Power Wholesale Limited - Accounts to registrar (filleted) - small 18.2
Power Wholesale Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 January 2019 |
| for |
| Power Wholesale Limited |
| Power Wholesale Limited (Registered number: 00804586) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Power Wholesale Limited |
| Company Information |
| for the Year Ended 31 January 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 17 Queens Lane |
| Newcastle upon Tyne |
| Tyne and Wear |
| NE1 1RN |
| Power Wholesale Limited (Registered number: 00804586) |
| Balance Sheet |
| 31 January 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 | 1,001 | 1,001 |
| Investment property | 8 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Undistributable reserve |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| Power Wholesale Limited (Registered number: 00804586) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2019 |
| 1. | STATUTORY INFORMATION |
| Power Wholesale Limited is a company limited by shares, incorporated in England and Wales. Its registered |
| office is 100-104 High Street West, Gateshead, Tyne and Wear, NE8 1NA. The company operates from the |
| following trading addresses : |
| 100-104 High West Street |
| Gateshead |
| Tyne and Wear |
| NE8 1NA |
| 10 Great Northern Way |
| Netherfield |
| Nottingham |
| NG4 2HD |
| Unit 4 Trafalgar Court |
| South Nelson Industrial Estate |
| Cramlington |
| Northumberland |
| NE23 1WF |
| Unit 16 |
| Collingwood Court |
| Riverside Park Industrial Estate |
| Middlesbrough |
| TS2 1RP |
| The financial statements are presented in Sterling £. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention as modified by the |
| recognition of certain assets measured at fair value. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
| receivable for electrical good sales rendered, stated net of discounts and of value added tax. |
| The company recognises revenue when the amount of revenue can be measured reliably, when it is probable |
| that future economic benefits will flow to the company and when specific criteria have been met for each of |
| the company's activities described below. |
| Wholesale of electrical goods : |
| Turnover from the wholesale of electrical goods is recognised when the significant risks and rewards of the |
| ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed |
| for the delivery of the goods. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Power Wholesale Limited (Registered number: 00804586) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are measured at cost or deemed cost less accumulated depreciation and any |
| accumulated impairment losses. Certain items of fixed assets that have been revalued to fair value on or prior |
| to the date of transition to FRS 102 are measured on the basis of deemed cost, being the revalued amount at |
| the date of that revaluation. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those |
| assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable |
| amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable |
| amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss |
| is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised |
| estimate of its recoverable amount, but not in excess of the amount that would have been determined had no |
| impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised |
| immediately in profit or loss. |
| Investment property |
| Investment properties are held to earn capital appreciation. Investment properties are initially measured at |
| cost, including transaction costs. Subsequently investment properties whose fair value can be measured |
| reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising |
| from changes in the fair value of investment properties are recognised in the profit and loss account in the |
| period in which they arise along with the associated deferred tax. |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
| Taxation |
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A |
| current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a |
| previous period. |
| Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses |
| in the financial statements and their inclusion in tax assessments. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
| they will be recovered against the reversal of deferred tax liabilities and 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 and that are expected to apply to the reversal of the timing difference. |
| Current and deferred tax assets and liabilities are not discounted. |
| Transactions in foreign currencies |
| Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of |
| exchange ruling at the date of the transaction. |
| Balances at the year end denominated in a foreign currency are translated into sterling at the rate of exchange |
| ruling at the balance sheet date. |
| Leasing |
| Assets acquired under finance leases are capitalised and depreciated in the same manner as tangible fixed |
| assets. The related obligations, net of future finance charges are included in creditors. |
| Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over |
| the term of the lease. |
| Employee benefits |
| Short term employee benefits and contributions to defined contribution plans are recognised as an expense in |
| the period in which they are incurred. |
| Power Wholesale Limited (Registered number: 00804586) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
| parties, loans to related parties and investments on non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting |
| period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss |
| is recognised in profit or loss. |
| Fixed asset investments |
| Fixed asset investments have been stated at cost, less any impairment. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 February 2018 |
| and 31 January 2019 |
| AMORTISATION |
| At 1 February 2018 |
| and 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 February 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2019 |
| DEPRECIATION |
| At 1 February 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| Power Wholesale Limited (Registered number: 00804586) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 7. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 February 2018 |
| and 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| 8. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 February 2018 |
| and 31 January 2019 |
| NET BOOK VALUE |
| At 31 January 2019 |
| At 31 January 2018 |
| The fair value of the property at 31 January 2019 has been arrived at on the basis of a valuation carried out |
| by the directors who are not a professionally qualified valuers. The valuation, was arrived at by reference to |
| market evidence of transaction prices for similar properties in its location. |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Other creditors |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Power Wholesale Limited (Registered number: 00804586) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2019 |
| 13. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Other creditors | 1,170,882 | 838,633 |
| The bank loan is secured by a fixed and floating charge over the assets of the company along with a life policy |
| on the director, Mr N W Cornish. |
| Other creditors are secured by a debenture. |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2019 and |
| 31 January 2018: |
| 2019 | 2018 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Loans are interest free and repayable on demand. |