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Registered number: 09976213
Powell and Co Property (London) Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
McPhersons Walpole Harding
ACCA
Citibase Brighton
95 Ditchling Road
Brighton
BN1 4ST
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09976213
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,120 1,400
Investment Properties 5 19,794,000 23,001,000
19,795,120 23,002,400
CURRENT ASSETS
Debtors 6 11,500 111,500
Cash at bank and in hand 783 43,255
12,283 154,755
Creditors: Amounts Falling Due Within One Year 7 (170,364 ) (203,811 )
NET CURRENT ASSETS (LIABILITIES) (158,081 ) (49,056 )
TOTAL ASSETS LESS CURRENT LIABILITIES 19,637,039 22,953,344
Creditors: Amounts Falling Due After More Than One Year 8 (10,132,639 ) (10,497,457 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (2,389,497 ) (3,040,765 )
NET ASSETS 7,114,903 9,415,122
CAPITAL AND RESERVES
Called up share capital 10 1 1
Revaluation reserve 11 7,168,490 9,122,292
Profit and Loss Account (53,588 ) 292,829
SHAREHOLDERS' FUNDS 7,114,903 9,415,122
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Powell
Director
25 October 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Powell and Co Property (London) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09976213 . The registered office is Cumberland Basin, Prince Albert Road, London, NW1 7SS.
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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 
Computer Equipment 20% per year on a reducing balance basis
2.4. Investment Properties
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually by directors. The fair value is 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.
Investment properties are derecognised when they have been disposed of or permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of investment properties are recognised in the Statement of Comprehensive Income in the year of retirement or disposal. Gains or losses on the disposal of investment properties are determined as the difference between net disposal proceeds and the carrying value of the asset immediately prior to the sale.
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.
...CONTINUED
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Page 4
2.5. Taxation - continued
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
The company has no employees other than its director:
2024 2023
Directors 1 1
1 1
4. Tangible Assets
Plant & Machinery etc.
£
Cost or Valuation
As at 1 February 2023 1,750
As at 31 January 2024 1,750
Depreciation
As at 1 February 2023 350
Provided during the period 280
As at 31 January 2024 630
Net Book Value
As at 31 January 2024 1,120
As at 1 February 2023 1,400
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Page 5
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 23,001,000
Additions 48,000
Disposals (1,215,000 )
Revaluations (2,040,000)
As at 31 January 2024 19,794,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 10,236,013 10,837,943
The fair value of the investment properties have been arrived at on the basis of a valuation carried out at year end by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 11,500 111,500
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,000 12,060
Other creditors 160,364 191,751
170,364 203,811
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,132,639 10,497,457
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Page 6
9. Deferred Taxation
The provision for deferred taxation is calculated on revaluation gain of investment properties at a prevailing corporation tax rate of 25%.
2024 2023
£ £
Other timing differences 2,389,497 3,040,765
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Reserves
Revaluation Reserve
£
As at 1 February 2023 9,122,292
Transfer to/from profit and loss reserve (1,953,802 )
As at 31 January 2024 7,168,490
12. Ultimate Controlling Party
The company's ultimate controlling party is the company's director, Mr S Powell , by virtue of his ownership of 100% of the issued share capital in the company.
Page 6