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Company registration number: 04299575
Power Office Services Ltd
Unaudited filleted financial statements
31 March 2024
Power Office Services Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Power Office Services Ltd
Directors and other information
Director J A Dropik
Company number 04299575
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Power Office Services Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Power Office Services Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Power Office Services Ltd for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Power Office Services Ltd, as a body, in accordance with the terms of our engagement letter dated 5 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Power Office Services Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Power Office Services Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Power Office Services 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 Power Office Services Ltd. You consider that Power Office Services 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 Power Office Services 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
30 August 2024
Power Office Services Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 754 942
_______ _______
754 942
Current assets
Debtors 6 122,648 116,235
Cash at bank and in hand 176,189 117,403
_______ _______
298,837 233,638
Creditors: amounts falling due
within one year 7 ( 167,093) ( 97,675)
_______ _______
Net current assets 131,744 135,963
_______ _______
Total assets less current liabilities 132,498 136,905
_______ _______
Net assets 132,498 136,905
_______ _______
Capital and reserves
Called up share capital 781 1,101
Other reserve - 38,099
Profit and loss account 131,717 97,705
_______ _______
Shareholder funds 132,498 136,905
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
J A Dropik
Director
Company registration number: 04299575
Power Office Services Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Other reserve Profit and loss account Total
£ £ £ £
At 1 April 2022 1,101 38,099 117,756 156,956
Profit for the year 25,189 25,189
_______ _______ _______ _______
Total comprehensive income for the year - - 25,189 25,189
Dividends paid and payable ( 45,240) ( 45,240)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 45,240) ( 45,240)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 1,101 38,099 97,705 136,905
Profit for the year 45,533 45,533
Other comprehensive movement for the year:
Transfers to Employee Ownership Trust (30,770) 30,770
Transfers to Profit and Loss account (38,099) 38,099 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 38,099) 52,862 14,763
Dividends paid and payable ( 18,850) ( 18,850)
Cancellation of subscribed capital ( 320) - ( 320)
_______ _______ _______ _______
Total investments by and distributions to owners ( 320) - ( 18,850) ( 19,170)
_______ _______ _______ _______
At 31 March 2024 781 - 131,717 132,498
_______ _______ _______ _______
Power Office Services Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 20% reducing balance
Computer equipment - 20% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. Tangible assets
Motor vehicles Computer equipment Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 3,588 2,300 5,888
_______ _______ _______
Depreciation
At 1 April 2023 3,588 1,358 4,946
Charge for the year - 188 188
_______ _______ _______
At 31 March 2024 3,588 1,546 5,134
_______ _______ _______
Carrying amount
At 31 March 2024 - 754 754
_______ _______ _______
At 31 March 2023 - 942 942
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 122,648 111,977
Other debtors - 4,258
_______ _______
122,648 116,235
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 81,403 41,151
Corporation tax 18,658 5,975
Social security and other taxes 17,919 4,388
Other creditors 49,113 46,161
_______ _______
167,093 97,675
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
J A Dropik ( 25,836) 5,128 ( 20,708)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
J A Dropik ( 12,370) ( 13,466) ( 25,836)
_______ _______ _______