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Logo On Report
Registered Number: 10276642
England and Wales

 

 

 

POWIS PROJECTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 August 2023

End date: 31 July 2024
Director Rory Pennant-Rea
Registered Number 10276642
Registered Office First Floor
132 Whitechapel Road
London
E1 1JE
Accountants Ward Williams Creatives Limited
Belgrave House
39-43 Monument Hill
Weybridge
Surrey
KT13 8RN
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 480,721    480,721 
480,721    480,721 
Current assets      
Cash at bank and in hand 40,732    22,298 
Creditors: amount falling due within one year 4 (12,878)   (5,737)
Net current assets 27,854    16,561 
 
Total assets less current liabilities 508,575    497,282 
Creditors: amount falling due after more than one year 5 (479,488)   (493,738)
Net assets 29,087    3,544 
 

Capital and reserves
     
Called up share capital 500    500 
Profit and loss account 28,587    3,044 
Shareholders' funds 29,087    3,544 
 


For the year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 27 November 2024 and were signed by:


-------------------------------
Rory Pennant-Rea
Director
2
General Information
Powis Projects Limited is a private company, limited by shares, registered in England and Wales, registration number 10276642, registration address First Floor, 132 Whitechapel Road , London, E1 1JE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Total
  £   £
At 01 August 2023 480,721    480,721 
Additions  
Disposals  
At 31 July 2024 480,721    480,721 
Depreciation
At 01 August 2023  
Charge for year  
On disposals  
At 31 July 2024  
Net book values
Closing balance as at 31 July 2024 480,721    480,721 
Opening balance as at 01 August 2023 480,721    480,721 


4.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 6,659    714 
Accrued Expenses 1,200    720 
Deferred Income 5,019    4,303 
12,878    5,737 

5.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Directors' Loan Accounts 479,488    493,738 
479,488    493,738 

6.

Advances and Credits



Rory Marcus PENNANT-REA
Creditors include £479,488 owed to the director of the company (2023:£493,738). The amount was lent to the company by the director to purchase the investment property.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Rory Marcus PENNANT-REA(493,738)14,250 (479,488)
-493738142500000-479488
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Rory Marcus PENNANT-REA(108,000)(385,738)(493,738)
-108000-3857380000-493738
3