Company registration number 03005316 (England and Wales)
POWERFAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
POWERFAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
POWERFAL LIMITED
BALANCE SHEET
AS AT
18 MARCH 2025
18 March 2025
- 1 -
18 March 2025
31 March 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
468,865
Current assets
Stocks
-
182,602
Debtors
4
101,820
206,465
Cash at bank and in hand
591,453
58,668
693,273
447,735
Creditors: amounts falling due within one year
5
(59,899)
(289,370)
Net current assets
633,374
158,365
Total assets less current liabilities
633,374
627,230
Creditors: amounts falling due after more than one year
6
(3,640)
Provisions for liabilities
(28,448)
Net assets
633,374
595,142
Capital and reserves
Called up share capital
3,020
3,020
Revaluation reserve
7
192,168
Capital redemption reserve
980
980
Profit and loss reserves
8
629,374
398,974
Total equity
633,374
595,142
POWERFAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
18 MARCH 2025
18 March 2025
- 2 -
For the financial Period ended 18 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 3 April 2025 and are signed on its behalf by:
Mr C R B Hough
Director
Company registration number 03005316 (England and Wales)
POWERFAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 18 MARCH 2025
- 3 -
1
Accounting policies
Company information
Powerfal Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Kernick Industrial Estate, Penryn, Cornwall, TR10 9EP.
1.1
Reporting period
The financial statements are prepared for the period 1 April 2023 to the date of cessation, 18 March 2025. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The charity ceased trading on 18 March 2025. The financial statements have therefore been prepared on a basis other than that of the going concern basis. This includes, where applicable, adjusting the value of the company's assets to net realisable value. The principal accounting policies adopted are set out below.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
10% reducing balance
Computers
25% reducing balance
Motor vehicles
20% reducing balance
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.
1.5
Stocks
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
POWERFAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
POWERFAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 MARCH 2025
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2025
2024
Number
Number
Total
6
12
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
497,667
123,604
4,814
38,990
665,075
Additions
1,482
1,482
Disposals
(497,667)
(123,604)
(6,296)
(38,990)
(666,557)
At 18 March 2025
Depreciation and impairment
At 1 April 2024
84,463
89,248
4,079
18,420
196,210
Eliminated in respect of disposals
(84,463)
(89,248)
(4,079)
(18,420)
(196,210)
At 18 March 2025
Carrying amount
At 18 March 2025
At 31 March 2024
413,204
34,356
735
20,570
468,865
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
92,220
157,498
Other debtors
9,600
48,967
101,820
206,465
POWERFAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 18 MARCH 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1
69,986
Corporation tax
13,448
23,999
Other taxation and social security
38,238
5,193
Other creditors
8,212
190,192
59,899
289,370
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
3,640
7
Revaluation reserve
2025
2024
£
£
At the beginning of the Period
192,168
192,168
Transfer to retained earnings
(192,168)
At the end of the Period
192,168
8
Profit and loss reserves
2025
2024
£
£
At the beginning of the Period
398,974
371,294
Profit for the Period
92,592
82,040
Dividends declared and paid in the Period
(54,360)
(54,360)
Transfer from revaluation reserve
192,168
At the end of the Period
629,374
398,974