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Company No: 11501541 (England and Wales)

EMPOWER RESIDENTIALS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

EMPOWER RESIDENTIALS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

EMPOWER RESIDENTIALS LIMITED

BALANCE SHEET

As at 31 August 2024
EMPOWER RESIDENTIALS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 147,782 134,246
147,782 134,246
Current assets
Debtors 4 191,004 183,030
Cash at bank and in hand 28,954 573,454
219,958 756,484
Creditors: amounts falling due within one year 5 ( 234,715) ( 148,587)
Net current (liabilities)/assets (14,757) 607,897
Total assets less current liabilities 133,025 742,143
Creditors: amounts falling due after more than one year 6 0 ( 25,297)
Provision for liabilities ( 12,981) ( 7,502)
Net assets 120,044 709,344
Capital and reserves
Called-up share capital 4 4
Profit and loss account 120,040 709,340
Total shareholder's funds 120,044 709,344

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Empower Residentials Limited (registered number: 11501541) were approved and authorised for issue by the Board of Directors on 04 March 2025. They were signed on its behalf by:

J C Beviss
Director
EMPOWER RESIDENTIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
EMPOWER RESIDENTIALS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Empower Residentials Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2 Prockters Farm Offices, West Monkton, Taunton, TA2 8QN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 33 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 September 2023 39,901 155,500 31,926 1,806 25,484 254,617
Additions 30,257 0 15,826 0 1,407 47,490
At 31 August 2024 70,158 155,500 47,752 1,806 26,891 302,107
Accumulated depreciation
At 01 September 2023 14,248 76,138 14,912 655 14,418 120,371
Charge for the financial year 2,510 19,840 7,189 380 4,035 33,954
At 31 August 2024 16,758 95,978 22,101 1,035 18,453 154,325
Net book value
At 31 August 2024 53,400 59,522 25,651 771 8,438 147,782
At 31 August 2023 25,653 79,362 17,014 1,151 11,066 134,246

4. Debtors

2024 2023
£ £
Trade debtors 121,917 65,754
Amounts owed by Group undertakings 8,305 24,425
Corporation tax 0 49,773
Other debtors 60,782 43,078
191,004 183,030

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,991 6,419
Amounts owed to Group undertakings 170,844 110,195
Accruals 6,468 21,933
Corporation tax 52,412 0
Obligations under finance leases and hire purchase contracts (secured) 0 10,040
234,715 148,587

Finance leases and hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 25,297

Finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 281,091 327,022

8. Related party transactions

Other related party transactions

Empower Residentials has provided a guarantee in favour of Barclays Bank Plc in respect of another group company Grey Stag Lettings Ltd. This is in relation to investment property held in the balance sheet of Grey Stag Lettings Ltd.