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 |