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REGISTERED NUMBER: 01472333 (England and Wales)















PSV WIPERS LIMITED

Financial Statements for the Year Ended 31 March 2023






PSV WIPERS LIMITED (REGISTERED NUMBER: 01472333)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


PSV WIPERS LIMITED

Company Information
for the year ended 31 March 2023







Directors: P A Curry
L J Allen





Registered office: Unit 18 Kempton Road
Keytec 7 Business Park
Pershore
Worcestershire
WR10 2TA





Registered number: 01472333 (England and Wales)





Auditors: Haines Watts Birmingham LLP
5-6 Greenfield Crescent
Edgbaston
Birmingham
West Midlands
B15 3BE

PSV WIPERS LIMITED (REGISTERED NUMBER: 01472333)

Balance Sheet
31 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 727,530 723,033

Current assets
Stocks 5 484,322 464,877
Debtors 6 356,652 370,427
Cash at bank 348,533 450,912
1,189,507 1,286,216
Creditors
Amounts falling due within one year 7 436,944 585,261
Net current assets 752,563 700,955
Total assets less current liabilities 1,480,093 1,423,988

Creditors
Amounts falling due after more than one
year

8

(292,866

)

(325,962

)

Provisions for liabilities (28,443 ) (28,687 )
Net assets 1,158,784 1,069,339

Capital and reserves
Called up share capital 701 701
Share premium 849,439 849,439
Retained earnings 308,644 219,199
1,158,784 1,069,339

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





P A Curry - Director


PSV WIPERS LIMITED (REGISTERED NUMBER: 01472333)

Notes to the Financial Statements
for the year ended 31 March 2023

1. Statutory information

PSV Wipers 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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - at varying rates on cost
Plant and machinery etc - at varying rates on cost

Government grants
Grants are recognised at the fair value of the asset receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Grants are recognised using the accrual model.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred Income and not deducted from the carrying amount of the asset.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


PSV WIPERS LIMITED (REGISTERED NUMBER: 01472333)

Notes to the Financial Statements - continued
for the year ended 31 March 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. Employees and directors

The average number of employees during the year was 19 (2022 - 19 ) .

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£ £ £
Cost
At 1 April 2022 696,062 602,865 1,298,927
Additions 26,232 40,094 66,326
Disposals - (7,150 ) (7,150 )
At 31 March 2023 722,294 635,809 1,358,103
Depreciation
At 1 April 2022 69,337 506,557 575,894
Charge for year 29,466 32,363 61,829
Eliminated on disposal - (7,150 ) (7,150 )
At 31 March 2023 98,803 531,770 630,573
Net book value
At 31 March 2023 623,491 104,039 727,530
At 31 March 2022 626,725 96,308 723,033

PSV WIPERS LIMITED (REGISTERED NUMBER: 01472333)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
Cost
At 1 April 2022
and 31 March 2023 17,853
Depreciation
At 1 April 2022 11,988
Charge for year 4,440
At 31 March 2023 16,428
Net book value
At 31 March 2023 1,425
At 31 March 2022 5,865

5. Stocks
2023 2022
£ £
Raw materials 294,041 263,234
Packing materials 4,364 5,364
Work-in-progress 71,172 55,575
Finished goods 114,745 140,704
484,322 464,877

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 302,522 302,397
VAT 14,709 32,643
Prepayments 39,421 35,387
356,652 370,427

7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 33,234 33,235
Hire purchase contracts (see note 9) 1,577 4,731
Trade creditors 232,963 327,784
Corporation tax 18,341 47,680
Social security and other taxes 10,202 10,448
Other creditors 1,586 38,277
Directors' current accounts 114,801 92,768
Accruals and deferred income 24,240 30,338
436,944 585,261

PSV WIPERS LIMITED (REGISTERED NUMBER: 01472333)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans - 1-2 years 58,481 58,481
Bank loans - 2-5 years 91,464 101,464
Bank loans more 5 yr by instal 142,921 164,440
Hire purchase contracts (see note 9) - 1,577
292,866 325,962

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 142,921 164,440

Included in bank loans is an amount totalling £33,333 (2022:£43,333) which relates to the Bounce Back Loan Scheme (BBLS). A guarantee from the UK Government to Barclays Bank UK PLC has been provided for the bank loan under BBLS. The loan attracts 2.50% interest and is due to be repaid by 31 July 2026.

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 1,577 4,731
Between one and five years - 1,577
1,577 6,308

Non-cancellable
operating leases
2023 2022
£ £
Within one year 16,550 16,550
Between one and five years 66,200 66,200
In more than five years 102,058 118,608
184,808 201,358

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 326,100 357,620
Hire purchase contracts 1,577 6,308
327,677 363,928

Debt is secured over the asset to which it relates.

A legal charge is held by Barclays Security Trustee Limited over the mortgaged property; Units 15,16 and 17 Kempton Road, Keytec 7 Business Park, Pershore, Worcestershire.

PSV WIPERS LIMITED (REGISTERED NUMBER: 01472333)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Andrew Hughes (Senior Statutory Auditor)
for and on behalf of Haines Watts Birmingham LLP

12. Related party disclosures

As at 31 March 2023 a balance of £114,801 (2022: £92,768) is owed to the directors.