REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 August 2024 |
for |
Power Plus Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 June 2023 to 31 August 2024 |
for |
Power Plus Limited |
Power Plus Limited (Registered number: 01902627) |
Contents of the Financial Statements |
for the Period 1 June 2023 to 31 August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Power Plus Limited |
Company Information |
for the Period 1 June 2023 to 31 August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 |
Purley Way |
Croydon |
CR0 0XZ |
Power Plus Limited (Registered number: 01902627) |
Balance Sheet |
31 August 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve | 9 |
Retained earnings | 9 |
Power Plus Limited (Registered number: 01902627) |
Balance Sheet - continued |
31 August 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Power Plus Limited (Registered number: 01902627) |
Notes to the Financial Statements |
for the Period 1 June 2023 to 31 August 2024 |
1. | STATUTORY INFORMATION |
Power Plus Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal activity of the company continued to be that of electrical contractors. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Motor vehicle | 25% on Reducing balance method |
Fixtures and fittings | 33.33% on cost |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
STOCKS |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
FINANCIAL INSTRUMENTS |
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Power Plus Limited (Registered number: 01902627) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. |
DEFERRED TAX |
Deferred tax is recognized in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
LEASES |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
PENSIONS |
DEFINED CONTRIBUTION PENSION PLAN |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contribution into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in Balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
PROVISIONS FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in Balance sheet. |
REPORTING PERIOD |
The entity has extended the year end by 3 months to 31 August 2024 as entity has ceased its trading activity further and therefore the comparative amounts presented in the financial statements are not entirely comparable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Power Plus Limited (Registered number: 01902627) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 August 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 May 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
The directors consider the carrying value of trade and other receivables approximate to their fair value. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
Power Plus Limited (Registered number: 01902627) |
Notes to the Financial Statements - continued |
for the Period 1 June 2023 to 31 August 2024 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | - | 1,686 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Provided during period | ( |
) |
Balance at 31 August 2024 |
9. | RESERVES |
PROFIT AND LOSS RESERVES |
Retained earnings consist of capital redemption reserves. |
At the balance sheet date the reserves therefore comprise of the following: |
Distributable reserves £24,507 |
Non Distributable reserves £170 |
10. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,000 (2023 - £102,000). |
11. | RELATED PARTY DISCLOSURES |
As at the balance sheet date, other debtors includes £6,620 (2023 - £6,269 in other creditors) being amounts due from the directors. This loan is interest free and repaid shortly after the year end. |