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Registered number: 02834949
Powell & Co Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Steiner & Co.
50 Cowick Street
Exeter
Devon
EX4 1AP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02834949
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 35,755 46,025
35,755 46,025
CURRENT ASSETS
Debtors 5 106,196 98,370
Cash at bank and in hand 158,924 169,653
265,120 268,023
Creditors: Amounts Falling Due Within One Year 6 (125,341 ) (93,197 )
NET CURRENT ASSETS (LIABILITIES) 139,779 174,826
TOTAL ASSETS LESS CURRENT LIABILITIES 175,534 220,851
Creditors: Amounts Falling Due After More Than One Year 7 (48,734 ) (67,233 )
NET ASSETS 126,800 153,618
CAPITAL AND RESERVES
Called up share capital 9 340 340
Share premium account 1,020 1,020
Profit and Loss Account 125,440 152,258
SHAREHOLDERS' FUNDS 126,800 153,618
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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
Mr James Stephen Powell
Director
10th July 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Powell & Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02834949 . The registered office is 50 Cowick Street, Exeter, Devon, EX4 1AP.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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 25% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 25% on reducing balance
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.
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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 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Manufacturing 2 2
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 2,500 59,890 1,471 63,861
Additions - - 1,653 1,653
As at 31 March 2024 2,500 59,890 3,124 65,514
Depreciation
As at 1 April 2023 2,495 14,970 371 17,836
Provided during the period 5 11,230 688 11,923
As at 31 March 2024 2,500 26,200 1,059 29,759
Net Book Value
As at 31 March 2024 - 33,690 2,065 35,755
As at 1 April 2023 5 44,920 1,100 46,025
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 106,196 98,370
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 11,011 11,011
Trade creditors 23,438 11,313
Corporation tax 3,965 6,596
Other taxes and social security 5,005 4,730
VAT 31,591 39,320
Nest 512 514
Net wages payable 1,158 6,862
Accruals and deferred income 6,000 3,200
Directors' loan accounts 42,661 9,651
125,341 93,197
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 27,214 36,164
HSBC BBL 21,520 31,069
48,734 67,233
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,011 11,011
Later than one year and not later than five years 27,214 36,164
38,225 47,175
38,225 47,175
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
110 Ordinary Shares of £ 1.000 each 110 110
100 Ordinary B shares of £ 1.000 each 100 100
50 Ordinary C shares of £ 1.000 each 50 50
20 Ordinary D shares of £ 1.000 each 20 20
20 Ordinary E shares of £ 1.000 each 20 20
40 Ordinary F shares of £ 1.000 each 40 40
340 340
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10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mrs Ellen Louise Powell - 15,750
Mr James Stephen Powell - 23,275
11. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 27,750 33,775
Final dividend paid 5,000 5,250
32,750 39,025
12. Related Party Transactions
During the year the company was charged £34,000 for materials and services supplied by a business entirely controlled by the directors.
The company was charged £5,000 rent from the directors for use of office and storage facilities.
13. Ultimate Controlling Party
The company's ultimate controlling party is the Directors by virtue of their ownership of 95% of the issued share capital in the company.
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