Pow Limited 28/02/2019 iXBRL

Pow Limited 28/02/2019 iXBRL

POW LIMITED - Company Information

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28/02/2019 2019-02-28 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-03-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 01479534 2018-03-01 2019-02-28 01479534 2019-02-28 01479534 2018-02-28 01479534 2017-03-01 2018-02-28 01479534 2018-02-28 01479534 core:PlantMachinery 2018-03-01 2019-02-28 01479534 bus:Director2 2018-03-01 2019-02-28 01479534 bus:Director1 2018-03-01 2019-02-28 01479534 core:WithinOneYear 2019-02-28 01479534 core:WithinOneYear 2018-02-28 01479534 core:PlantMachinery 2018-02-28 01479534 core:PlantMachinery 2019-02-28 01479534 core:ShareCapital 2019-02-28 01479534 core:ShareCapital 2018-02-28 01479534 core:RetainedEarningsAccumulatedLosses 2019-02-28 01479534 core:RetainedEarningsAccumulatedLosses 2018-02-28 01479534 core:PlantMachinery 2018-02-28 01479534 bus:Director1 2018-02-28 01479534 bus:Director1 2019-02-28 01479534 bus:Director1 2017-02-28 01479534 bus:Director1 2018-02-28 01479534 bus:Director1 2017-03-01 2018-02-28 01479534 bus:SmallEntities 2018-03-01 2019-02-28 01479534 bus:AuditExemptWithAccountantsReport 2018-03-01 2019-02-28 01479534 bus:FullAccounts 2018-03-01 2019-02-28 01479534 bus:SmallCompaniesRegimeForAccounts 2018-03-01 2019-02-28 01479534 bus:PrivateLimitedCompanyLtd 2018-03-01 2019-02-28 01479534 core:AllAssociates 2018-03-01 2019-02-28
Company registration number: 01479534
Pow Limited
Unaudited filleted financial statements
28 February 2019
POW LIMITED
Contents
Statement of financial position
Notes to the financial statements
POW LIMITED
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 4,145 4,780
_______ _______
4,145 4,780
Current assets
Debtors 6 4,327 4,634
Cash at bank and in hand 12,087 4,818
_______ _______
16,414 9,452
Creditors: amounts falling due
within one year 7 ( 15,790) ( 13,982)
_______ _______
Net current assets/(liabilities) 624 ( 4,530)
_______ _______
Total assets less current liabilities 4,769 250
_______ _______
Net assets 4,769 250
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account 8 4,766 247
_______ _______
Shareholders funds 4,769 250
_______ _______
For the year ending 28 February 2019 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.
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 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.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2019 , and are signed on behalf of the board by:
..................................................
Mr A Pow
Director
Company registration number: 01479534
POW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the principal place of business is 43 Bay View Road, Northam, Bideford, Devon, EX39 1BH.
Principal activity
The principal activity of the company is provision of transport services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 March 2018 17,369 17,369
Additions 746 746
_______ _______
At 28 February 2019 18,115 18,115
_______ _______
Depreciation
At 1 March 2018 12,589 12,589
Charge for the year 1,381 1,381
_______ _______
At 28 February 2019 13,970 13,970
_______ _______
Carrying amount
At 28 February 2019 4,145 4,145
_______ _______
At 28 February 2018 4,780 4,780
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 3,886 4,521
Other debtors 441 113
_______ _______
4,327 4,634
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Accruals and deferred income 2,000 5,637
Social security and other taxes 4,706 3,558
Other creditors 9,084 4,787
_______ _______
15,790 13,982
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following interest free advances and credits with the company:
Loans to / (from) directors at 1 March 2018 Loans to / (from) the directors Amounts repaid Balance at 28 February 2019
£ £ £ £
Directors ( 4,787) 11,200 ( 15,497) ( 9,084)
_______ _______ _______ _______
Loans to / (from) directors at 1 March 2017 Loans to / (from) the directors Amounts repaid Balance at 28 February 2018
£ £ £ £
Directors ( 11,791) 7,800 ( 796) ( 4,787)
_______ _______ _______ _______
10. Related party transactions
The directors and shareholders allow the company use of other premises and property owned by them without charge.