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Registered number: 02022489
Powys Cleaning Company Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02022489
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 310,473 327,568
Investment Properties 5 133,878 133,878
444,351 461,446
CURRENT ASSETS
Stocks 6 21,200 22,571
Debtors 7 3,891 2,343
Investments 8 100 100
Cash at bank and in hand 105,563 181,991
130,754 207,005
Creditors: Amounts Falling Due Within One Year 9 (132,563 ) (145,552 )
NET CURRENT ASSETS (LIABILITIES) (1,809 ) 61,453
TOTAL ASSETS LESS CURRENT LIABILITIES 442,542 522,899
Creditors: Amounts Falling Due After More Than One Year 10 (43,539 ) (44,859 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,346 ) (32,594 )
NET ASSETS 369,657 445,446
CAPITAL AND RESERVES
Called up share capital 12 1,003 1,003
Revaluation reserve 13 156,017 156,017
Profit and Loss Account 212,637 288,426
SHAREHOLDERS' FUNDS 369,657 445,446
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For the year ending 31 May 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
Mr S Jones
Director
17/10/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Powys Cleaning Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02022489 . The registered office is 42 Church Street, Oswestry, Shropshire, SY11 2SY.
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 2% straight line
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
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. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 13)
11 13
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 452,458 39,713 39,731 531,902
As at 31 May 2024 452,458 39,713 39,731 531,902
Depreciation
As at 1 June 2023 161,946 14,837 27,551 204,334
Provided during the period 9,049 6,219 1,827 17,095
As at 31 May 2024 170,995 21,056 29,378 221,429
Net Book Value
As at 31 May 2024 281,463 18,657 10,353 310,473
As at 1 June 2023 290,512 24,876 12,180 327,568
5. Investment Property
2024
£
Fair Value
As at 1 June 2023 and 31 May 2024 133,878
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6. Stocks
2024 2023
£ £
Stock 21,200 22,571
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 3,891 2,343
3,891 2,343
8. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 100 100
100 100
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,949 21,035
Trade creditors 71,760 63,540
Bank loans and overdrafts 18,436 20,774
Corporation tax 8,700 4,201
Other taxes and social security 529 2,859
VAT 19,910 22,472
Accruals and deferred income 7,804 9,525
Directors' loan accounts 475 1,146
132,563 145,552
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,136 -
Bank loans 32,403 44,859
43,539 44,859
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,949 21,035
Later than one year and not later than five years 11,136 -
16,085 21,035
16,085 21,035
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12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,003 1,003
13. Reserves
Revaluation Reserve
£
As at 1 June 2023 156,017
As at 31 May 2024 156,017
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