Powered Up Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07805424 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2021

for

Powered Up Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Wells

M Wells

Mrs E S L Bayliss-Wells

REGISTERED OFFICE:

19 Warren Park Way

Enderby

Leicester

LE19 4SA

REGISTERED NUMBER:

07805424 (England and Wales)

ACCOUNTANTS:

Carter & Co

19 Warren Park Way

Enderby

Leicester

LE19 4SA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

33,156

23,140

33,156

23,140

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

6

43,839

44,660

Cash at bank

46,191

44,870

92,030

91,530

CREDITORS

Amounts falling due within one year

7

75,884

66,021

NET CURRENT ASSETS

16,146

25,509

TOTAL ASSETS LESS CURRENT LIABILITIES

49,302

48,649

CREDITORS

Amounts falling due after more than one year

8

25,250

18,000

NET ASSETS

24,052

30,649

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

23,952

30,549

SHAREHOLDERS' FUNDS

24,052

30,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 14 January 2022 and were signed on its behalf by:

G Wells - Director

M Wells - Director

1.	STATUTORY INFORMATION

Powered Up 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.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2020

and 31 October 2021

20,000

AMORTISATION

At 1 November 2020

and 31 October 2021

20,000

NET BOOK VALUE

At 31 October 2021

-

At 31 October 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

36,432

Additions

24,511

Disposals

(15,500

)

At 31 October 2021

45,443

DEPRECIATION

At 1 November 2020

13,292

Charge for year

8,119

Eliminated on disposal

(9,124

)

At 31 October 2021

12,287

NET BOOK VALUE

At 31 October 2021

33,156

At 31 October 2020

23,140

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

23,820

At 31 October 2021

23,820

DEPRECIATION

Charge for year

3,722

At 31 October 2021

3,722

NET BOOK VALUE

At 31 October 2021

20,098

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade debtors

42,882

42,879

Prepayments

957

1,781

43,839

44,660

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Hire purchase contracts

3,000

-

Trade creditors

7,275

9,738

Tax

10,626

9,090

Social security and other taxes

-

60

VAT

22,667

20,824

Other creditors

695

939

Directors' current accounts

30,711

24,485

Accrued expenses

910

885

75,884

66,021

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Bank loans - 1-2 years

18,000

18,000

Hire purchase contracts

7,250

-

25,250

18,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.21

31.10.20

value:

£

£

100

Ordinary

£1.00

100

100

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £61,500 (2020 - £52,381) were paid to the directors .