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Registered number: 10866589
Powerdown220 Limited
Financial Statements
For The Year Ended 31 March 2024
Corinthian Tax LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10866589
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 15,202 33,482
15,202 33,482
CURRENT ASSETS
Stocks 5 - 36,561
Debtors 6 621,581 2,104,681
Cash at bank and in hand 648,441 440,096
1,270,022 2,581,338
Creditors: Amounts Falling Due Within One Year 7 (704,025 ) (2,205,509 )
NET CURRENT ASSETS (LIABILITIES) 565,997 375,829
TOTAL ASSETS LESS CURRENT LIABILITIES 581,199 409,311
Creditors: Amounts Falling Due After More Than One Year 8 (26,652 ) (42,641 )
NET ASSETS 554,547 366,670
CAPITAL AND RESERVES
Called up share capital 271 400
Share premium account 26,880 26,880
Capital redemption reserve 191 -
Profit and Loss Account 527,205 339,390
SHAREHOLDERS' FUNDS 554,547 366,670
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Page 2
For the year ending 31 March 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
J Goodby
Director
25/10/2024
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
Powerdown220 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10866589 . The registered office is Lynnfield House, Church Street, Altrincham, WA14 4DZ.
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:
Plant & Machinery 15% straight line
Motor Vehicles 15% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% 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. 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.
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2.6. 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: 7 (2023: 6)
7 6
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 28,000 23,000 - 4,463 55,463
Additions - - 892 2,663 3,555
Disposals - (23,000 ) - - (23,000 )
As at 31 March 2024 28,000 - 892 7,126 36,018
Depreciation
As at 1 April 2023 15,016 6,613 - 352 21,981
Provided during the period 4,200 - 130 1,118 5,448
Disposals - (6,613 ) - - (6,613 )
As at 31 March 2024 19,216 - 130 1,470 20,816
Net Book Value
As at 31 March 2024 8,784 - 762 5,656 15,202
As at 1 April 2023 12,984 16,387 - 4,111 33,482
5. Stocks
31 March 2024 31 March 2023
£ £
Work in progress - 36,561
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6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 273,600 1,929,699
Other debtors 48,763 57,238
Directors' loan accounts 285,456 117,744
Amounts owed by other participating interests 13,762 -
621,581 2,104,681
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts - 5,250
Trade creditors 490,645 1,721,718
Bank loans and overdrafts 9,400 9,171
Corporation tax 108,218 127,347
Other taxes and social security 25,540 79,917
VAT 65,311 189,489
Other creditors 2,311 20,242
Accruals and deferred income 2,600 52,375
704,025 2,205,509
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 March 2023
£ £
Net obligations under finance lease and hire purchase contracts - 6,588
Bank loans 26,652 36,053
26,652 42,641
9. Obligations Under Finance Leases and Hire Purchase
31 March 2024 31 March 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 5,250
Later than one year and not later than five years - 6,588
- 11,838
- 11,838
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10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Miss Karen Kershaw 87,144 132,796 - - 219,940
Mr James Goodby - 65,515 - - 65,515
Mr Robert Templeton 36,600 - 36,600 - -
The above loan is unsecured and repayable on demand.
11. Related Party Transactions
During the year, the company made a loan to an employee of £13,762. This loan is repayable on demand.
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