Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 07016009 Mr J A Powell Mrs Heather Jordan Mr T M Powell Mr K M E Powell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07016009 2023-02-28 07016009 2024-02-28 07016009 2023-03-01 2024-02-28 07016009 frs-core:CurrentFinancialInstruments 2024-02-28 07016009 frs-core:Non-currentFinancialInstruments 2024-02-28 07016009 frs-core:FurnitureFittings 2024-02-28 07016009 frs-core:FurnitureFittings 2023-03-01 2024-02-28 07016009 frs-core:FurnitureFittings 2023-02-28 07016009 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2024-02-28 07016009 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 07016009 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-02-28 07016009 frs-core:MotorVehicles 2024-02-28 07016009 frs-core:MotorVehicles 2023-03-01 2024-02-28 07016009 frs-core:MotorVehicles 2023-02-28 07016009 frs-core:PlantMachinery 2024-02-28 07016009 frs-core:PlantMachinery 2023-03-01 2024-02-28 07016009 frs-core:PlantMachinery 2023-02-28 07016009 frs-core:ShareCapital 2024-02-28 07016009 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 07016009 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 07016009 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 07016009 frs-bus:SmallEntities 2023-03-01 2024-02-28 07016009 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 07016009 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 07016009 frs-bus:Director1 2023-03-01 2024-02-28 07016009 frs-bus:Director2 2023-03-01 2024-02-28 07016009 frs-bus:Director3 2023-03-01 2024-02-28 07016009 frs-bus:Director4 2023-03-01 2024-02-28 07016009 frs-countries:EnglandWales 2023-03-01 2024-02-28 07016009 2022-02-28 07016009 2023-02-28 07016009 2022-03-01 2023-02-28 07016009 frs-core:CurrentFinancialInstruments 2023-02-28 07016009 frs-core:Non-currentFinancialInstruments 2023-02-28 07016009 frs-core:ShareCapital 2023-02-28 07016009 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 07016009
Powells Garage Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Chandlers Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07016009
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 135,724 131,266
Investment Properties 5 250,000 250,000
385,724 381,266
CURRENT ASSETS
Debtors 6 4,189 5,803
Cash at bank and in hand 5,207 1,301
9,396 7,104
Creditors: Amounts Falling Due Within One Year 7 (120,726 ) (122,284 )
NET CURRENT ASSETS (LIABILITIES) (111,330 ) (115,180 )
TOTAL ASSETS LESS CURRENT LIABILITIES 274,394 266,086
Creditors: Amounts Falling Due After More Than One Year 8 (23,333 ) (33,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,230 ) (12,086 )
NET ASSETS 237,831 220,667
CAPITAL AND RESERVES
Called up share capital 9 120 120
Profit and Loss Account 237,711 220,547
SHAREHOLDERS' FUNDS 237,831 220,667
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Heather Jordan
Director
11/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Powells Garage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07016009 . The registered office is Hallegan Farm, Hallegan. Praze, Camborne, Cornwall, TR14 9LT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Plant & Machinery 20% on a reducing basis
Motor Vehicles 20% on a reducing basis
Fixtures & Fittings 20% on a reducing basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 March 2023 88,529 57,678 13,950 552 160,709
Additions - 14,650 - - 14,650
As at 28 February 2024 88,529 72,328 13,950 552 175,359
Depreciation
As at 1 March 2023 - 20,043 9,130 270 29,443
Provided during the period - 9,172 963 57 10,192
As at 28 February 2024 - 29,215 10,093 327 39,635
Net Book Value
As at 28 February 2024 88,529 43,113 3,857 225 135,724
As at 1 March 2023 88,529 37,635 4,820 282 131,266
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 28 February 2024 250,000
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,889 -
Other debtors 1,300 5,803
4,189 5,803
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1
Corporation tax 3,180 724
VAT 12 -
Accruals and deferred income 1,224 1,131
Directors' loan accounts 116,310 120,428
120,726 122,284
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,333 33,333
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 120 120
Page 5