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Registration number: 06961567

PW Marine Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

PW Marine Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

PW Marine Limited

Company Information

Directors

P Wilkinson

S D C Wilkinson

Company secretary

P Wilkinson

Registered office

73 Duke Street
Darlington
County Durham
DL3 7SD

Accountants

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PW Marine Limited for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PW Marine Limited for the year ended 31 July 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of PW Marine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PW Marine Limited and state those matters that we have agreed to state to the Board of Directors of PW Marine Limited, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PW Marine Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PW Marine Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PW Marine Limited. You consider that PW Marine Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of PW Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

1 March 2024

 

PW Marine Limited

(Registration number: 06961567)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,323

1,511

Other financial assets

61,474

49,705

 

62,797

51,216

Current assets

 

Debtors

6

46,279

44,665

Cash at bank and in hand

 

45,961

24,723

 

92,240

69,388

Creditors: Amounts falling due within one year

7

(25,532)

(20,068)

Net current assets

 

66,708

49,320

Net assets

 

129,505

100,536

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

129,405

100,436

Shareholders' funds

 

129,505

100,536

For the financial year ending 31 July 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 March 2024 and signed on its behalf by:
 

.........................................
P Wilkinson
Company secretary and director

.........................................
S D C Wilkinson
Director

 

PW Marine Limited

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

1

General information

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

The address of its registered office is:
73 Duke Street
Darlington
County Durham
DL3 7SD
England

The principal place of business is:
Southbank
Bowden
Melrose
TD6 0ST
United Kingdom

These financial statements were authorised for issue by the Board on 1 March 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.
The financial statements are presented in Sterling (£) and rounded to the nearest £0.

 

PW Marine Limited

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

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements have been made included:

Useful economic lives of tangible assets - the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annnually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the asset.

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.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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.

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

Computer equipment

33% 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 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.

 

PW Marine Limited

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

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.

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.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilites.
 Recognition and measurement
Where shares are issued , any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

 

PW Marine Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 1).

 

PW Marine Limited

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

4

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 August 2022

6,115

6,115

Additions

424

424

At 31 July 2023

6,539

6,539

Depreciation

At 1 August 2022

4,604

4,604

Charge for the year

612

612

At 31 July 2023

5,216

5,216

Carrying amount

At 31 July 2023

1,323

1,323

At 31 July 2022

1,511

1,511

5

Investments

Other investments

The market value of the listed investments at 31 July 2023 was £61,474 (2022 - £49,705).

6

Debtors

Current

2023
£

2022
£

Other debtors

46,279

44,665

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

8,539

11,110

Taxation and social security

 

16,993

8,958

 

25,532

20,068

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

8,539

11,110

 

PW Marine Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

10

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

P Wilkinson

The loans are unsecured, interest free and have no fixed repayment terms

15,456

2,115

(863)

16,708

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

P Wilkinson

The loans are unsecured, interest free and have no fixed repayment terms

13,875

2,444

(863)

15,456

         
       

 

Summary of transactions with other related parties

Pierside Solutions Ltd
(A company registered in England in which P Wilkinson is a director and shareholder)
Loans were advanced to Pierside Solutions Ltd, the loans made between the comapnies are at normal commercial rates. At the balance sheet date the amount due to PW Marine Ltd was £29,571 (2022 £29,209)