Poundhouse Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01866532 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Poundhouse Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

7

DIRECTOR:

M J Lewis

SECRETARY:

Mrs A P Blake

REGISTERED OFFICE:

48 Victoria Industrial Park

Victoria Road

Dartford

Kent

DA1 5AJ

REGISTERED NUMBER:

01866532 (England and Wales)

ACCOUNTANTS:

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Poundhouse Limited for the year ended 31 December 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Poundhouse Limited in accordance with the terms of our engagement letter dated 23 April 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Poundhouse Limited and state those matters that we have agreed to state to the director of Poundhouse Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Poundhouse Limited and its director for our work or for this report.

It is your duty to ensure that Poundhouse Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Poundhouse Limited. You consider that Poundhouse Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Poundhouse Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

30 May 2023

FIXED ASSETS

Tangible assets

4

609,615

643,932

CURRENT ASSETS

Stocks

18,800

10,300

Debtors

5

192,405

247,394

Cash at bank and in hand

579,886

541,489

791,091

799,183

CREDITORS

Amounts falling due within one year

6

224,102

220,511

NET CURRENT ASSETS

566,989

578,672

TOTAL ASSETS LESS CURRENT LIABILITIES

1,176,604

1,222,604

CREDITORS

Amounts falling due after more than one year

7

(29,923

)

(39,691

)

PROVISIONS FOR LIABILITIES

(50,921

)

(57,441

)

NET ASSETS

1,095,760

1,125,472

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,095,660

1,125,372

SHAREHOLDERS' FUNDS

1,095,760

1,125,472

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 26 May 2023 and were signed by:

M J Lewis - Director

1.	STATUTORY INFORMATION

Poundhouse 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery

-

15% on cost

Office equipment

-

15% on cost

Motor vehicles

-

15% on cost

Land is not depreciated.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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 13 (2021 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

Motor

property

Machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2022

341,611

258,525

2,761

1,021,024

1,623,921

Additions

-

30,815

-

52,738

83,553

Disposals

-

-

-

(269,183

)

(269,183

)

At 31 December 2022

341,611

289,340

2,761

804,579

1,438,291

DEPRECIATION

At 1 January 2022

-

237,765

2,358

739,866

979,989

Charge for year

-

15,784

86

75,717

91,587

Eliminated on disposal

-

-

-

(242,900

)

(242,900

)

At 31 December 2022

-

253,549

2,444

572,683

828,676

NET BOOK VALUE

At 31 December 2022

341,611

35,791

317

231,896

609,615

At 31 December 2021

341,611

20,760

403

281,158

643,932

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

113,048

200,668

Other debtors

79,357

46,726

192,405

247,394

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,768

9,527

Trade creditors

143,846

143,866

Taxation and social security

40,342

35,055

Other creditors

30,146

32,063

224,102

220,511

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

29,923

39,691

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the company incurred a rent charge of £22,660 (2021 : £22,660) from M J Lewis, director, who owns the business premises. The company's occupation was under an informal tenancy.

Included within other creditors is £5,292 (2021 : £5,795) owed to the director in respect of their director's loan account. During the year the director was advanced £503 (2021: £215) and repaid £NIL (2021: £5,000).