Registered number 1054917
Power House International Ministries (Essex)
Report and Accounts
31 March 2021
Power House International Ministries (Essex) Registered number: 1054917 Directors' Report
The directors present their report and accounts for the year ended 31 March 2021.
Principal activities
The company's principal activity during the year was the provision of church services and pastoral care.
Directors
The following persons served as directors during the year:
A.Adediran
Directors' responsibilities
The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 14 December 2021 and signed on its behalf.
A.Adediran Director
1
Power House International Ministries (Essex) Statement of financial activities for the year ended 31 March 2021
| Incoming resources Direct charitable expenditure Gross profit Fundraising and publicity Governance costs Other operating income Operating profit Interest receivable Interest payable Profit on ordinary activities before taxation Tax on profit on ordinary activities Profit for the financial year |
Unrestricted funds 2021 £ 180,585 (21,630) 158,955 (3,428) (100,637) - 54,890 - - 54,890 - 54,890 |
Unrestricted funds 2020 £ 192,781 (49,030) |
|---|---|---|
| 143,751 (4,532) (108,533) - |
||
| 30,686 - - |
||
| 30,686 - |
||
| 30,686 |
2
Power House International Ministries (Essex) Registered number: 1054917 Balance Sheet as at 31 March 2021
| Notes | 2021 | 2020 | |||
|---|---|---|---|---|---|
| £ | £ | ||||
| Fixed assets | |||||
| Tangible assets | 3 | 634,140 | 618,503 | ||
| 634,140 | 618,503 | ||||
| Current assets | |||||
| Debtors | 4 | 19,702 | 15,713 | ||
| Cash at bank and in hand | 33,458 | 29,058 | |||
| 53,160 | 44,771 | ||||
| Creditors: amounts falling | due | ||||
| within one year | 5 | (720) | (1,170) | ||
| Net current assets | 52,440 | 43,601 | |||
| Total assets less current | |||||
| liabilities | 686,580 | 662,104 | |||
| Creditors: amounts falling | due | ||||
| after more than one year | 6 | (193,897) | (224,311) | ||
| Net assets | 492,683 | 437,793 | |||
| Capital and reserves | |||||
| Called up share capital | - | - | |||
| Profit and loss account | 7 | 492,683 | 437,793 | ||
| 492,683 | 437,793 |
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A.Adediran Director Approved by the board on 14 December 2021
3
Power House International Ministries (Essex) Notes to the Accounts for the year ended 31 March 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
| 2 Employees Average number of persons employed by the company |
2021 Number 3 |
2020 Number 3 |
|---|---|---|
4
Power House International Ministries (Essex) Notes to the Accounts for the year ended 31 March 2021
3 Tangible fixed assets
| Land and buildings £ Cost At 1 April 2020 611,540 Additions - At 31 March 2021 611,540 Depreciation At 1 April 2020 - Charge for the year - At 31 March 2021 - Net book value At 31 March 2021 611,540 At 31 March 2020 611,540 4 Debtors Gift aid tax recoverable 5 Creditors: amounts falling due within one year Trade creditors 6 Creditors: amounts falling due after one year Bank loans 7 Reserves Profit and loss account Prior year adjustment As restated Other debtors |
Equipment and Furniture £ 83,072 21,287 104,359 76,226 5,627 81,853 22,506 6,846 |
Motor vehicles £ 12,747 - 12,747 12,630 23 12,653 94 117 2021 £ - 19,702 19,702 2021 £ 720 720 2021 £ 193,897 193,897 54,890 54,890 |
Total £ 707,359 21,287 |
|---|---|---|---|
| 117,106 | |||
| 88,856 5,650 |
|||
| 94,506 | |||
| 634,140 | |||
| 618,503 | |||
| 2020 £ - 15,713 |
|||
| 15,713 | |||
| 2020 £ 1,170 |
|||
| 1,170 | |||
| 2020 £ 224,311 |
|||
| 224,311 | |||
| 30,686 19,237 |
|||
| 49,923 |
8 Other information
Power House International Ministries (Essex) is a private company limited by shares and incorporated in England.
5
Power House International Ministries (Essex) Detailed profit and loss account for the year ended 31 March 2021
This schedule does not form part of the statutory accounts
| Incoming resources Direct charitable expenditure Gross incoming resources Fundraising and publicity Governance costs Other operating income Net surplus Gain on the disposal of tangible fixed assets Gain on the disposal of investments Gain on revaluation of investments Income from investments Interest receivable Interest payable Surplus for the year |
2021 £ 180,585 (21,630) 158,955 (3,428) (100,637) - 54,890 - - - - - - 54,890 |
2020 £ 192,781 (49,030) |
|---|---|---|
| 143,751 (4,532) (108,533) - |
||
| 30,686 - - - - - - |
||
| 30,686 |
6
Power House International Ministries (Essex) Income and expenditure account for the year ended 31 March 2021
This schedule does not form part of the statutory accounts
| Incoming resources Thites, offerings and gift aid reclaim Direct charitable expenditure Gifts, donations and other welfare costs Tapes, books and IT Conventions and programmes Missions and community engagement Music ministry Children's ministry Youth ministry Training and volunteer expenses Honorarium Hospitality Transport and travel costs Fundraising and publicity Fundraising and publicity costs Premises costs Mortgage interest and associated costs Repairs and maintenance Cleaning, hygiene and waste disposal Utilities Governance costs Telephone and website costs Printing, postage and other office supplies Subscriptions Payroll and pension costs Bank charges Insurance Accountancy and other professional fees Depreciation Agents and consultation fees Sundry expenses |
2021 £ 180,585 180,585 11,780 324 154 4,938 - - - 1,640 - 1,326 820 21,630 3,428 3,428 14,546 12,148 3,789 - 30,483 1,467 393 1,205 52,047 1,637 2,193 1,820 5,650 3,742 - 70,154 100,637 |
2020 £ 192,781 |
|---|---|---|
| 192,781 | ||
| 6,586 2,440 - 8,074 278 652 1,579 - 3,666 13,038 12,717 |
||
| 49,030 | ||
| 4,532 | ||
| 4,532 | ||
| 16,744 27,573 4,720 8,009 |
||
| 57,046 | ||
| 1,582 5,475 482 38,564 1,965 - 1,200 1,741 - 478 |
||
| 51,487 | ||
| 108,533 |
7
| Power House International Ministries (Essex) | ||
|---|---|---|
| Corporation tax computation | ||
| Tax reference | ||
| Period beginning | 1/04/20 | |
| Period ending | 31/03/21 | |
| Accounts period beginning | 1/04/20 | |
| Accounts period ending | 31/03/21 | |
| Adjustment of trading profits | £ | |
| Profit before tax per the accounts | 54,890 | |
| Add back disallowable expenses | ||
| Entertainment | - | |
| Legal & professional fees | - | |
| Parking fines | - | |
| Donations | - | |
| Depreciation and (profit)/loss on sale of assets | 5,650 | |
| Other | - | |
| Capital allowances | - | |
| Add back dividends payable on non-equity shares included in interest payable | - | |
| Deduct non-trading income | ||
| Interest receivable | - | |
| Property income | - | |
| Loss on revaluation of investments | - | |
| Other income not taxable | - | |
| Other adjustments | ||
| Finance lease adjustments | - | |
| Leased cars | - | |
| Other operating lease adjustments | - | |
| Adjusted trading profit | 60,540 | |
| Taxable profits | £ | |
| Trading profit | 60,540 | |
| Charity relief | (60,540) | |
| Losses utilised | - | |
| - | ||
| Interest receivable | - | |
| Rental income | - | |
| Net chargeable gains | - | |
| Less: qualifying donations to UK charities | - | |
| Taxable profit | - | |
| Days in accounting period falling in each tax year | ||
| Days falling | ||
| Tax year | **in tax year ** | Days in year |
| 2019 | - | |
| 2020 | 365 | |
| 365 | 365 | |
| Corporation tax payable | ||
| Taxable | ||
| Tax year profit |
Tax rate | Corp Tax |
| 2019 - |
19% | - |
| 2020 - |
19% | - |
| - | ||
| Corporation tax payable | - |
| Power House International Mini Capital allowances Tax reference Period beginning Period ending Summary General pool Special rate pool Short term asset pools Total capital allowances General Pool Written down value brought forward Disposal receipts Balancing allowance Balancing charge Expenditure qualifying for writing down allowance Relevant first year expenditure Other expenditure qualifying for first year allowance Expenditure qualifying for annual investment allowance FYA in respect of relevant FYA expenditure £1000 or less: write off Annual investment allowance Writing down allowance Written down value carried forward Special rate pool Written down value brought forward Disposal receipts Balancing allowance Balancing charge Thermal installation expenditure Integral feature expenditure Expenditure on a car that is not a main rate car Expenditure on cushion gas Expenditure qualifying for annual investment allowance Annual investment allowance Writing down allowance Written down value carried forward Total of short life asset pools Number of single asset pools Written down value brought forward Disposal receipts Balancing allowances Balancing charges Expenditure qualifying for written down allowance Relevant first year expenditure Other expenditure qualifying for first year allowance Expenditure qualifying for annual investment allowance FYA in respect of relevant FYA expenditure Other FYA Annual investment allowances Writing down allowances Written down value carried forward |
- - - |
1/04/20 31/03/21 £ - - - |
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