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Registration number: 09360790

Power Tariff Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Power Tariff Limited

Company Information

Directors

Mr Javed Iqbal

Mr Syed Mohsin Raza Gillani

Registered office

Radial House 3-5 Ripple Road
First Floor Suite 204
Barking
Essex
IG11 7NF

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Power Tariff Limited

(Registration number: 09360790)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

13

20

Current assets

 

Debtors

6

46,459

46,459

Cash at bank and in hand

 

(17)

217

 

46,442

46,676

Creditors: Amounts falling due within one year

7

(114,977)

(103,577)

Net current liabilities

 

(68,535)

(56,901)

Total assets less current liabilities

 

(68,522)

(56,881)

Creditors: Amounts falling due after more than one year

7

(27,473)

(37,777)

Provisions for liabilities

(3)

(12)

Net liabilities

 

(95,998)

(94,670)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(96,098)

(94,770)

Shareholders' deficit

 

(95,998)

(94,670)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

 

Power Tariff Limited

(Registration number: 09360790)
Balance Sheet as at 31 December 2023

.........................................
Mr Javed Iqbal
Director

 

Power Tariff Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

(94,770)

(94,670)

Loss for the year

-

(1,328)

(1,328)

At 31 December 2023

100

(96,098)

(95,998)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

(93,867)

(93,767)

Loss for the year

-

(903)

(903)

At 31 December 2022

100

(94,770)

(94,670)

 

Power Tariff Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Radial House 3-5 Ripple Road
First Floor Suite 204
Barking
Essex
IG11 7NF

These financial statements were authorised for issue by the Board on 17 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Power Tariff Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Power Tariff Limited

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

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Arising from changes in tax rates and laws

(9)

4

Deferred tax

 

Power Tariff Limited

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

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

351

351

At 31 December 2023

351

351

Depreciation

At 1 January 2023

331

331

Charge for the year

7

7

At 31 December 2023

338

338

Carrying amount

At 31 December 2023

13

13

At 31 December 2022

20

20

6

Debtors

Current

2023
£

2022
£

Trade debtors

46,459

46,459

 

46,459

46,459

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

48,667

38,067

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,000

1,000

Taxation and social security

 

47,529

47,529

Accruals and deferred income

 

2,740

1,940

Other creditors

 

15,041

15,041

 

114,977

103,577

 

Power Tariff Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

27,473

37,777

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

27,473

37,777

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

24,622

24,622

Other borrowings

24,045

13,445

48,667

38,067