Company Registration No. 12076971 (England and Wales)
POWERFULX UK LTD
Unaudited accounts
for the year ended 31 July 2024
POWERFULX UK LTD
Unaudited accounts
Contents
POWERFULX UK LTD
Company Information
for the year ended 31 July 2024
Director
Mrs EU GENE CHUNG
Company Number
12076971 (England and Wales)
Registered Office
Flat 12
17-19 Elsworthy Road
London
NW3 3DS
United Kingdom
Accountants
FURUICHOI & CO
Chartered Accountants
69 Station Road
Hampton
Greater London
TW12 2BT
POWERFULX UK LTD
Statement of financial position
as at 31 July 2024
Tangible assets
1,569
1,814
Cash at bank and in hand
33
1,213
Creditors: amounts falling due within one year
(11,364)
(9,693)
Net current assets
8,669
11,520
Total assets less current liabilities
10,238
13,334
Creditors: amounts falling due after more than one year
(79,700)
(79,700)
Net liabilities
(69,462)
(66,366)
Called up share capital
100
100
Profit and loss account
(69,562)
(66,466)
Shareholders' funds
(69,462)
(66,366)
For the year ending 31 July 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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 September 2024 and were signed on its behalf by
Mrs EU GENE CHUNG
Director
Company Registration No. 12076971
POWERFULX UK LTD
Notes to the Accounts
for the year ended 31 July 2024
POWERFULX UK LTD is a private company, limited by shares, registered in England and Wales, registration number 12076971. The registered office is Flat 12, 17-19 Elsworthy Road, London, NW3 3DS, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
15% reducing balance
The director has reasonable expectation that the Company has adequate resources from its parent company to continue in operational existence for the foreseeable future. Accordingly, they have prepared the financial statements under the going
concern basis.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
POWERFULX UK LTD
Notes to the Accounts
for the year ended 31 July 2024
4
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
20,000
20,000
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
7,663
7,663
Taxes and social security
1,671
-
Other creditors
2,030
2,030
7
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
9,900
9,900
Loans from directors
69,800
69,800
The parent entity in South Korea has funded total GBP 69,800 plus GBP 10,000 for initial share payments purposes since its UK subsidiary established on 1 July 2019.
By virtue of its relevant legal entity's 100% shareholding the immediate parent undertaking is Powerfulx Co., Ltd (Business Registration No. 261-81-21313), a business incorporated in South Korea.
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).