Power Direct Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04890095 (England and Wales)

Unaudited Financial Statements

for the Period 1 July 2018 to 31 August 2019

for

Power Direct Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

VW Shepherd

Mrs AE Williams

SECRETARIES:

Mrs J Shepherd

RE Williams

REGISTERED OFFICE:

3 Benham Road

Chilworth

Southampton

Hampshire

SO16 7QJ

REGISTERED NUMBER:

04890095 (England and Wales)

ACCOUNTANTS:

Charnwood Accountants & Business Advisors LLP

The Point

Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

10,156

15,373

10,156

15,373

CURRENT ASSETS

Debtors

6

288,438

45,187

Cash at bank

166,526

133,259

454,964

178,446

CREDITORS

Amounts falling due within one year

7

107,060

71,882

NET CURRENT ASSETS

347,904

106,564

TOTAL ASSETS LESS CURRENT LIABILITIES

358,060

121,937

PROVISIONS FOR LIABILITIES

1,930

2,921

NET ASSETS

356,130

119,016

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

356,030

118,916

SHAREHOLDERS' FUNDS

356,130

119,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 September 2019 and were signed on its behalf by:

VW Shepherd - Director

Mrs AE Williams - Director

1.	STATUTORY INFORMATION

Power Direct Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

at variable rates on reducing balance

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

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 or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 13 (2018 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

and 31 August 2019

203,839

AMORTISATION

At 1 July 2018

and 31 August 2019

203,839

NET BOOK VALUE

At 31 August 2019

-

At 30 June 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2018

12,561

47,948

60,509

Additions

135

568

703

At 31 August 2019

12,696

48,516

61,212

DEPRECIATION

At 1 July 2018

7,613

37,523

45,136

Charge for period

885

5,035

5,920

At 31 August 2019

8,498

42,558

51,056

NET BOOK VALUE

At 31 August 2019

4,198

5,958

10,156

At 30 June 2018

4,948

10,425

15,373

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

30.6.18

£

£

Trade debtors

47,944

30,482

Other debtors

222

267

Directors' current accounts

233,289

123

Prepayments

6,983

14,315

288,438

45,187

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

30.6.18

£

£

Trade creditors

6,873

7,364

Tax

40,413

22,237

Social security and other taxes

-

5,860

VAT

36,604

34,681

Accrued expenses

23,170

1,740

107,060

71,882

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 August 2019 and the year

ended 30 June 2018:

31.8.19

30.6.18

£

£

VW Shepherd

Balance outstanding at start of period

59

59

Amounts advanced

76,033

31,500

Amounts repaid

-

(31,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

76,092

59

Mrs AE Williams

Balance outstanding at start of period

64

64

Amounts advanced

157,133

82,500

Amounts repaid

-

(82,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

157,197

64

These balances above represent amounts owed by the directors' to company at the end of the financial year.

Interest has been charged on these overdrawn directors loan account balances at HM Revenue & Customs official

rate of 2.75% pa.

However, these loan accounts were repaid in full by monies introduced by the directors' on 5th September 2019.