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REGISTERED NUMBER: 06723112 (England and Wales)















POWAR DEVELOPMENTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2024






POWAR DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06723112)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


POWAR DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: M Powar
D S Sawrij





REGISTERED OFFICE: Swalesmoor Farm
Swalesmoor Road
Halifax
HX3 6UF





REGISTERED NUMBER: 06723112 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Sidings House
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

POWAR DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06723112)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 413,716 486,725
Investment property 5 13,441,861 13,441,861
13,855,577 13,928,586

CURRENT ASSETS
Debtors 6 125,596 77,561
Cash at bank 83,514 3,820
209,110 81,381
CREDITORS
Amounts falling due within one year 7 3,563,189 3,540,126
NET CURRENT LIABILITIES (3,354,079 ) (3,458,745 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,501,498

10,469,841

PROVISIONS FOR LIABILITIES 1,482,554 1,487,874
NET ASSETS 9,018,944 8,981,967

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8 9,018,943 8,981,966
9,018,944 8,981,967

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





M Powar - Director


POWAR DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06723112)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Powar Developments Limited (registered number 06723112) is a private limited company limited by shares and registered in England and Wales. The principal activity of the company is that of property rental and investment, and renewable energy generation.

The address of its registered office is:
Swalesmoor Farm
Swalesmoor Road,
Halifax
West Yorkshire,
HX3 6UF

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The following principal accounting policies have been applied:

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery- 15% Reducing Balance

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

POWAR DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06723112)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Investment property

Investment property is carried at fair value determined annually by the directors given their knowledge of the industry, market prices and the holding of the relevant licences to process the stock. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

POWAR DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06723112)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Operating leases: the company as a lessor

Rentals income from operating leases is credited to the Statement of Comprehensive Income on a straight line basis over the term of the relevant lease.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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

Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Going concern

The directors have received assurances from other group company members of ongoing financial support for a period of at least 12 months from the date of approval of these financial statements and therefore have reasonable expectations that the company has adequate resources to continue in operation for the foreseeable future. Thus the going concern basis of accounting and preparing annual financial statements has been adopted.

3. EMPLOYEES AND DIRECTORS

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

POWAR DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06723112)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 1,425,166
DEPRECIATION
At 1 May 2023 938,441
Charge for year 73,009
At 30 April 2024 1,011,450
NET BOOK VALUE
At 30 April 2024 413,716
At 30 April 2023 486,725

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 13,441,861
NET BOOK VALUE
At 30 April 2024 13,441,861
At 30 April 2023 13,441,861

The 2024 valuations were made by the Directors, on an existing use basis.

If the investment properties had been accounted for under historic cost accounting rules, the properties would have been measured at £5,946,861 (2023: £5,946,861).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 36,918
Amounts owed by group undertakings 1,423 -
Other debtors 124,173 40,643
125,596 77,561

POWAR DEVELOPMENTS LIMITED (REGISTERED NUMBER: 06723112)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 29,966 3,771
Amounts owed to group undertakings 3,475,040 3,499,695
Taxation and social security 1,412 1,690
Other creditors 56,771 34,970
3,563,189 3,540,126

8. RESERVES

Profit & loss accounts

Profit and loss account reserve represents accumulated distributable profits and losses. Included within this balance is an undistributable reserve of £6,043,687 (2023: £6,043,687) relating to the revaluation of the investment properties held within the company.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kelvin Fitton BA FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

10. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Leo Group Holdings Midco Limited, a company registered in Jersey, and the ultimate parent company is Leo Group Family Holdings Limited, also registered in Jersey. The ultimate controlling party is Mr D S Sawrij.