2023-03-012024-02-292024-02-29false07955136Powerlets Property Services 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Powerlets Property Services Limited

Registered Number
07955136
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

Powerlets Property Services Limited
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

Vrahimi, Kerry

Registered Address

2 Palacegates Road
London
N22 7BN

Registered Number

07955136 (England and Wales)
Powerlets Property Services Limited
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,9863,733
2,9863,733
Current assets
Debtors41,0701,070
Cash at bank and on hand90,717138,361
91,787139,431
Creditors amounts falling due within one year5(41,361)(55,762)
Net current assets (liabilities)50,42683,669
Total assets less current liabilities53,41287,402
Creditors amounts falling due after one year6(6,654)(30,087)
Provisions for liabilities7(1,771)(1,771)
Net assets44,98755,544
Capital and reserves
Called up share capital22
Profit and loss account44,98555,542
Shareholders' funds44,98755,544
The financial statements were approved and authorised for issue by the Director on 27 November 2024, and are signed on its behalf by:
Vrahimi, Kerry
Director
Registered Company No. 07955136
Powerlets Property Services Limited
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Vehicles20
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 March 2319,0008235,48425,307
At 29 February 2419,0008235,48425,307
Depreciation and impairment
At 01 March 2315,8128234,93921,574
Charge for year638-109747
At 29 February 2416,4508235,04822,321
Net book value
At 29 February 242,550-4362,986
At 28 February 233,188-5453,733
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,0701,070
Total1,0701,070
5.Creditors: amounts due within one year

2024

2023

££
Taxation and social security8,0208,787
Other creditors4,11222,575
Accrued liabilities and deferred income29,22924,400
Total41,36155,762
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts6,65430,087
Total6,65430,087
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,7711,771
Total1,7711,771