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REGISTERED NUMBER: 04473558 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Powercor Ltd.

Powercor Ltd. (Registered number: 04473558)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Powercor Ltd.

Company Information
for the Year Ended 30 June 2024







DIRECTORS: R P Grace
C S Wright
E Roberts
K D Phillips





REGISTERED OFFICE: Unit 23, Trade City Avro Way
Brooklands Business Park
Weybridge
Surrey
KT13 0YF





REGISTERED NUMBER: 04473558 (England and Wales)





ACCOUNTANTS: Brewers Chartered Accountants
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Powercor Ltd.

The following reproduces the text of the report prepared for the directors 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 Directors' Report 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 Powercor Ltd. for the year ended 30 June 2024 which comprise the Statement of Income and Retained Earnings, 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 Board of Directors of Powercor Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Powercor Ltd. and state those matters that we have agreed to state to the Board of Directors of Powercor Ltd., as a body, 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 Powercor Ltd. and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Powercor 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 Powercor Ltd.. You consider that Powercor 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 Powercor 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.






Brewers Chartered Accountants
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY


23 December 2024

Powercor Ltd. (Registered number: 04473558)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 104,229 156,346
Tangible assets 6 297,642 226,274
Investments 7 1 1
401,872 382,621

CURRENT ASSETS
Stocks 245,977 277,961
Debtors 8 1,605,552 1,092,531
Cash at bank and in hand 1,623,148 704,233
3,474,677 2,074,725
CREDITORS
Amounts falling due within one year 9 2,598,203 1,447,055
NET CURRENT ASSETS 876,474 627,670
TOTAL ASSETS LESS CURRENT LIABILITIES 1,278,346 1,010,291

CREDITORS
Amounts falling due after more than one
year

10

(22,105

)

(45,764

)

PROVISIONS FOR LIABILITIES (49,442 ) (40,232 )
NET ASSETS 1,206,799 924,295

CAPITAL AND RESERVES
Called up share capital 1,111 1,111
Retained earnings 1,205,688 923,184
SHAREHOLDERS' FUNDS 1,206,799 924,295

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Powercor Ltd. (Registered number: 04473558)

Balance Sheet - continued
30 June 2024


The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2024 and were signed on its behalf by:




C S Wright - Director R P Grace - Director




E Roberts - Director


Powercor Ltd. (Registered number: 04473558)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Powercor Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Powercor Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, will be fully amortised by 2026.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Powercor Ltd. (Registered number: 04473558)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account on a straight line basis. The capital element of the future payments is treated as a liability in the balance sheet.

Pension costs and other post-retirement benefits
The company makes pension contributions under an Auto-Enrolment scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Powercor Ltd. (Registered number: 04473558)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 41 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 1,042,335
AMORTISATION
At 1 July 2023 885,989
Charge for year 52,117
At 30 June 2024 938,106
NET BOOK VALUE
At 30 June 2024 104,229
At 30 June 2023 156,346

6. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2023 70,915 68,114 26,758
Additions 34,649 7,051 1,979
Disposals - - (10,143 )
At 30 June 2024 105,564 75,165 18,594
DEPRECIATION
At 1 July 2023 6,534 45,869 20,261
Charge for year 1,687 9,177 2,645
Eliminated on disposal - - (10,143 )
At 30 June 2024 8,221 55,046 12,763
NET BOOK VALUE
At 30 June 2024 97,343 20,119 5,831
At 30 June 2023 64,381 22,245 6,497

Powercor Ltd. (Registered number: 04473558)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 289,916 74,236 529,939
Additions 77,652 31,335 152,666
Disposals (39,438 ) (31,206 ) (80,787 )
At 30 June 2024 328,130 74,365 601,818
DEPRECIATION
At 1 July 2023 180,932 50,069 303,665
Charge for year 54,101 13,688 81,298
Eliminated on disposal (39,438 ) (31,206 ) (80,787 )
At 30 June 2024 195,595 32,551 304,176
NET BOOK VALUE
At 30 June 2024 132,535 41,814 297,642
At 30 June 2023 108,984 24,167 226,274

Included within net book value above, there were assets held under hire purchase contracts with a value of £66,605 (2023: £77,283); depreciation of £33,084 (2023: £24,884) has been charged on those assets in the year under review.

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,598,471 1,078,662
Amounts owed by group undertakings - 1,001
Other debtors 7,081 12,868
1,605,552 1,092,531

Powercor Ltd. (Registered number: 04473558)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 11) 39,355 22,850
Trade creditors 1,191,899 668,903
Taxation and social security 595,896 244,528
Other creditors 771,053 510,774
2,598,203 1,447,055

The hire purchase contracts are secured over the assets to which the agreements relate.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 11) 22,105 45,764

The hire purchase contracts are secured over the assets to which the agreements relate.

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.24 30.6.23
£    £   
Net obligations repayable:
Within one year 39,355 22,850
Between one and five years 22,105 45,764
61,460 68,614

Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year 12,912 12,912
Between one and five years 2,152 15,064
15,064 27,976

12. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase agreements 61,460 68,614

The hire purchase agreements are secured by a charge over the assets to which the agreements relate.

Powercor Ltd. (Registered number: 04473558)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
R P Grace
Balance outstanding at start of year (33,240 ) 17,738
Amounts advanced 125,651 85,494
Amounts repaid (136,448 ) (136,472 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (44,037 ) (33,240 )

C S Wright
Balance outstanding at start of year (56,795 ) (12,449 )
Amounts advanced 152,298 88,010
Amounts repaid (125,068 ) (132,356 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (29,565 ) (56,795 )

E Roberts
Balance outstanding at start of year (36,783 ) (18,523 )
Amounts advanced 75,361 71,877
Amounts repaid (74,703 ) (90,137 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,125 ) (36,783 )

During the year the maximum overdrawn directors current accounts balances were; £42,479 R P Grace, £50,433 C S Wright and £12,798 E Roberts.

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £327,125 were paid to the directors .

Included in creditors due within one year is £109,727 (2023 - £126,817) with respect to directors loan accounts, which are repayable upon demand and interest free.

During the year the company paid £45,600 (2023 - £45,600) in property rent to Powercor Properties, a business controlled by the directors C Wright and R Grace.