REGISTERED NUMBER: |
Powell Properties Ltd |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
REGISTERED NUMBER: |
Powell Properties Ltd |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
Powell Properties Ltd (Registered number: 06618912) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 | to | 4 |
Notes to the Financial Statements | 5 | to | 7 |
Powell Properties Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chandos House |
School Lane |
Buckingham |
Buckinghamshire |
MK18 1HD |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Powell Properties Ltd |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Powell Properties Ltd for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Powell Properties Ltd in accordance with the terms of our engagement letter dated 30 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Powell Properties Ltd and state those matters that we have agreed to state to the director of Powell Properties Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Powell Properties Ltd and its director for our work or for this report. |
It is your duty to ensure that Powell Properties 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 loss of Powell Properties Ltd. You consider that Powell Properties 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 Powell Properties 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. |
Chandos House |
School Lane |
Buckingham |
Buckinghamshire |
MK18 1HD |
Date: ............................................. |
Powell Properties Ltd (Registered number: 06618912) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
Powell Properties Ltd (Registered number: 06618912) |
Balance Sheet - continued |
30 June 2024 |
The financial statements were approved by the director and authorised for issue on |
Powell Properties Ltd (Registered number: 06618912) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Powell Properties Ltd is a |
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 |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Powell Properties Ltd (Registered number: 06618912) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
Revaluations | (4,800 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2016 | 31,817 |
Valuation in 2017 | 19,950 |
Valuation in 2018 | 6,650 |
Valuation in 2019 | 39,050 |
Valuation in 2020 | 9,231 |
Valuation in 2021 | 14,698 |
Valuation in 2022 | 45,071 |
Valuation in 2023 | 8,800 |
Valuation in 2024 | (4,800 | ) |
Cost | 175,533 |
346,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Deposit Holding Account | 1,545 | 1,545 |
Corporation tax |
Directors' current accounts | 184,420 | 180,694 |
Accruals and deferred income |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2023 |
Investment prop reval | (4,800 | ) |
At 30 June 2024 |
Powell Properties Ltd (Registered number: 06618912) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | INVESTMENT PROPERTY REVALUATION |
The investment property has not been revalued professionally; a reasonable estimate has been provided by the director. |
10. | RELATED PARTY DISCLOSURES |
Included in other creditors is an amount due to Mrs K Powell-McNulty, a director. At the year end, the amount owed to to Mrs K Powell-McNulty was £184,420 (2023: £180,694). This loan is unsecured, interest free and repayable on demand. |
11. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |