Company registration number 08399579 (England and Wales)
POWELL TOLNER & ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
POWELL TOLNER & ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
POWELL TOLNER & ASSOCIATES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
308,550
326,700
Tangible assets
4
20,460
17,526
329,010
344,226
Current assets
Debtors
5
797,281
856,733
Cash at bank and in hand
598,439
382,270
1,395,720
1,239,003
Creditors: amounts falling due within one year
6
(469,077)
(349,848)
Net current assets
926,643
889,155
Total assets less current liabilities
1,255,653
1,233,381
Creditors: amounts falling due after more than one year
7
(56,819)
(102,273)
Provisions for liabilities
(2,519)
(1,318)
Net assets
1,196,315
1,129,790
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
1,195,315
1,128,790
Total equity
1,196,315
1,129,790
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
POWELL TOLNER & ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
2024
2023
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
S Lea-Wilson
Director
Company Registration No. 08399579
POWELL TOLNER & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Powell Tolner & Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover arises from the provision of engineering services and is shown net of discounts and VAT. Turnover is recognised proportionally over the performance of the service contract by measuring the fair value of consideration in reference to the stage of completion of the service contract at the end of the reporting period.
1.3
Intangible fixed assets - goodwill
Goodwill is written off in equal instalments over its estimated useful economic life of 20 years.
1.4
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:
Fixtures, fittings & equipment
33.3% - 50% Straight line
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
POWELL TOLNER & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.6
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 liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
41
POWELL TOLNER & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
363,000
Amortisation and impairment
At 1 April 2023
36,300
Amortisation charged for the year
18,150
At 31 March 2024
54,450
Carrying amount
At 31 March 2024
308,550
At 31 March 2023
326,700
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
175,711
Additions
12,762
At 31 March 2024
188,473
Depreciation and impairment
At 1 April 2023
158,185
Depreciation charged in the year
9,828
At 31 March 2024
168,013
Carrying amount
At 31 March 2024
20,460
At 31 March 2023
17,526
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
648,340
648,466
Other debtors
148,941
208,267
797,281
856,733
POWELL TOLNER & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
45,455
45,455
Trade creditors
15,740
14,647
Taxation and social security
329,939
211,641
Other creditors
77,943
78,105
469,077
349,848
Bank loans are secured by fixed and floating charges over the company's assets.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
56,819
102,273
Bank loans are secured by fixed and floating charges over the company's assets.
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
600 Ordinary A shares of £1 each
600
600
400 Ordinary B shares of £1 each
400
400
1,000
1,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
114,810
104,631
Between two and five years
89,455
128,480
In over five years
204,265
233,111
10
Related party transactions
The company has guaranteed liabilities of its ultimate and immediate parent company, PTA Holdings Limited, totalling £nil (2023 - £18,400).