Company registration number 04120838 (England and Wales)
PWDR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PWDR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PWDR LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2021
Notes
£
£
£
£
Current assets
Debtors
4
2,310
37,059
Cash at bank and in hand
12,210
84,078
14,520
121,137
Creditors: amounts falling due within one year
5
(12,670)
(66,066)
Net current assets
1,850
55,071
Capital and reserves
Called up share capital
7
176
176
Capital redemption reserve
75
75
Profit and loss reserves
1,599
54,820
Total equity
1,850
55,071
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period ended in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 September 2023 and are signed on its behalf by:
T J Burridge
Director
Company Registration No. 04120838
PWDR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
PWDR Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Ristes Place, The Lace Market, Nottingham, NG1 1JT.
1.1
Reporting period
The reporting period for these financial statements is the 15 months to 31 March 2023; the prior year comparative is only for 12 months.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
These financial statements are not prepared on a going concern basis as company has ceased to trade and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. There is an ongoing enquiry with HMRC which ultimately could result in a significant liability for the company. At this stage, based on our evidence, we are not able to make a reliable estimate of the liability and no provision has been made in these accounts. More details of this can be found in note 6 Contingent Liabilities. No provisions have been made for future cost of terminating the business unless such costs were committed at the reporting date.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PWDR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.
1.7
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
PWDR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period ended was 2 (2021 - 2).
2023
2021
Number
Number
Total
2
2
3
Taxation
2023
2021
£
£
Current tax
UK corporation tax on profits for the current period
12,500
36,355
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
32,183
Corporation tax recoverable
4,876
Other debtors
2,310
2,310
37,059
5
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
4,837
Corporation tax
12,500
36,355
Other taxation and social security
16,838
Other creditors
170
8,036
12,670
66,066
PWDR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED ENDED 31 MARCH 2023
- 5 -
6
Contingent liabilities
The company is subject to an ongoing enquiry with HMRC dating back to 2018 which ultimately could result in a significant liability for the company. At this stage, based on our evidence, we are not able to make a reliable estimate of the liability or the timing on when any liability may be determined and therefore no provision has been made in these accounts.
7
Called up share capital
2023
2021
2023
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
174
175
174
175
Ordinary A share of £1 each
1
1
1
1
Ordinary B share of £1 each
1
-
1
-
176
176
176
176
During the year 1 Ordinary share of £1 was re-designated as 1 Ordinary B share.
8
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan Account
-
(3,245)
70,770
(67,000)
525
Directors Loan Account
-
(203)
95,728
(95,000)
525
(3,448)
166,498
(162,000)
1,050
The above balances are included in other debtors.