Powerpoint Northern Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02872973 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2020

for

POWERPOINT NORTHERN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Cook

P Dacre

SECRETARY:

A Cook

REGISTERED OFFICE:

Thirsk Industrial Park

York Road

Thirsk

North Yorkshire

YO7 3BX

REGISTERED NUMBER:

02872973 (England and Wales)

ACCOUNTANTS:

Mitchells Grievson Limited

Kensington House

3 Kensington

Bishop Auckland

Co. Durham

DL14 6HX

FIXED ASSETS

Tangible assets

4

1,663,968

1,687,930

CURRENT ASSETS

Stocks

598,399

599,790

Debtors

5

275,598

292,009

Cash at bank and in hand

723,958

655,324

1,597,955

1,547,123

CREDITORS

Amounts falling due within one year

6

322,058

271,565

NET CURRENT ASSETS

1,275,897

1,275,558

TOTAL ASSETS LESS CURRENT LIABILITIES

2,939,865

2,963,488

CREDITORS

Amounts falling due after more than one year

7

(447,859

)

(489,570

)

PROVISIONS FOR LIABILITIES

(55,407

)

(59,893

)

NET ASSETS

2,436,599

2,414,025

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

317

396

Retained earnings

2,436,182

2,413,529

SHAREHOLDERS' FUNDS

2,436,599

2,414,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 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 and authorised for issue on 11 August 2020 and were signed on its behalf by:

A Cook - Director

1.	STATUTORY INFORMATION

Powerpoint Northern 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

Nil

Fixtures & Fittings

-

15% on reducing balance

Office equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Hire stock

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Net realisable value is based on estimated selling price less further costs expected to be incurred to completion

and disposal.

Taxation

Taxation for the year 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 year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Income from operating leases

Rentals received under operating leases are credited to the profit and loss account as obtained and are included

in Turnover.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

Office

property

& Fittings

equipment

£

£

£

COST OR VALUATION

At 1 May 2019

1,366,782

196,576

46,014

Additions

-

-

-

Disposals

-

-

-

At 30 April 2020

1,366,782

196,576

46,014

DEPRECIATION

At 1 May 2019

-

167,020

40,415

Charge for year

-

4,433

838

Eliminated on disposal

-

-

-

At 30 April 2020

-

171,453

41,253

NET BOOK VALUE

At 30 April 2020

1,366,782

25,123

4,761

At 30 April 2019

1,366,782

29,556

5,599

Motor

Hire

vehicles

stock

Totals

£

£

£

COST OR VALUATION

At 1 May 2019

2,242

990,298

2,601,912

Additions

-

44,981

44,981

Disposals

-

(9,018

)

(9,018

)

At 30 April 2020

2,242

1,026,261

2,637,875

DEPRECIATION

At 1 May 2019

2,242

704,305

913,982

Charge for year

-

61,451

66,722

Eliminated on disposal

-

(6,797

)

(6,797

)

At 30 April 2020

2,242

758,959

973,907

NET BOOK VALUE

At 30 April 2020

-

267,302

1,663,968

At 30 April 2019

-

285,993

1,687,930

The assets previously revalued have continued to be included at the valuation attributed to them on 30 April

1998. The transitional provisions of FRS 15 are being followed and the valuation has not been updated.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

223,822

247,270

Prepayments

51,776

44,739

275,598

292,009

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

52,500

52,500

Trade creditors

205,826

162,109

Tax

9,751

2,108

Social security and other taxes

5,423

3,443

VAT

27,549

28,391

Pensions creditor

2,067

2,340

Accrued expenses

18,942

20,674

322,058

271,565

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

52,500

52,500

Bank loans - 2-5 years

157,500

157,500

Bank loans more 5 yr by instal

231,230

272,941

Directors loans

6,629

6,629

447,859

489,570

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

231,230

272,941

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

493,730

535,441

The bank loan is secured by way of a fixed charge over the freehold property.

9.

RESERVES

Revaluation

reserve

£

At 1 May 2019

396

Transfer from revaluation reserve

(79

)

At 30 April 2020

317

10.	OTHER FINANCIAL COMMITMENTS

The need to hire plant, vehicles and equipment is dictated by demand from customers, and it is therefore not

possible to determine the exact future financial commitment for operating leases.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company operates from premises at Thirsk Railway Station, Carlton Minniott which is owned by a director.

During the year the company paid rent of £9,240 (2019 - £9,240). The balance outstanding as at 30 April 2020

totalled £2,700 (2019 - £1,350).

12.	RELATED PARTY DISCLOSURES

During the year Powerpoint Northern Limited incurred the following costs from Powerpoint Services:

Vehicle and plant hire £70,350 (2019 - £63,450)

Cross hire stock £44,280 (2019 - £47,880)

The balance owed to Powerpoint Services at the year end was £57,300 (2019 - £45,072).

During the year Powerpoint Northern Limited invoiced the following to Powerpoint Services:

Fuel charges £4,500 (2019 - £4,500)

The balance owed from Powerpoint Services at the year end was £2,700 (2019 - £1,350).

13.	ULTIMATE CONTROLLING PARTY

The controlling party is A Cook.

The director Mr A Cook is personally interested in 60% (2019 - 60%) of the company's issued share capital.