Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 09956002 Mr Kyle Aplin Mr Craig Mitchell iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09956002 2023-01-31 09956002 2024-01-31 09956002 2023-02-01 2024-01-31 09956002 frs-core:CurrentFinancialInstruments 2024-01-31 09956002 frs-core:Non-currentFinancialInstruments 2024-01-31 09956002 frs-core:BetweenOneFiveYears 2024-01-31 09956002 frs-core:MotorVehicles 2024-01-31 09956002 frs-core:MotorVehicles 2023-02-01 2024-01-31 09956002 frs-core:MotorVehicles 2023-01-31 09956002 frs-core:PlantMachinery 2024-01-31 09956002 frs-core:PlantMachinery 2023-02-01 2024-01-31 09956002 frs-core:PlantMachinery 2023-01-31 09956002 frs-core:WithinOneYear 2024-01-31 09956002 frs-core:ShareCapital 2024-01-31 09956002 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 09956002 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09956002 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 09956002 frs-bus:SmallEntities 2023-02-01 2024-01-31 09956002 frs-bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09956002 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09956002 frs-bus:Director1 2023-02-01 2024-01-31 09956002 frs-bus:Director2 2023-02-01 2024-01-31 09956002 frs-countries:EnglandWales 2023-02-01 2024-01-31 09956002 2022-01-31 09956002 2023-01-31 09956002 2022-02-01 2023-01-31 09956002 frs-core:CurrentFinancialInstruments 2023-01-31 09956002 frs-core:Non-currentFinancialInstruments 2023-01-31 09956002 frs-core:BetweenOneFiveYears 2023-01-31 09956002 frs-core:MotorVehicles 2022-02-01 2023-01-31 09956002 frs-core:WithinOneYear 2023-01-31 09956002 frs-core:ShareCapital 2023-01-31 09956002 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31
Registered number: 09956002
Powerlec Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Powerlec Ltd for the year ended year which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Powerlec Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Powerlec Ltd and state those matters that we have agreed to state to the directors of Powerlec Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Powerlec Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Powerlec Ltd . You consider that Powerlec Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Powerlec Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
Quest Accounting Services Ltd
31st October 2024
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
Page 1
Page 2
Balance Sheet
Registered number: 09956002
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 56,774 74,457
56,774 74,457
CURRENT ASSETS
Debtors 5 40,131 56,001
Cash at bank and in hand 139,335 40,763
179,466 96,764
Creditors: Amounts Falling Due Within One Year 6 (184,429 ) (47,206 )
NET CURRENT ASSETS (LIABILITIES) (4,963 ) 49,558
TOTAL ASSETS LESS CURRENT LIABILITIES 51,811 124,015
Creditors: Amounts Falling Due After More Than One Year 7 (51,703 ) (92,719 )
NET ASSETS 108 31,296
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 8 31,196
SHAREHOLDERS' FUNDS 108 31,296
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Page 3
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 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 Craig Mitchell
Director
31st October 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Powerlec Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09956002 . The registered office is 24 Hillview Lane, Great Billington, Leighton Buzzard, LU7 9BH.
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 stated at cost less depreciation. 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:
Plant & Machinery 4 year Straight Line
Motor Vehicles 4 year Straight Line and 5 year Straight Line
2.4. 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.
2.5. 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 year 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 asset reflects 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 February 2023 37,826 144,859 182,685
Additions 2,680 - 2,680
Disposals (26,079 ) (55,000 ) (81,079 )
As at 31 January 2024 14,427 89,859 104,286
Depreciation
As at 1 February 2023 35,256 72,972 108,228
Provided during the period 2,391 17,972 20,363
Disposals (26,079 ) (55,000 ) (81,079 )
As at 31 January 2024 11,568 35,944 47,512
Net Book Value
As at 31 January 2024 2,859 53,915 56,774
As at 1 February 2023 2,570 71,887 74,457
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles - 71,887
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 39,892 54,803
Other debtors 239 1,198
40,131 56,001
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,047 11,047
Other taxes and social security 30,877 32,374
VAT 4,217 3,701
Other creditors 84 84
Accruals and deferred income 138,204 -
184,429 47,206
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 51,083 62,130
Directors loan account 620 30,589
51,703 92,719
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,047 11,047
Later than one year and not later than five years 51,083 62,130
62,130 73,177
62,130 73,177
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
At the balance sheet date, the company owed from its directors £620 (2023: £30,589). This loan is unsecured, interest free and has no fixed repayment terms.
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