Power Recruitment Limited - Filleted accounts

Power Recruitment Limited - Filleted accounts

POWER RECRUITMENT LIMITED - Company Information

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Registered number
08259700
Power Recruitment Limited
Filleted Accounts
31 December 2020
Power Recruitment Limited
Registered number: 08259700
Balance Sheet
as at 31 December 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 90,923 91,450
Current assets
Debtors 4 405,890 771,733
Cash at bank and in hand 22,281 51,282
428,171 823,015
Creditors: amounts falling due within one year 5 (425,157) (613,351)
Net current assets 3,014 209,664
Total assets less current liabilities 93,937 301,114
Creditors: amounts falling due after more than one year 6 (50,000) -
Net assets 43,937 301,114
Capital and reserves
Called up share capital 100 100
Profit and loss account 43,837 301,014
Shareholders' funds 43,937 301,114
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Elena Luiza Tuinete
Director
Approved by the board on 30 October 2021
Power Recruitment Limited
Notes to the Accounts
for the year ended 31 December 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 16 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2020 85,120 13,567 98,687
Additions - 924 924
At 31 December 2020 85,120 14,491 99,611
Depreciation
At 1 January 2020 - 7,237 7,237
Charge for the year - 1,451 1,451
At 31 December 2020 - 8,688 8,688
Net book value
At 31 December 2020 85,120 5,803 90,923
At 31 December 2019 85,120 6,330 91,450
4 Debtors 2020 2019
£ £
Trade debtors 169 468,039
Other debtors 405,721 303,694
405,890 771,733
Included in the other debtors is an amount outstanding to the company by the Director Ms E L Tuinete. The amount outstanding at the period end is £281,432 (2019 : £274,054).
5 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 139,401 110,065
Taxation and social security costs 60,159 181,393
Other creditors 225,597 321,893
425,157 613,351
6 Creditors: amounts falling due after one year 2020 2019
£ £
Bank loans 50,000 -
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
MS E L TUINETE 274,054 7,378 - 281,432
274,054 7,378 - 281,432
Official rate of interest is charged on the outstanding balance.
8 Controlling party
The company is controlled by the Director.
9 Other information
Power Recruitment Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lombard Business Park
Unit E, The Jubilee Centre
10 - 12 Lombard Road
London
SW19 3TZ
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