Pow Limited 28/02/2023 iXBRL

Pow Limited 28/02/2023 iXBRL

POW LIMITED - Company Information

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3 28/02/2023 2023-02-28 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01479534 2022-03-01 2023-02-28 01479534 2023-02-28 01479534 2022-02-28 01479534 2021-03-01 2022-02-28 01479534 2022-02-28 01479534 2021-02-28 01479534 core:PlantMachinery 2022-03-01 2023-02-28 01479534 bus:RegisteredOffice 2022-03-01 2023-02-28 01479534 bus:LeadAgentIfApplicable 2022-03-01 2023-02-28 01479534 bus:Director1 2022-03-01 2023-02-28 01479534 bus:Director2 2022-03-01 2023-02-28 01479534 bus:Director3 2022-03-01 2023-02-28 01479534 bus:CompanySecretary1 2022-03-01 2023-02-28 01479534 core:WithinOneYear 2023-02-28 01479534 core:WithinOneYear 2022-02-28 01479534 core:PlantMachinery 2022-02-28 01479534 core:PlantMachinery 2023-02-28 01479534 core:ShareCapital 2023-02-28 01479534 core:ShareCapital 2022-02-28 01479534 core:RetainedEarningsAccumulatedLosses 2023-02-28 01479534 core:RetainedEarningsAccumulatedLosses 2022-02-28 01479534 core:PlantMachinery 2022-02-28 01479534 bus:Director1 2022-02-28 01479534 bus:Director1 2023-02-28 01479534 bus:Director1 2021-02-28 01479534 bus:Director1 2022-02-28 01479534 bus:Director1 2021-03-01 2022-02-28 01479534 bus:SmallEntities 2022-03-01 2023-02-28 01479534 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 01479534 bus:FullAccounts 2022-03-01 2023-02-28 01479534 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 01479534 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 01479534 core:AllAssociates 2022-03-01 2023-02-28
Company registration number: 01479534
Pow Limited
Unaudited filleted financial statements
28 February 2023
POW LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr M Pow
Mr A Pow
Mrs J Pow
Secretary Mr H Pow
Company number 01479534
Registered office 47 Boutport Street
Barnstaple
Devon
EX31 1SQ
Business address 43 Bay View Road
Northam
Bideford
Devon
EX39 1BH
Accountants Westcotts
47 Boutport Street
Barnstaple
Devon
EX31 1SQ
POW LIMITED
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,263 2,042
_______ _______
2,263 2,042
Current assets
Debtors 6 1,082 294
Cash at bank and in hand 24,483 26,166
_______ _______
25,565 26,460
Creditors: amounts falling due
within one year 7 ( 18,121) ( 17,123)
_______ _______
Net current assets 7,444 9,337
_______ _______
Total assets less current liabilities 9,707 11,379
_______ _______
Net assets 9,707 11,379
_______ _______
Capital and reserves
Called up share capital 3 3
Profit and loss account 8 9,704 11,376
_______ _______
Shareholders funds 9,707 11,379
_______ _______
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr A Pow
Director
Company registration number: 01479534
POW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is provision of transport services.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed that the company will have adequate resources available to finance its trading and other obligations during the course of the twelve months from the date of approval of these financial statements. They have therefore been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 March 2022 13,262 13,262
Additions 980 980
_______ _______
At 28 February 2023 14,242 14,242
_______ _______
Depreciation
At 1 March 2022 11,220 11,220
Charge for the year 759 759
_______ _______
At 28 February 2023 11,979 11,979
_______ _______
Carrying amount
At 28 February 2023 2,263 2,263
_______ _______
At 28 February 2022 2,042 2,042
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 699 -
Other debtors 383 294
_______ _______
1,082 294
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 645 -
Accruals and deferred income 2,235 2,100
Social security and other taxes 1,254 2,053
Other creditors 13,987 12,970
_______ _______
18,121 17,123
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors ( 12,970) ( 1,017) ( 13,987)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Directors ( 12,027) ( 943) ( 12,970)
_______ _______ _______
10. Related party transactions
The directors and shareholders allow the company use of other premises and property owned by them without charge.
11. Coronavirus Job Retention Scheme
The company did not receive any further economic benefits from the UK Government's Coronavirus Job Retention Scheme during the year (2022: £10,074).