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Registration number: 13542095

PWR Sawmill Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

PWR Sawmill Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

PWR Sawmill Services Ltd

Company Information

Director

Mr P W Roper

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

PWR Sawmill Services Ltd

(Registration number: 13542095)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

55,903

67,540

Current assets

 

Stocks

6

6,000

8,000

Prepayments

7

792

-

Cash at bank and in hand

 

272

303

 

7,064

8,303

Creditors: Amounts falling due within one year

8

(99,253)

(87,196)

Net current liabilities

 

(92,189)

(78,893)

Total assets less current liabilities

 

(36,286)

(11,353)

Creditors: Amounts falling due after more than one year

8

(2,417)

(9,669)

Net liabilities

 

(38,703)

(21,022)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(38,704)

(21,023)

Total equity

 

(38,703)

(21,022)

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

PWR Sawmill Services Ltd

(Registration number: 13542095)
Balance Sheet as at 31 August 2023

Approved and authorised by the director on 30 October 2023
 

.........................................
Mr P W Roper
Director

   
     
 

PWR Sawmill Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 30 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The director will support the company for the foreseeable future and pay debts as they fall due.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

PWR Sawmill Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

PWR Sawmill Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

12,037

14,860

 

PWR Sawmill Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

57,400

25,000

82,400

Additions

400

-

400

At 31 August 2023

57,800

25,000

82,800

Depreciation

At 1 September 2022

8,610

6,250

14,860

Charge for the year

7,349

4,688

12,037

At 31 August 2023

15,959

10,938

26,897

Carrying amount

At 31 August 2023

41,841

14,062

55,903

At 31 August 2022

48,790

18,750

67,540

6

Stocks

2023
£

2022
£

Other inventories

6,000

8,000

7

Debtors

2023
£

2022
£

Prepayments

792

-

792

-

 

PWR Sawmill Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

7,252

7,252

Director current account

 

91,047

79,944

Other creditors

 

954

-

 

99,253

87,196

Due after one year

 

Loans and borrowings

10

2,417

9,669

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

2,417

9,669

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         
 

PWR Sawmill Services Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

2,417

9,669

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

7,252

7,252

11

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr P W Roper

Interest free loan repayable on demand

(79,945)

4,067

(14,227)

(90,104)

         
       

 

2022

At 2 August 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 August 2022
£

Mr P W Roper

Interest free loan repayable on demand

-

2,844

(82,788)

(79,945)