Powersource Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04501969 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 SEPTEMBER 2020 TO 30 AUGUST 2021

FOR

POWERSOURCE ASSOCIATES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Gertner

Mrs R Gertner

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

04501969 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Investment property

4

2,000,000

2,000,000

CURRENT ASSETS

Debtors

127,563

127,563

CREDITORS

Amounts falling due within one year

22,896

32,359

NET CURRENT ASSETS

104,667

95,204

TOTAL ASSETS LESS CURRENT LIABILITIES

2,104,667

2,095,204

CREDITORS

Amounts falling due after more than one year

5

(1,002,293

)

(1,002,293

)

PROVISIONS FOR LIABILITIES

(271,382

)

(271,382

)

NET ASSETS

830,992

821,529

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

1,156,944

1,156,944

Retained earnings

(325,953

)

(335,416

)

SHAREHOLDERS' FUNDS

830,992

821,529

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 August 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 August 2021 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the period ended 30 August 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 8 August 2022 and were signed on its behalf by:

Mr M Gertner - Director

1.	STATUTORY INFORMATION

Powersource Associates 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 3 (2020 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 September 2020

and 30 August 2021

2,000,000

NET BOOK VALUE

At 30 August 2021

2,000,000

At 31 August 2020

2,000,000

Investment property was valued on an open market basis on 31 August 2021 by the directors.

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable otherwise than by instalments

Bank loans

1,002,293

1,002,293

6.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

1,002,293

1,002,293

The mortgage is secured by way of a fixed and floating charge over the property held by the company.

7.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed £16,400 (2020: £26,594) to Mr M Gertner, a director.