COMPANY REGISTRATION NUMBER:
13600041
|
Empower Finance (UK) Limited |
|
|
Filleted Unaudited Financial Statements |
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|
Empower Finance (UK) Limited |
|
Year ended 30 September 2024
|
Statement of financial position |
1 |
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|
|
Notes to the financial statements |
2 |
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Empower Finance (UK) Limited |
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Statement of Financial Position |
|
30 September 2024
Fixed assets
|
Tangible assets |
5 |
518 |
777 |
|
|
|
|
Current assets
|
Creditors: amounts falling due within one year |
7 |
5,144 |
7,651 |
|
-------- |
-------- |
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Net current assets |
53,776 |
37,237 |
|
-------- |
-------- |
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Total assets less current liabilities |
54,294 |
38,014 |
|
-------- |
-------- |
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Net assets |
54,294 |
38,014 |
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-------- |
-------- |
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|
|
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Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
54,194 |
37,914 |
|
-------- |
-------- |
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Shareholders funds |
54,294 |
38,014 |
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-------- |
-------- |
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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 income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
29 September 2025
, and are signed on behalf of the board by:
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Mr W H J Hogarth |
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Director |
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Company registration number:
13600041
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Empower Finance (UK) Limited |
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Notes to the Financial Statements |
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Year ended 30 September 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Equipment |
- |
20% straight line |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
3
).
5.
Tangible assets
|
Equipment |
|
£ |
|
Cost |
|
|
At 1 October 2023 and 30 September 2024 |
1,295 |
|
------- |
|
Depreciation |
|
|
At 1 October 2023 |
518 |
|
Charge for the year |
259 |
|
------- |
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At 30 September 2024 |
777 |
|
------- |
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Carrying amount |
|
|
At 30 September 2024 |
518 |
|
------- |
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At 30 September 2023 |
777 |
|
------- |
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|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
58,920 |
44,888 |
|
-------- |
-------- |
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|
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7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
– |
44 |
|
Corporation tax |
3,944 |
6,461 |
|
Other creditors |
1,200 |
1,146 |
|
------- |
------- |
|
5,144 |
7,651 |
|
------- |
------- |
|
|
|
8.
Related party transactions
At the year end the entity was owed £58,920 (2023: £44,888) by its parent. No interest is charged on this loan.
9.
Controlling party
The ultimate controlling party is
Empower Finance, Inc
, a company registered at 660 York St, San Francisco, California
.