Registered number
13452217
Powar Properties Limited
Filleted Accounts
30 June 2024
Powar Properties Limited
Registered number: 13452217
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 703,778 697,034
Current assets
Cash at bank and in hand 1,015 885
Creditors: amounts falling due within one year 4 (1,992) (575)
Net current (liabilities)/assets (977) 310
Total assets less current liabilities 702,801 697,344
Creditors: amounts falling due after more than one year 5 (697,212) (697,978)
Net assets/(liabilities) 5,589 (634)
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,489 (734)
Shareholders' funds 5,589 (634)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K. Powar
Director
Approved by the board on 25 March 2025
Powar Properties Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention (modified to include the revaluation of freehold properties to a fair value basis where required) 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 relates to rental income received from the letting of investment properties. Income is recognised where rental revenue can be reliably measured and it is ascertainable that the economic benefits accrue to the company.
Investment properties
Investment properties are initially recognised at historic cost including the purchase cost and any directly attributable expenditure. A subsequent assessment is made annually at the end of each reporting period to determine any fair value adjustment needed after considering prevailing market conditions and yields for comparable properties. Any such fair value adjustments made are recognised in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
At 1 July 2023 697,034
Additions 6,744
At 30 June 2024 703,778
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,288 -
Other creditors 704 575
1,992 575
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 393,550 393,550
Directors' loan account 185,858 191,242
Other creditors 117,804 113,186
697,212 697,978
6 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 393,550 393,550
Secured bank loans 393,550 393,550
Bank loans are secured against the investment property on an interest-only basis.
7 Related party transactions
The company owed the directors £185,858 at the year end (2023: £191,242) representing an interest-free loan applied towards the acquisition of the investment property. The company also owed £117,804 to a connected company in respect of an interest-free loan applied towards the acquisition of the investment property (2023: £113,186). There are no fixed terms attached to these loans.
8 Other information
Powar Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: 49 Melthorne Drive, Ruislip, HA4 0TS
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