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Company Registration No. 07594744 (England and Wales)
Powerfactor Electrical Contractors Limited Unaudited accounts for the year ended 31 May 2024
Powerfactor Electrical Contractors Limited Unaudited accounts Contents
Page
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Powerfactor Electrical Contractors Limited Company Information for the year ended 31 May 2024
Director
Mr Richard Tyack
Company Number
07594744 (England and Wales)
Registered Office
Rear Dunmere Road Torquay TQ1 1LS ENGLAND
Accountants
Mrs Catherine Flannery, FMAAT, FCCA, BSc (Hons) South Devon Accounting Ltd 6 Orchard Close Ogwell Newton Abbot TQ12 6AL
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Powerfactor Electrical Contractors Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
12,000 
13,500 
Tangible assets
24,059 
23,422 
36,059 
36,922 
Current assets
Inventories
200 
200 
Debtors
11,928 
14,657 
Cash at bank and in hand
9 
- 
12,137 
14,857 
Creditors: amounts falling due within one year
(25,343)
(17,980)
Net current liabilities
(13,206)
(3,123)
Total assets less current liabilities
22,853 
33,799 
Creditors: amounts falling due after more than one year
(8,494)
- 
Provisions for liabilities
Deferred tax
(4,571)
(4,450)
Net assets
9,788 
29,349 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
9,688 
29,249 
Shareholders' funds
9,788 
29,349 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 4 January 2025 and were signed on its behalf by
Mr Richard Tyack Director Company Registration No. 07594744
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Powerfactor Electrical Contractors Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Powerfactor Electrical Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 07594744. The registered office is Rear Dunmere Road, Torquay, TQ1 1LS, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Goodwill
Goodwill, being the ammount paid in connection with the acquisition of the business in 2011, is being amortised evenly over its estmated life of twenty years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing Balance Basis
Motor vehicles
20% Reducing Balance Basis
Computer equipment
20% Reducing Balance Basis
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Powerfactor Electrical Contractors Limited Notes to the Accounts for the year ended 31 May 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 June 2023
30,000 
At 31 May 2024
30,000 
Amortisation
At 1 June 2023
16,500 
Charge for the year
1,500 
At 31 May 2024
18,000 
Net book value
At 31 May 2024
12,000 
At 31 May 2023
13,500 
5
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 June 2023
642 
35,202 
961 
36,805 
Additions
- 
24,995 
- 
24,995 
Disposals
- 
(28,661)
- 
(28,661)
At 31 May 2024
642 
31,536 
961 
33,139 
Depreciation
At 1 June 2023
642 
12,395 
346 
13,383 
Charge for the year
- 
5,892 
123 
6,015 
On disposals
- 
(10,318)
- 
(10,318)
At 31 May 2024
642 
7,969 
469 
9,080 
Net book value
At 31 May 2024
- 
23,567 
492 
24,059 
At 31 May 2023
- 
22,807 
615 
23,422 
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Powerfactor Electrical Contractors Limited Notes to the Accounts for the year ended 31 May 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
81 
Trade debtors
11,781 
14,429 
Accrued income and prepayments
147 
147 
11,928 
14,657 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
9,363 
9,528 
VAT
2,219 
- 
Obligations under finance leases and hire purchase contracts
- 
7,723 
Trade creditors
5,831 
4,252 
Taxes and social security
4,402 
3,269 
Loans from directors
(7,197)
(7,492)
Accruals
10,725 
700 
25,343 
17,980 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
8,494 
- 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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