ACCOUNTS - Final Accounts preparation

POWER INVESTMENTS HOLDINGS LTD - Company Information

Registered number: 11342558

POWER INVESTMENTS HOLDINGS LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2020


POWER INVESTMENTS HOLDINGS LTD

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 4


POWER INVESTMENTS HOLDINGS LTD REGISTERED NUMBER:11342558

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2020

		2020		2019
Note		£		£

Fixed assets
Investments	4		1,419,618		172
Current assets
Debtors: amounts falling due within one year	5	436,004		500,050
Bank and cash balances		51,482		100
		487,486		500,150
Current liabilities
Creditors: amounts falling due within one year	6	(1,494,662)		(100)
Net current (liabilities)/assets			(1,007,176)		500,050

Net assets			412,442		500,222

Capital and reserves
Called up share capital	7	88	88
Share premium account		500,134	500,134
Profit and loss account		(87,780)	-
		412,442	500,222

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 January 2021.

L Khalastchi

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1


POWER INVESTMENTS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

1.	General information

Power Investments Holdings Ltd is a limited liability company incorporated in England and Wales with its registered office and business address at Whiteladies Park, Prince Albert Drive, Ascot, SL5 8AQ
The principal activity of the company is that of a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Going concern

The directors have considered the impact of recent worldwide events in relation to Brexit and the COVID-19 pandemic and the ongoing impact that these events have had on the Company's operations and are taking all necessary action to ensure that the Company continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of their approval of these financial statements. Based on their current assessment of the situation, the directors consider it appropriate to prepare the financial statements on a going concern basis.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and related parties, loans to related parties and investments.
Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Page 2


POWER INVESTMENTS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

2.Accounting policies (continued)

2.7

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

4.	Fixed asset investments

		Subsidiary undertakings
		£
	Cost
	At 1 April 2019	172
	Additions	1,419,446
	At 31 March 2020	1,419,618

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	436,004	500,050

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Unsecured loan	1,449,979	-
Trade creditors	30,000	-
Other creditors	100	100
Accruals	14,583	-
	1,494,662	100

Page 3


POWER INVESTMENTS HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

7.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

88 (2019 - 88) Ordinary shares of £1.00 each	88	88

8.	Related party transactions
	The company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.

Page 4