Powered Up Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07805424 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2022

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

35,561

33,156

35,561

33,156

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

6

30,362

43,839

Cash at bank

65,378

46,191

97,740

92,030

CREDITORS

Amounts falling due within one year

7

73,170

75,884

NET CURRENT ASSETS

24,570

16,146

TOTAL ASSETS LESS CURRENT LIABILITIES

60,131

49,302

CREDITORS

Amounts falling due after more than one year

8

12,275

25,250

NET ASSETS

47,856

24,052

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

47,756

23,952

SHAREHOLDERS' FUNDS

47,856

24,052

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 20 January 2023 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 (2021 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2021

and 31 October 2022

20,000

AMORTISATION

At 1 November 2021

and 31 October 2022

20,000

NET BOOK VALUE

At 31 October 2022

-

At 31 October 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2021

45,443

Additions

26,333

Disposals

(18,119

)

At 31 October 2022

53,657

DEPRECIATION

At 1 November 2021

12,287

Charge for year

11,947

Eliminated on disposal

(6,138

)

At 31 October 2022

18,096

NET BOOK VALUE

At 31 October 2022

35,561

At 31 October 2021

33,156

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

Plant and

machinery

etc

£

COST

At 1 November 2021

and 31 October 2022

23,820

DEPRECIATION

At 1 November 2021

3,722

Charge for year

5,024

At 31 October 2022

8,746

NET BOOK VALUE

At 31 October 2022

15,074

At 31 October 2021

20,098

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Trade debtors

29,012

42,882

Prepayments

1,350

957

30,362

43,839

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Hire purchase contracts

3,000

3,000

Trade creditors

-

7,275

Tax

18,253

10,626

Social security and other taxes

90

-

VAT

22,758

22,667

Other creditors

-

695

Directors' current accounts

24,724

30,711

Accrued expenses

4,345

910

73,170

75,884

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans - 1-2 years

8,025

18,000

Hire purchase contracts

4,250

7,250

12,275

25,250

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.22

31.10.21

value:

£

£

100

Ordinary

£1.00

100

100

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £63,342 (2021 - £61,500) were paid to the directors .