Total comprehensive income - 321,000 321,000
Balance at 31st December 2022 1,000 194 1,194

Changes in equity
Dividends - (315,000 ) (315,000 )
Total comprehensive income - 315,000 315,000
Balance at 31st December 2023 1,000 194 1,194

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,733,309 812,707
Interest paid - (16 )
Tax received / (paid) (49,865 ) 174,955
Net cash from operating activities 1,683,444 987,646

Cash flows from investing activities
Purchase of tangible fixed assets (7,366 ) (6,632 )
Advances to directors and employees (238,621 ) (353,597 )
Interest received 82,338 6,199
Net cash from investing activities (163,649 ) (354,030 )

Cash flows from financing activities
New loans in year 94,906 -
Loan repayments in year (15,912 ) -
Loan interest (5,786 ) -
Amount introduced by directors - 109
Amount withdrawn by directors - (16,403 )
Equity dividends paid (115,186 ) -
Net cash from financing activities (41,978 ) (16,294 )

Increase in cash and cash equivalents 1,477,817 617,322
Cash and cash equivalents at beginning
of year

2

3,036,124

2,418,802

Cash and cash equivalents at end of year 2 4,513,941 3,036,124

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,183,320 1,062,591
Depreciation charges 11,572 14,188
Finance costs 5,786 16
Finance income (82,338 ) (6,199 )
1,118,340 1,070,596
Increase in stocks (944 ) (1,479 )
Decrease/(increase) in trade and other debtors 1,529,477 (1,187,200 )
(Decrease)/increase in trade and other creditors (913,564 ) 930,790
Cash generated from operations 1,733,309 812,707

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 4,513,941 3,036,124
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 3,036,124 2,418,802


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 3,036,124 1,477,817 4,513,941
3,036,124 1,477,817 4,513,941
Debt
Debts falling due within 1 year - (30,133 ) (30,133 )
Debts falling due after 1 year - (48,862 ) (48,862 )
- (78,995 ) (78,995 )
Total 3,036,124 1,398,822 4,434,946

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


1. STATUTORY INFORMATION

Powells Group 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 General Information page.

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


The group's principal place of business is No. 4 Mylen Business Centre, Beckett Road, Andover, Hampshire, SP10 3HR.

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" 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.

Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The acquisition method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Significant judgements and estimates
The following judgements (apart from those involving estimates) have been made in the process of applying the accounting policies below that have had the most significant effect on amounts recognised in the financial statements:

Valuing 'amounts recoverable on long term contracts' is a subjective area due to the fact that some contracts are carried out over a long period of time and some go on long after the financial year has ended. As a result there can be uncertainties with the final outcome of contracts. At the year end, amounts recoverable on contracts have been assessed at £385,781 and contract payments on account at £1,473,630.

The group ensures that ample time and skill is allocated to ensure that the judgements and estimates made are as accurate and reliable as possible.

The group has been in this industry for many years and as such has very good knowledge and understanding of the industry and business to be able to gauge accurately how contracts will end up and the future recoverability of debts.

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


3. ACCOUNTING POLICIES - continued

Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Shopfitting and construction contracts

When the outcome of a contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the accumulated costs to date as compared to the projected final cost as per the tender adjusted for variations.

When the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Interest receivable

Interest income is recognised in the period that is has accrued and accordingly that the company is entitled to its receipt.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in a prior period, has been fully amortised in a prior period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold property - 25% straight line
Plant, machinery and equipment - 33.33% straight line, 20% straight line, 20% on reducing balance and 15% straight line
Motor vehicles - 25% straight line

All fixed assets are initially recorded at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


3. ACCOUNTING POLICIES - continued

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 and other employee benefits
The group operates a defined contribution pension scheme and contributes to other defined contribution pension schemes. Contributions payable are charged to the profit and loss account in the period to which they relate.

The group also pays employees holiday pay. The holiday year runs in line with the company financial year and so the cost of this is incurred throughout the year as holiday is taken by the employee. Where holiday entitlements are not fully used at the year end and are carried forwards into a later year, an appropriate accrual is included to reflect this timing difference between the performance of work and the payment of remuneration.

Certain employees are also provided company cars or are paid a car allowance to fully incentivise them to perform their job to the required standard. The group also provides private medical insurance to certain employees.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

There are no lease incentives in relation to any operating leases in operation during the year.

Long term contracts
Profits on long term contracts are taken if the final outcome can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year in which they are first foreseen.

When total revenue recognisable on a contract at the balance sheet date is less than the amount invoiced to date, this excess being 'amounts recoverable on contracts' is included within debtors. When amounts invoiced to date on a contract exceed the total revenue recognisable on a contract this excess, being 'payments on account', is included within creditors.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Rendering of services 27,719,073 26,589,205
27,719,073 26,589,205

5. OTHER OPERATING INCOME
2023 2022
£    £   
Discounts received - 11
Management charges receivable 5,139 20,556
Exchange gains - 472
5,139 21,039

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


6. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,429,702 2,174,771
Social security costs 295,318 297,198
Other pension costs 55,304 50,403
2,780,324 2,522,372

The average number of employees during the year was as follows:
2023 2022

Administrative and management staff 21 19
Direct cost staff 24 23
45 42

Directors emoluments for Powells Group Limited directors,
including monies received from subsidiary companies for the full year;

2023 2022
£ £
Directors' remuneration 782,040 718,208
Directors' pension contributions to money purchase schemes 16,035 14,891

Information regarding the highest paid director is as follows;
2023 2022
£ £
Emoluments etc 262,470 237,291
Pension contributions to money purchase schemes 1,321 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 6

7. OPERATING PROFIT

The operating loss is stated after charging/(crediting):
2023 2022
£ £
Depreciation - owned assets 11,572 14,188
Foreign exchange differences 764 (472 )
Operating lease costs: land and buildings 83,671 81,427
Auditors' remuneration 20,500 19,000

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 16
Loan 5,786 -
5,786 16

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 134,260 -

Deferred tax 12,468 -
Tax on profit 146,728 -

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,183,320 1,062,591
Profit multiplied by the standard rate of corporation tax in the UK of 23.520
% (2022 - 19 %)

278,317

201,892

Effects of:
Expenses not deductible for tax purposes 14,937 12,996
Capital allowances in excess of depreciation (24,363 ) (57 )
Utilisation of tax losses (134,678 ) (214,984 )
Timing differences on expenses 47 153
Deferred tax adjustment in relation to timing differences 12,468 -
Total tax charge 146,728 -

The group is anticipating a Research and Development enhanced relief claim for the the year ended 31st December 2022 and 31st December 2023. However as the size of this could not yet be accurately assessed and no claim has been made, no adjustment has been reflected in these accounts.

As at 31st December 2023 there were tax losses carried forwards available for utilisation in future years totalling £nil (2022: £572,641).

The UK corporation tax rate rose from 19% to 25% with effect from 1st April 2023. Therefore, the effective rate of tax for the year is 23.52%.

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


11. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Final 163,800 166,920
Ordinary B shares of 1p each
Final 40,950 41,730
Ordinary C shares of £1 each
Final 110,250 112,350
315,000 321,000

Dividends declared after the year end, not recognised as a liability in the financial statements, totalled £274,051. Where an obligation exists at the balance sheet date to declare and pay a dividend, an appropriate accrual is included. At 31st December 2023 total accrued dividends amounted to £315,000 (2022: £321,000).

12. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 18,699
AMORTISATION
At 1st January 2023
and 31st December 2023 18,699
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

Goodwill arose on the acquisition of the issued share capital of Powells Electrical Limited in a prior period and was amortised in full during the period of acquisition.

13. TANGIBLE FIXED ASSETS

Group
Plant,
Short machinery
leasehold and Motor
property equipment vehicles Totals
£    £    £    £   
COST
At 1st January 2023 98,830 247,396 8,800 355,026
Additions - 102,272 - 102,272
At 31st December 2023 98,830 349,668 8,800 457,298
DEPRECIATION
At 1st January 2023 98,830 232,823 6,417 338,070
Charge for year - 9,371 2,200 11,571
At 31st December 2023 98,830 242,194 8,617 349,641
NET BOOK VALUE
At 31st December 2023 - 107,474 183 107,657
At 31st December 2022 - 14,573 2,383 16,956

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 222
NET BOOK VALUE
At 31st December 2023 222
At 31st December 2022 222


The company's investments are held directly.

All subsidiaries are included in the consolidated accounts.
Subsidiary undertakings
Name Share Class Holding
Powells Limited Ordinary 100%
Powells Joinery Limited Ordinary 100%
Powells Electrical Services Limited Ordinary 100%
Powells Electrical Limited Ordinary 100%

The registered office of the subsidiaries is Fleming Court, Leigh Road, Eastleigh, Hampshire, SO50 9PD.

The place of business for the employees is No 4 Mylen Business Centre, Beckett Road, Andover, Hampshire, SP10 3HR.

The subsidiary Powells Joinery Limited, Registered Number 04057517 has claimed exemption from audit under Section 479A of the Companies Act 2006 in its individual accounts as a result of Powells Group Limited providing a statutory guarantee under Section 479C in respect of Powells Joinery Limited's outstanding liabilities as at 31st December 2023.

The subsidiary Powells Electrical Limited, Registered Number 10570471 has claimed exemption from audit under Section 479A of the Companies Act 2006 in its individual accounts as a result of Powells Group Limited providing a statutory guarantee under Section 479C in respect of Powells Electrical Limited's outstanding liabilities as at 31st December 2023.

15. STOCKS

Group
2023 2022
£    £   
Stocks 5,098 4,154

Stocks comprise raw materials.

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


16. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,080,559 3,772,939 - -
Amounts owed by group undertakings - - 4,975 4,975
Other debtors - 32,923 - -
Amounts recoverable on long- term contracts 385,781 184,167 - -
Directors' current accounts 420,299 387,490 5,000 33,893
Tax 11,026 24,164 11,026 11,026
Prepayments and accrued income 113,275 119,066 315,000 321,000
3,010,940 4,520,749 336,001 370,894

Amounts falling due after more than one year:
Tax 63,003 - - -

Aggregate amounts 3,073,943 4,520,749 336,001 370,894

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loans (see note 19) 30,133 - - -
Payments on account 1,473,630 809,999 - -
Trade creditors 2,326,002 2,926,167 - -
Amounts owed to group undertakings - - 19,953 48,847
Tax 134,260 - - -
Social security and other taxes 359,925 1,260,421 - -
Other creditors 331,444 254,015 76 75
Wages control account 1,879 1,365 - -
Accruals and deferred income 402,446 449,646 315,000 321,000
5,059,719 5,701,613 335,029 369,922

The bank holds a fixed and floating charge over the group's assets.

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Other loans (see note 19) 48,862 -
Other creditors 37,571 55,943
86,433 55,943

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


19. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans 30,133 -
Amounts falling due between one and two years:
Other loans 48,862 -

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 86,449 30,328
Between one and five years 124,638 34,184
211,087 64,512

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 12,468 -

Group
Deferred
tax
£   
Movement in the year 12,468
Balance at 31st December 2023 12,468

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
520 Ordinary A £1 520 520
13,000 Ordinary B 1p 130 130
350 Ordinary C £1 350 350
1,000 1,000

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


22. CALLED UP SHARE CAPITAL - continued

The rights attached to the relevant share classes were as follows:

The holders of the Ordinary A Shares shall be entitled to receive notice of meetings and attend and vote at General Meetings. One vote per Ordinary A Share.

The holders of the Ordinary B Shares shall be entitled to receive notice of meetings and attend and vote at General Meetings. One vote per 100 Ordinary B Shares.

The holders of the Ordinary C Shares shall be entitled to receive notice of meetings and attend and vote at General Meetings. One vote per Ordinary C Share.

All shares are entitled pari passu to dividend and other distributions in relation to dividends declared in their class.

23. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st January 2023 1,819,397 30 1,819,427
Profit for the year 1,036,592 1,036,592
Dividends (315,000 ) (315,000 )
At 31st December 2023 2,540,989 30 2,541,019

Company
Retained
earnings
£   

At 1st January 2023 194
Profit for the year 315,000
Dividends (315,000 )
At 31st December 2023 194


24. PENSION COMMITMENTS

The group operates a defined contribution pension scheme and contributes to other defined contribution pension schemes for its directors and employees. The assets of the schemes are held separately from those of the company in independently administered funds. There were unpaid contributions due at the period end in relation to these schemes amounting to £13,442 (2022: £12,249).

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
Mr G R Wells
Balance outstanding at start of year 353,597 -
Amounts advanced 222,469 353,597
Amounts repaid (160,767 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 415,299 353,597

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr G Wells
Balance outstanding at start of year 7,592 7,592
Amounts repaid (7,592 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 7,592

Mr M V Higgins
Balance outstanding at start of year 7,592 7,592
Amounts advanced 5,000 -
Amounts repaid (7,592 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,000 7,592

Mr C M Paris
Balance outstanding at start of year 7,592 7,592
Amounts repaid (7,592 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 7,592

Mr R M J Munnery
Balance outstanding at start of year 3,526 3,635
Amounts repaid (3,526 ) (109 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,526

Mr P A Moulding
Balance outstanding at start of year 7,592 7,592
Amounts repaid (7,592 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 7,592

These advances to the directors were unsecured and interest free with no specified repayment date.

26. RELATED PARTY DISCLOSURES

The group 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 entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

Mr G R Wells maintained control of the group during the current and previous period by virtue of the fact that he controls the majority of the issued share capital in Powells Group Limited.

Key management personnel of any group subsidiary or its parent (in the aggregate)
2023 2022
£    £   
Sales 4,434 2,742
Amounts recoverable on contracts due from related party 15,146 15,146
Amount due from related party 420,299 387,491

POWELLS GROUP LIMITED (REGISTERED NUMBER: 04614165)

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


26. RELATED PARTY DISCLOSURES - continued

The directors of the company are considered to be the key management personnel of the company and their remuneration is detailed in note 6.

The sales to key management personnel of the company were at cost and therefore below market rate.

Other related parties
2023 2022
£    £   
Sales 55,425 46,450
Purchases - 5,685
Rental charges incurred 29,637 18,500
Provision of services from related party 149,606 132,047
Amounts recoverable on contracts due from related party - 419
Amount due to related party 12,090 -

Amounts due to or from related parties are unsecured and interest free.