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Registered Number: 11711469
England and Wales

 

 

 

PW TRADE SALES LTD


Abridged Accounts
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3 72,610    48,572 
72,610    48,572 
Current assets      
Stocks 353,025    168,144 
Debtors 75,198    91,127 
Cash at bank and in hand 53,944    5,769 
482,167    265,040 
Creditors: amount falling due within one year (238,099)   (157,010)
Net current assets 244,068    108,030 
 
Total assets less current liabilities 316,678    156,602 
Creditors: amount falling due after more than one year (217,769)   (43,347)
Provisions for liabilities (542)   (329)
Net assets 98,367    112,926 
 

Capital and reserves
     
Called up share capital 4 2    2 
Profit and loss account 98,365    112,924 
Shareholder's funds 98,367    112,926 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 30 September 2023 and were signed on its behalf by:


-------------------------------
Daryl John Wilson
Director
1
General Information
PW TRADE SALES LTD is a private company, limited by shares, registered in England and Wales, registration number 11711469, registration address 15 COPPER GROVE, Rogerstone, Newport, NP10 9NG. The trading address of the company is Sir Ivor's Road , Blackwood, NP12 2JH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 18 Reducing Balance
Fixtures and Fittings 3 Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 7 (2021 : 5).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Total
  £   £   £
At 01 January 2022 56,340      56,340 
Additions 34,000    1,667    35,667 
Disposals    
At 31 December 2022 90,340    1,667    92,007 
Depreciation
At 01 January 2022 7,768      7,768 
Charge for year 11,239    390    11,629 
On disposals    
At 31 December 2022 19,007    390    19,397 
Net book values
Closing balance as at 31 December 2022 71,333    1,277    72,610 
Opening balance as at 01 January 2022 48,572      48,572 

The net book value of Motor Vehicles includes £ 31,504 in respect of assets leased under finance leases or hire purchase contracts.

4.

Share Capital

Allotted, called up and fully paid
2022
£
  2021
£
2 Class A shares of £1.00 each  
 

2