Powerlease Limited 31/12/2021 iXBRL

Powerlease Limited 31/12/2021 iXBRL

POWERLEASE LTD - Company Information

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Company registration number: 04124695
Powerlease Limited
Unaudited filleted financial statements
31 December 2021
Powerlease Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Powerlease Limited
Directors and other information
Directors Mr N McCartie
Mr T A Cullen
Mr C Ambler
Mr T D Downes
Company number 04124695
Registered office 35 Colworth House
Colworth Park
Sharnbrook, Bedford
England
MK44 1LQ
Accountants Rawnsley & Co
35 Colworth House
Colworth Park
Sharnbrook
Bedford
MK44 1LQ
Powerlease Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 10,984 11,027
_______ _______
10,984 11,027
Current assets
Stocks 1,525,295 976,066
Debtors 6 169,331 102,557
Cash at bank and in hand 223,705 445,045
_______ _______
1,918,331 1,523,668
Creditors: amounts falling due
within one year 7 ( 938,535) ( 834,814)
_______ _______
Net current assets 979,796 688,854
_______ _______
Total assets less current liabilities 990,780 699,881
Creditors: amounts falling due
after more than one year 8 ( 151,042) ( 208,333)
Provisions for liabilities ( 2,086) ( 2,096)
_______ _______
Net assets 837,652 489,452
_______ _______
Capital and reserves
Called up share capital 96 96
Profit and loss account 837,556 489,356
_______ _______
Shareholders funds 837,652 489,452
_______ _______
For the year ending 31 December 2021 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 Section 1A of 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 September 2022 , and are signed on behalf of the board by:
Mr N McCartie
Director
Company registration number: 04124695
Powerlease Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 35 Colworth House, Colworth Park, Sharnbrook, Bedford, England, MK44 1LQ.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
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
Fittings fixtures and equipment - 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Coronavirus (COVID-19)
Like most businesses the company is likely to be adversely affected by the global Coronavirus pandemic. There is considerable uncertainity as to the size, nature and duration of the impact that will result from the pandemic and the national response threto. The directors have considered the information available and have reasonable expectation that the company has adequate reserves and resources to continue its operational activities for the forseeable future. Accordingly, the directors are satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.
Government grants
During the year company received various support from H M Governnment in response to the Coronavirus pandemic including "Job Retention Scheme Rebates" and "Business Support Grant". These grants have been accounted for under accruals method.
4. Staff costs
The average number of persons employed by the company during the year amounted to 16 (2020: 14 ).
The aggregate payroll costs incurred during the year were:
2021 2020
£ £
Wages and salaries 239,909 200,499
Social security costs 10,627 8,688
Other pension costs 14,897 14,474
_______ _______
265,433 223,661
_______ _______
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2021 17,104 25,400 42,504
Additions - 3,379 3,379
_______ _______ _______
At 31 December 2021 17,104 28,779 45,883
_______ _______ _______
Depreciation
At 1 January 2021 15,425 16,052 31,477
Charge for the year 419 3,003 3,422
_______ _______ _______
At 31 December 2021 15,844 19,055 34,899
_______ _______ _______
Carrying amount
At 31 December 2021 1,260 9,724 10,984
_______ _______ _______
At 31 December 2020 1,679 9,348 11,027
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 108,320 48,939
Other debtors 61,011 53,618
_______ _______
169,331 102,557
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 513,440 531,967
Trade creditors 28,070 ( 18)
Corporation tax 149,285 167,857
Social security and other taxes 46,192 85,832
Other creditors 201,548 49,176
_______ _______
938,535 834,814
_______ _______
A stocking loan £450,940 (2020 : £490,300) has been advanced to the company secured on the stock of vehicles for resale.
The company obtained a 'CBILS Loan' from its bankers in 2020. The loan is unsecured and over a term of five years.Including within creditors: amounts falling due within one year is an amount of £62,500 (2020 : £ 41,667 ) in respect of liabilities payable or repayable by installments which fall due for payment with one year from the reporting date.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 151,042 208,333
_______ _______
The company obtained a 'CBILS Loan' from its bankers in 2020.The loan is unsecured and over a term of five years. Including within creditors: amounts falling due after more than one year is an amount of £151,042 (2020 : £ 208,333 ) in respect of liabilities payable or repayable by installments which fall due for payment after more than one year from the reporting date.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr N McCartie ( 11,036) ( 3,804) ( 14,840)
Mr T A Cullen ( 2,914) ( 5,083) ( 7,997)
Mr C Ambler ( 2,914) ( 5,083) ( 7,997)
Mr T D Downes ( 2,914) ( 5,083) ( 7,997)
_______ _______ _______
( 19,778) ( 19,053) ( 38,831)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr N McCartie ( 27,767) 16,731 ( 11,036)
Mr T A Cullen ( 2,543) ( 371) ( 2,914)
Mr C Ambler ( 2,141) ( 773) ( 2,914)
Mr T D Downes ( 2,141) ( 773) ( 2,914)
_______ _______ _______
( 34,592) 14,814 ( 19,778)
_______ _______ _______
10. Controlling party
The company is controlled by Mr N and Mrs S McCartie by virtue of their majority shareholding.