1 November 2022 v2024.64.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP064001842022-11-012024-02-29064001842024-02-29064001842022-10-3106400184core:WithinOneYear2024-02-2906400184core:WithinOneYear2022-10-3106400184core:AfterOneYear2022-10-3106400184core:ShareCapital2024-02-2906400184core:ShareCapital2022-10-3106400184core:RetainedEarningsAccumulatedLosses2024-02-2906400184core:RetainedEarningsAccumulatedLosses2022-10-3106400184bus:Director12022-11-012024-02-2906400184bus:RegisteredOffice2022-11-012024-02-2906400184core:CostValuation2022-11-0106400184core:DisposalsRepaymentsInvestments2024-02-290640018412022-11-012024-02-29064001842021-11-012022-10-3106400184countries:EnglandWales2022-11-012024-02-2906400184bus:AuditExemptWithAccountantsReport2022-11-012024-02-2906400184bus:PrivateLimitedCompanyLtd2022-11-012024-02-2906400184bus:SmallEntities2022-11-012024-02-2906400184bus:FullAccounts2022-11-012024-02-29
Company registration number:
06400184
Powerall Properties Limited
Unaudited Filleted Financial Statements for the period ended
29 February 2024
Powerall Properties Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Powerall Properties Limited
Period ended
29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Powerall Properties Limited
for the period ended
29 February 2024
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Powerall Properties Limited
, as a body, in accordance with the terms of my engagement letter dated 1 November 2017. My work has been undertaken solely to prepare for your approval the
financial statements
of
Powerall Properties Limited
and state those matters that I have agreed to state to the Board of Directors of
Powerall Properties Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Powerall Properties Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Powerall Properties Limited
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 loss of
Powerall Properties Limited
. You consider that
Powerall Properties Limited
is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of Powerall Properties Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Gordon & Co
Chartered Accountants and Business Advisors
25/27 Station Street
Cheslyn Hay
Walsall
West Midlands
WS6 7ED
United Kingdom
Date:
19 July 2024
Powerall Properties Limited
Statement of Financial Position
29 February 2024
29 Feb 202431 Oct 2022
Note££
Fixed assets    
Investments 5 -  
78,331
 
Current assets    
Cash at bank and in hand
3,124
 
4,166
 
Creditors: amounts falling due within one year 6
(9,514
)
(28,033
)
Net current liabilities
(6,390
)
(23,867
)
Total assets less current liabilities (6,390 ) 54,464  
Creditors: amounts falling due after more than one year 7 -  
(56,412
)
Net liabilities
(6,390
)
(1,948
)
Capital and reserves    
Called up share capital
4
 
4
 
Profit and loss account
(6,394
)
(1,952
)
Shareholders deficit
(6,390
)
(1,948
)
For the period ending
29 February 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
  • The directors acknowledge 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
19 July 2024
, and are signed on behalf of the board by:
Gillian Hall
Director
Company registration number:
06400184
Powerall Properties Limited
Notes to the Financial Statements
Period ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
55 Huthill Lane
,
Great Wyrley
,
Walsall
,
West Midlands
,
WS6 6PB
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The company ceased to trade in February 2024. Therefore the directors do not consider the company to be a going concern and have prepared the financial statements on a break up basis. There has been no impairment of the company’s assets and liabilities as a result of preparing the financial statements on a break up basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for rental services supplied, net of discounts and Value Added Tax.

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4 Average number of employees

The average number of persons employed by the company during the period was Nil (2022: Nil).

5 Investments

Other investments other than loans
£
Cost  
At
1 November 2022
78,331
 
Disposals
(78,331
)
At
29 February 2024
-  
Impairment  
At
1 November 2022
and
29 February 2024
-  
Carrying amount  
At
29 February 2024
-  
At 31 October 2022
78,331
 

6 Creditors: amounts falling due within one year

29 Feb 202431 Oct 2022
££
Other creditors
9,514
 
28,033
 

7 Creditors: amounts falling due after more than one year

29 Feb 202431 Oct 2022
££
Bank loans and overdrafts -  
56,412