Powersource Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04501969 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

FOR

POWERSOURCE ASSOCIATES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M Gertner

SECRETARY:

Mrs R Gertner

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

04501969 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Investment property

4

2,000,000

1,800,235

CURRENT ASSETS

Debtors

-

39,049

CREDITORS

Amounts falling due within one year

841,670

808,661

NET CURRENT LIABILITIES

(841,670

)

(769,612

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,158,330

1,030,623

CREDITORS

Amounts falling due after more than one year

-

(68,000

)

PROVISIONS FOR LIABILITIES

(271,382

)

(233,427

)

NET ASSETS

886,948

729,196

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

1,156,944

995,134

Retained earnings

(269,997

)

(265,939

)

SHAREHOLDERS' FUNDS

886,948

729,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 August 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 22 November 2018 and were signed by:

Mr M Gertner - Director

1.	STATUTORY INFORMATION

Powersource Associates 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

The Company has adopted FRS 102 for the year ended 31 August 2017, with the date of transition being 1

September 2015. On transition management have considered the effect of any changes in accounting treatment

from UK GAAP to FRS 102 for this company. Any changes considered necessary have been adjusted in the

current year.

A transition adjustment of £233,427 for deferred tax, considered to be the portion of deferred tax on the uplift in

value of the investment property has been recognised in the profit and loss account to comply with FRS102

Section 1A.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties

are initially measured at cost, including transaction costs. Subsequently, investment properties whose fair value

can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and

losses arising from changes in the fair value of investment properties are included in profit or loss in the period

in which they arise.

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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2016

1,800,235

Revaluations

199,765

At 31 August 2017

2,000,000

NET BOOK VALUE

At 31 August 2017

2,000,000

At 31 August 2016

1,800,235

Fair value at 31 August 2017 is represented by:

£

Valuation in 2013

703,561

Valuation in 2014

525,000

Valuation in 2017

199,765

Cost

571,674

2,000,000

The investment property was revalued by the director on 31 August 2017.

5.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

829,879

870,000

The mortgage is secured by way of a fixed and floating charge over the properties held by the company.