Powerlease Ltd - Accounts to registrar - small 17.2
Powerlease Ltd - Accounts to registrar - small 17.2
| POWERLEASE LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31ST DECEMBER 2016 |
| POWERLEASE LTD (REGISTERED NUMBER: 04124695) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| POWERLEASE LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2016 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| First Floor, Woburn Court |
| 2 Railton Road |
| Woburn Rd Ind Est |
| Kempston |
| Bedfordshire |
| MK42 7PN |
| POWERLEASE LTD (REGISTERED NUMBER: 04124695) |
| BALANCE SHEET |
| 31ST DECEMBER 2016 |
| 31/12/16 | 31/12/15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
| The financial statements were approved by the director on |
| POWERLEASE LTD (REGISTERED NUMBER: 04124695) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Powerlease Ltd is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to |
| the nearest £1. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented unless otherwise stated. |
| The directors have chosen to adopt FRS 102 1A early. |
| The accounts have been prepared on the going concern basis on the assumption of continued financial support |
| from both the company's shareholders and bankers. |
| Therefore, the financial statements have been prepared on the basis of continuing financial support from the |
| company's bankers. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Stocks |
| Stocks are 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 Profit and loss account, 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. |
| POWERLEASE LTD (REGISTERED NUMBER: 04124695) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and |
| machinery | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2016 |
| Additions |
| At 31st December 2016 |
| DEPRECIATION |
| At 1st January 2016 |
| Charge for year |
| At 31st December 2016 |
| NET BOOK VALUE |
| At 31st December 2016 |
| At 31st December 2015 |
| 5. | STOCKS |
| 31/12/16 | 31/12/15 |
| £ | £ |
| Stocks |
| 6. | DEBTORS |
| 31/12/16 | 31/12/15 |
| £ | £ |
| Amounts falling due within one year: |
| Other debtors |
| Prepayments |
| Amounts falling due after more than one year: |
| Specialist and Performance Ltd |
| Aggregate amounts |
| POWERLEASE LTD (REGISTERED NUMBER: 04124695) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2016 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/12/16 | 31/12/15 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT |
| Net wages |
| Credit card | 3,751 | 3,655 |
| Motonovo Finance - Stocking |
| Directors' current accounts |
| Accrued expenses |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31/12/16 | 31/12/15 |
| £ | £ |
| Close Motor - Stocking | - | 181,234 |
| Motonovo Finance - Stocking | 326,734 | - |
| The loan is secured against the stock in which funds have been used for. |
| 9. | ULTIMATE CONTROLLING PARTY |
| The company was controlled during the year by N McCartie & S McCartie by virtue of their 100% shareholding |
| of the ordinary share capital. |
| 10. | FIRST YEAR ADOPTION |
| On transition to FRS 102 1A there were no adjustments. |