Company registration number 10755880 (England and Wales)
POWERLINE TEMPORARY SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
POWERLINE TEMPORARY SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
POWERLINE TEMPORARY SERVICES LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
493,314
435,659
Current assets
Debtors
4
179,245
183,863
Cash at bank and in hand
34,759
21,797
214,004
205,660
Creditors: amounts falling due within one year
5
(166,662)
(123,176)
Net current assets
47,342
82,484
Total assets less current liabilities
540,656
518,143
Creditors: amounts falling due after more than one year
6
(53,356)
(127,763)
Provisions for liabilities
(113,000)
(94,887)
Net assets
374,300
295,493
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
374,200
295,393
Total equity
374,300
295,493
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
POWERLINE TEMPORARY SERVICES LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 May 2025
Mr L Monks
Director
Company Registration No. 10755880
POWERLINE TEMPORARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Powerline Temporary Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Crown House, Bridgewater Close, Burnley, Lancashire, United Kingdom, BB11 5TE.
1.1
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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:
Plant and equipment
10% on straight line basis
Computers
25% on reducing balance basis
Motor vehicles
25% on reducing balance basis
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
POWERLINE TEMPORARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
12
POWERLINE TEMPORARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
548,125
4,474
55,458
608,057
Additions
101,939
1,166
32,295
135,400
Disposals
(44,950)
(44,950)
At 31 May 2024
650,064
5,640
42,803
698,507
Depreciation and impairment
At 1 June 2023
145,802
1,760
24,836
172,398
Depreciation charged in the year
45,544
873
8,678
55,095
Eliminated in respect of disposals
(22,300)
(22,300)
At 31 May 2024
191,346
2,633
11,214
205,193
Carrying amount
At 31 May 2024
458,718
3,007
31,589
493,314
At 31 May 2023
402,323
2,714
30,622
435,659
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
159,735
152,551
Other debtors
19,510
31,312
179,245
183,863
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
3,064
7,045
Other borrowings
83,194
35,858
Corporation tax
37,239
12,055
Other taxation and social security
30,337
43,186
Other creditors
3,356
17,156
Accruals and deferred income
9,472
7,876
166,662
123,176
Amounts disclosed as obligations under finance leases are secured against the assets to which they relate to.
POWERLINE TEMPORARY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
24,783
22,594
Other borrowings
28,573
105,169
53,356
127,763
Amounts disclosed as obligations under finance leases are secured against the assets to which they relate to.