Power Plus Group Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 8798531

Power Plus Group Limited

Filleted Unaudited Financial Statements

31 December 2024

Power Plus Group Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	6	6,000,000	5,000,000
Tangible assets	7	51,028	49,809
		------------	------------
		6,051,028	5,049,809

Current assets

Debtors	8	316,118	318,399
Cash at bank and in hand		34,787	42,126
		---------	---------
		350,905	360,525

Creditors: amounts falling due within one year	9	276,805		255,030
		---------		---------
Net current assets			74,100		105,495
			------------		------------
Total assets less current liabilities			6,125,128		5,155,304

Provisions

Taxation including deferred tax	1,479,035	1,187,745
	------------	------------
Net assets	4,646,093	3,967,559
	------------	------------

Capital and reserves

Called up share capital	10	100	100
Revaluation reserve		4,577,103	3,677,622
Profit and loss account		68,890	289,837
		------------	------------
Shareholders funds		4,646,093	3,967,559
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Power Plus Group Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:

Mrs J Boanas - Director

Company registration number: 8798531

Power Plus Group Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Britannic House, 279 Chanterlands Avenue, Hull, East Yorkshire, HU5 4DS.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	25% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% reducing balance

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2023: 15 ).

5. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	81,626	63,180

Deferred tax:

Origination and reversal of timing differences	291,290	( 1,763)
	---------	--------
Tax on profit	372,916	61,417
	---------	--------

6. Intangible assets

	Development costs
	£
Cost
At 1 January 2024	5,005,366
Additions	100,519
Revaluations	899,481
	------------
At 31 December 2024	6,005,366
	------------
Amortisation
At 1 January 2024 and 31 December 2024	5,366
	------------
Carrying amount
At 31 December 2024	6,000,000
	------------
At 31 December 2023	5,000,000
	------------

Intangible assets held at valuation

In respect of intangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Development costs
	£
At 31 December 2024
Aggregate costs	134,707
Aggregate depreciation	(5,366)
	---------
Carrying value	129,341
	---------

At 31 December 2023

Aggregate costs	34,188
Aggregate depreciation	(5,366)
	---------
Carrying value	28,822
	---------

7. Tangible assets

	Plant and machinery
	£
Cost
At 1 January 2024	145,969
Additions	17,991
	---------
At 31 December 2024	163,960
	---------
Depreciation
At 1 January 2024	96,160
Charge for the year	16,772
	---------
At 31 December 2024	112,932
	---------
Carrying amount
At 31 December 2024	51,028
	---------
At 31 December 2023	49,809
	---------

8. Debtors

	2024	2023
	£	£
Trade debtors	207,249	186,992
Directors loan account	107,028	128,407
Other debtors	1,841	3,000
	---------	---------
	316,118	318,399
	---------	---------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	14,554	24,143
Accruals and deferred income	2,750	2,750
Corporation tax	81,626	63,180
Social security and other taxes	36,237	34,748
Factoring loan	132,772	127,538
Other creditors	8,866	2,671
	---------	---------
	276,805	255,030
	---------	---------

The factoring loan is secured on the trade debtors of the company.

10. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Directors' advances, credits and guarantees

At the year end the directors owed £107,028 to the company (2023 - £128,407). This amount was paid back in the following year before 9 months.