William Powell & Sons,Limited
William Powell & Sons,Limited
Registered number: 00214549
Unaudited Financial Statements
For The Year Ended
31 December 2020
William Powell & Sons,Limited
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
William Powell & Sons,Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
00214549
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Investments | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Capital redemption reserve |
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Other reserves |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 10,192,292 | 9,524,320 | |||
Page 1
William Powell & Sons,Limited
Balance Sheet (continued)
As at
31 December 2020
Director's responsibilities
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
William Powell & Sons,Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.3.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2019: 2)
Page 3
William Powell & Sons,Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Investments
Unlisted | Other | Total | |||
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£ | £ | £ | |||
Cost | |||||
As at
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2,662 | 2,283,371 | 2,286,033 | ||
Additions | 1,044,125 | 1,044,125 | |||
As at
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2,662 | 3,327,496 | 3,330,158 | ||
Provision | |||||
As at
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- | - | - | ||
As at
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- | - | - | ||
Net Book Value | |||||
As at
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2,662 | 3,327,496 | 3,330,158 | ||
As at
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2,662 | 2,283,371 | 2,286,033 | ||
Other investments relate to the investment in the subsidiary Powell Underwriting LLP. The company's holding in the subsidiary at the end of the financial year is 83% (2019: 68%). The remaining holding in both period's are held by Peril Holdings Limited.
The principal activity of Powell Underwriting LLP is that of a limited liability underwriting member of Lloyd's.
The loss for the financial period of Powell Underwriting LLP was £995,024 (2019: loss of £275,904) and the aggregate amount of capital and reserves at the end of the period was £37,950,175 (2019: £37,258,733).
4.
Debtors
2020 | 2019 | ||
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£ | £ | ||
Due within one year | |||
Prepayments and accrued income |
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5.
Current Asset Investments
2020 | 2019 | ||
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£ | £ | ||
Listed investments | 9,925,424 | 7,422,443 | |
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6.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other loans CPL (Current liabilities - creditors < 1 year) |
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Other creditors - CPL Current account (Current liabilities - creditors < 1 year) |
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Accruals and deferred income |
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Director's loan account |
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Page 4
William Powell & Sons,Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
7.
Creditors: Amounts Falling Due After More Than One Year
2020 | 2019 | ||
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£ | £ | ||
Other loans CPL (Long term liabilities - creditors > 1 year) |
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9.
Contingent Liabilities
2020 | 2019 | ||
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£ | £ | ||
At the end of the period |
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800,000 | |
The company had contingent liabilities in respect of a Bank Guarantee from Lloyds Banking Group of £800,000 in the form of a debenture and omnibus charge over the assets. This incurs an annual fee of 2.2%.
10.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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£ | £ | £ | £ | £ | |
Mr William Johns-Powell |
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The above loan is unsecured, interest free and repayable on demand.
11.
Related Party Transactions
Cottrell Park Limited
Cottrell Park Limited is a company owned by Cottrell Capital Limited, which is subsequently owned by the director, William Johns-Powell and his brother Jonathon Johns-Powell.
William Powell & Sons Limited owed Cottrell Park Limited £78,556 at the 31st December 2020 (2019: £128,556). £50,000 of the balance owing to Cottrell Park is to be repaid during the 2022 accounting year. Late payment interest of 1% per month is being paid on the overdue loan balance of £50,000.
Jonathon Johns-Powell ceased ownership in William Powell & Sons on 30th March 2020.
12.
General Information
William Powell & Sons,Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
00214549
. The registered office is Cottrell Park, St Nicholas, Cardiff, CF5 6SJ.
Page 5