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Registered number: 07163112










POWGATE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
POWGATE LIMITED
REGISTERED NUMBER: 07163112

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 4 
2,467
3,289

Tangible fixed assets
 5 
105
140

  
2,572
3,429

Current assets
  

Cash at bank and in hand
  
21,256
18,614

  
21,256
18,614

Creditors: amounts falling due within one year
 6 
(162,786)
(159,174)

Net current liabilities
  
 
 
(141,530)
 
 
(140,560)

Total assets less current liabilities
  
(138,958)
(137,131)

  

Net liabilities
  
(138,958)
(137,131)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(139,058)
(137,231)

  
(138,958)
(137,131)


Page 1

 
POWGATE LIMITED
REGISTERED NUMBER: 07163112
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R Power
Director

Date: 30 May 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
POWGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Powgate Limited is a private limited company incorporated in the United Kingdom. The address of the registered office is 42-44 Great Windmill Street, London, United Kingdom, W1D 7NB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company continues to make losses and is in a net liability position. However, the shareholders will continue to support the company for a minimum of 12 months from the signing of these accounts. Therefore the accounts have been prepared on a going concern basis.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
4
years

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
POWGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 4

 
POWGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2024
32,193



At 31 December 2024

32,193



Amortisation


At 1 January 2024
28,904


Charge for the year on owned assets
822



At 31 December 2024

29,726



Net book value



At 31 December 2024
2,467



At 31 December 2023
3,289



Page 5

 
POWGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2024
6,132



At 31 December 2024

6,132



Depreciation


At 1 January 2024
5,992


Charge for the year on owned assets
35



At 31 December 2024

6,027



Net book value



At 31 December 2024
105



At 31 December 2023
140


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
162,786
159,174


Page 6

 
POWGATE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Related party transactions

Included in other creditors is amount owed to Ruso Limited (related by common directorship) of £161,386 (2023: £157,166)

 
Page 7