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Registration number: SC513082

PMWC Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

PMWC Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

PMWC Limited

Company Information

Directors

Mr Warren Edward Crawford

Mrs Pauline MacNair

Registered office

576 Alexandra Parade
Glasgow
Lanarkshire
G31 3BP

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

PMWC Limited

(Registration number: SC513082)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,639

11,470

Current assets

 

Cash at bank and in hand

 

42,545

38,545

Creditors: Amounts falling due within one year

5

(15,638)

(22,508)

Net current assets

 

26,907

16,037

Total assets less current liabilities

 

46,546

27,507

Creditors: Amounts falling due after more than one year

5

(11,696)

-

Net assets

 

34,850

27,507

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

34,848

27,505

Shareholders' funds

 

34,850

27,507

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.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

 

PMWC Limited

(Registration number: SC513082)
Balance Sheet as at 31 August 2023

.........................................
Mr Warren Edward Crawford
Director

.........................................
Mrs Pauline MacNair
Director

 

PMWC Limited

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

2

27,505

27,507

Profit for the year

-

20,343

20,343

Dividends

-

(13,000)

(13,000)

At 31 August 2023

2

34,848

34,850

Share capital
£

Retained earnings
£

Total
£

At 1 September 2021

2

42,508

42,510

Profit for the year

-

5,997

5,997

Dividends

-

(21,000)

(21,000)

At 31 August 2022

2

27,505

27,507

 

PMWC Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
576 Alexandra Parade
Glasgow
Lanarkshire
G31 3BP
Scotland

These financial statements were authorised for issue by the Board on 31 January 2024.

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PMWC Limited

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

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.

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

fixtures & fittings

20% reducing balance

computer equipment

20% reducing balance

motor vehicles

20% 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.

Trade 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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

PMWC Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

PMWC Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

21,005

-

21,005

Additions

-

13,079

13,079

At 31 August 2023

21,005

13,079

34,084

Depreciation

At 1 September 2022

9,535

-

9,535

Charge for the year

2,294

2,616

4,910

At 31 August 2023

11,829

2,616

14,445

Carrying amount

At 31 August 2023

9,176

10,463

19,639

At 31 August 2022

11,470

-

11,470

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

15,019

14,253

Other creditors

619

8,255

15,638

22,508

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

11,696

-

6

Share capital

Allotted, called up and fully paid shares

 

PMWC Limited

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

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,696

-

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £6,500.00 (2022 - £10,500.00) per ordinary share

 

13,000

 

21,000

         

9

Related party transactions

 

PMWC Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

22,970

29,254