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REGISTERED NUMBER: 05683647 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28TH FEBRUARY 2023

FOR

P.W.JONES (HEREFORD) LIMITED

P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


P.W.JONES (HEREFORD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







Director: P W Jones





Secretary: Mrs J M Jones





Registered office: Hilbrey Garage
Burley Gate
Hereford
HR1 3QL





Registered number: 05683647 (England and Wales)

P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

BALANCE SHEET
28TH FEBRUARY 2023

28.2.23 28.2.22
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 20,869 27,837
20,869 27,837

Current assets
Stocks 6 188,773 119,450
Debtors 7 24,750 40,605
Cash in hand 4,186 4,475
217,709 164,530
Creditors
Amounts falling due within one year 8 187,424 145,834
Net current assets 30,285 18,696
Total assets less current liabilities 51,154 46,533

Provisions for liabilities 10 2,900 5,300
Net assets 48,254 41,233

Capital and reserves
Called up share capital 11 1,000 1,000
Retained earnings 47,254 40,233
Shareholders' funds 48,254 41,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 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.

P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

BALANCE SHEET - continued
28TH FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18th August 2023 and were signed by:





P W Jones - Director


P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023


1. Statutory information

P.W.Jones (Hereford) 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.

2. Accounting policies

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

Turnover
The turnover, all of which arises in the U.K, represents net invoiced sales, excluding value added tax.

Intangible fixed assets
Goodwill is shown in the balance sheet at cost less amortisation and is being amortised at 10% per annum as the director considers that its useful life is 10 years.

Tangible fixed assets
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.
Depreciation is provided at the following rates on the straight line method in order to write off each asset over its estimated useful life:

Leasehold improvements10%
Coaches10-15%
Other motor vehicles25%
Plant & equipment15%

Stock
Stock has been valued by the directors 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 Statement of Income and Retained Earnings, 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.


P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. Accounting policies - continued
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.

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.

P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.




P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


2. Accounting policies - continued


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 group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. Employees (including officers)

The average number of employees during the year was 3 (2022 - 4 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1st March 2022
and 28th February 2023 300,000
Amortisation
At 1st March 2022
and 28th February 2023 300,000
Net book value
At 28th February 2023 -
At 28th February 2022 -

P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


5. Tangible fixed assets
Leasehold Plant & Motor
improvements equipment vehicles Totals
£ £ £ £
Cost
At 1st March 2022 2,705 55,278 321,748 379,731
Additions - 798 6,248 7,046
Disposals - (6,598 ) - (6,598 )
At 28th February 2023 2,705 49,478 327,996 380,179
Depreciation
At 1st March 2022 2,705 32,743 316,446 351,894
Charge for year - 7,150 6,864 14,014
Eliminated on disposal - (6,598 ) - (6,598 )
At 28th February 2023 2,705 33,295 323,310 359,310
Net book value
At 28th February 2023 - 16,183 4,686 20,869
At 28th February 2022 - 22,535 5,302 27,837

6. Stocks
28.2.23 28.2.22
£ £
Stocks 188,773 119,450

7. Debtors: amounts falling due within one year
28.2.23 28.2.22
£ £
Trade debtors 1,047 3,081
Other debtors 889 7,627
Director's loan account 16,148 20,510
S455 6,666 9,387
24,750 40,605

P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


8. Creditors: amounts falling due within one year
28.2.23 28.2.22
£ £
Bank overdraft 142,398 117,265
Trade creditors 27,331 11,906
Corporation tax 7,700 1,995
Social security & other taxes 3,551 8,212
Other creditors & accruals 6,444 6,456
187,424 145,834

9. Secured debts

The following secured debts are included within creditors:

28.2.23 28.2.22
£ £
Bank overdrafts 142,398 117,265

The bank overdraft is secured by a personal guarantee of the director.

10. Provisions for liabilities
28.2.23 28.2.22
£ £
Deferred tax 2,900 5,300

Deferred tax
£
Balance at 1st March 2022 5,300
Accelerated capital allowances (2,400 )
Balance at 28th February 2023 2,900

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £ £
1,000 Ordinary shares £1 1,000 1,000

12. Contingent liabilities & lease commitments

There were no contingent liabilities or lease commitments at 28th February 2023.

P.W.JONES (HEREFORD) LIMITED (REGISTERED NUMBER: 05683647)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023


13. Director's advances, credits and guarantees

During the year, the director used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £18,418 and repayments totalling £22,780 were made. The balance at the year end was £16,148 owed to the company (2022: £20,510).

The loans and advances were made interest free and were repayable on demand.

14. Related party disclosures

The company has use of business premises owned by the Director. No rent is chargeable to the company for the use of the property.