REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Powerlift Holdings Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Powerlift Holdings Ltd |
Powerlift Holdings Ltd (Registered number: 10972266) |
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 |
Powerlift Holdings Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Powerlift Holdings Ltd (Registered number: 10972266) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year |
7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
Powerlift Holdings Ltd (Registered number: 10972266) |
Balance Sheet - continued |
31 December 2023 |
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 |
Powerlift Holdings Ltd (Registered number: 10972266) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Powerlift Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
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. |
Going concern |
The balance sheet is insolvent. The company is reliant upon the continued support of its directors and they have indicated that this support will be forthcoming. As a result of this, the accounts have been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Powerlift Holdings Ltd (Registered number: 10972266) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by group undertakings |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Other creditors |
9. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
There is a fixed and floating charge dated 20 August 2019 which covers all of the property or undertaking of the company. This charge is in relation to a group member and is in favour of the directors. At the year end the liability was £695,817 (2022: £724,617). The loan is interest free and does not have a fixed repayment date. |
There is a fixed and floating charge dated 30 August 2019 which covers all of the property or undertaking of the company. |
10. | DIRECTORS TRANSACTIONS |
Included within other creditors due after one year is an amount of £2,248,413 (2022: £2,248,413) owed to the directors' retirement benefit scheme. During the year, the directors' retirement benefit scheme introduced £Nil (2022: NIL) and withdrew £Nil (2022: £Nil). During the year, interest of £ 56,210 (2022: £56,210) was incurred on the loan. |
Also included within other creditors due after one year is an amount is an amount of £53,600 (2022: |
£53,600) owed to directors. The loan is interest free and does not have a fixed repayment date. |
11. | SHARE OPTIONS |
On 29 July 2021, the company participated in a share-based payment arrangement granted to employees of Powerlift Materials Handling Limited to help incentivise and retain key employees. The fair value of the options at the grant date was deemed not to be material and as such no adjustments have been made to the financial statements. |