Powered Up Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07805424 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2023

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

27,426

35,561

27,426

35,561

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

6

43,726

30,362

Cash at bank

69,310

65,378

115,036

97,740

CREDITORS

Amounts falling due within one year

7

81,106

73,170

NET CURRENT ASSETS

33,930

24,570

TOTAL ASSETS LESS CURRENT LIABILITIES

61,356

60,131

CREDITORS

Amounts falling due after more than one year

8

(6,856

)

(12,275

)

PROVISIONS FOR LIABILITIES

(5,211

)

-

NET ASSETS

49,289

47,856

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

49,189

47,756

SHAREHOLDERS' FUNDS

49,289

47,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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 17 January 2024 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.

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.

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 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2022

and 31 October 2023

20,000

AMORTISATION

At 1 November 2022

and 31 October 2023

20,000

NET BOOK VALUE

At 31 October 2023

-

At 31 October 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2022

53,657

Additions

939

At 31 October 2023

54,596

DEPRECIATION

At 1 November 2022

18,096

Charge for year

9,074

At 31 October 2023

27,170

NET BOOK VALUE

At 31 October 2023

27,426

At 31 October 2022

35,561

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

Plant and

machinery

etc

£

COST

At 1 November 2022

and 31 October 2023

23,820

DEPRECIATION

At 1 November 2022

8,746

Charge for year

3,769

At 31 October 2023

12,515

NET BOOK VALUE

At 31 October 2023

11,305

At 31 October 2022

15,074

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Trade debtors

42,065

29,012

Prepayments

1,661

1,350

43,726

30,362

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Hire purchase contracts

3,000

3,000

Trade creditors

91

-

Tax

22,036

18,253

Social security and other taxes

177

90

VAT

29,783

22,758

Other creditors

1,443

-

Directors' current accounts

23,616

24,724

Accrued expenses

960

4,345

81,106

73,170

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.23

31.10.22

£

£

Bank loans - 1-2 years

5,606

8,025

Hire purchase contracts

1,250

4,250

6,856

12,275

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.23

31.10.22

value:

£

£

100

Ordinary

£1.00

100

100

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £66,000 (2022 - £63,342) were paid to the directors .