PW Trucks Ltd NI674964 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Maintenance and repair of motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true NI674964 2023-01-01 2023-12-31 NI674964 2023-12-31 NI674964 bus:Director1 1 2023-12-31 NI674964 bus:OrdinaryShareClass1 2023-12-31 NI674964 core:FinanceLeases core:CurrentFinancialInstruments 2023-12-31 NI674964 core:FinanceLeases core:Non-currentFinancialInstruments 2023-12-31 NI674964 core:CurrentFinancialInstruments 2023-12-31 NI674964 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI674964 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI674964 core:FurnitureFittingsToolsEquipment 2023-12-31 NI674964 core:MotorVehicles 2023-12-31 NI674964 core:OtherPropertyPlantEquipment 2023-12-31 NI674964 bus:SmallEntities 2023-01-01 2023-12-31 NI674964 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI674964 bus:FilletedAccounts 2023-01-01 2023-12-31 NI674964 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI674964 bus:RegisteredOffice 2023-01-01 2023-12-31 NI674964 bus:Director1 2023-01-01 2023-12-31 NI674964 bus:Director1 1 2023-01-01 2023-12-31 NI674964 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI674964 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI674964 core:FurnitureFittings 2023-01-01 2023-12-31 NI674964 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI674964 core:MotorVehicles 2023-01-01 2023-12-31 NI674964 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI674964 core:PlantMachinery 2023-01-01 2023-12-31 NI674964 countries:UnitedKingdom 2023-01-01 2023-12-31 NI674964 2022-12-31 NI674964 bus:Director1 1 2022-12-31 NI674964 core:FurnitureFittingsToolsEquipment 2022-12-31 NI674964 core:MotorVehicles 2022-12-31 NI674964 core:OtherPropertyPlantEquipment 2022-12-31 NI674964 2022-01-01 2022-12-31 NI674964 2022-12-31 NI674964 bus:Director1 1 2022-12-31 NI674964 bus:OrdinaryShareClass1 2022-12-31 NI674964 core:FinanceLeases core:CurrentFinancialInstruments 2022-12-31 NI674964 core:FinanceLeases core:Non-currentFinancialInstruments 2022-12-31 NI674964 core:CurrentFinancialInstruments 2022-12-31 NI674964 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI674964 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 NI674964 core:FurnitureFittingsToolsEquipment 2022-12-31 NI674964 core:MotorVehicles 2022-12-31 NI674964 core:OtherPropertyPlantEquipment 2022-12-31 NI674964 bus:Director1 1 2022-01-01 2022-12-31 NI674964 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 NI674964 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI674964

PW Trucks Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

PW Trucks Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

PW Trucks Ltd

Company Information

Director

Mr Philip Waddell

Registered office

7 Blackbridge Road
Poyntzpass
Co. Down
BT35 6SR

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

PW Trucks Ltd

(Registration number: NI674964)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

44,546

34,611

Current assets

 

Debtors

5

97,884

59,354

Cash at bank and in hand

 

2,722

3,236

 

100,606

62,590

Creditors: Amounts falling due within one year

6

(88,450)

(50,372)

Net current assets

 

12,156

12,218

Total assets less current liabilities

 

56,702

46,829

Creditors: Amounts falling due after more than one year

6

(7,757)

(11,347)

Provisions for liabilities

(8,464)

(6,576)

Net assets

 

40,481

28,906

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

40,381

28,806

Shareholders' funds

 

40,481

28,906

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

Approved and authorised by the director on 8 August 2024
 

.........................................
Mr Philip Waddell
Director

   
     
 

PW Trucks Ltd

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

1

General information

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

The address of its registered office is:
7 Blackbridge Road
Poyntzpass
Co. Down
BT35 6SR

These financial statements were authorised for issue by the director on 8 August 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.

Going concern

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

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 and deferred 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.

 

PW Trucks Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Motor Vehicles

20% Reducing Balance

Plant & Machinery

20% Reducing Balance

Furniture & Fittings

15% 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.

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

 

PW Trucks Ltd

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

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.

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 the director) during the year, was 5 (2022 - 4).

 

PW Trucks Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

695

7,912

44,834

53,441

Additions

50

-

29,179

29,229

Disposals

-

-

(12,800)

(12,800)

At 31 December 2023

745

7,912

61,213

69,870

Depreciation

At 1 January 2023

174

2,848

15,808

18,830

Charge for the year

86

1,013

10,003

11,102

Eliminated on disposal

-

-

(4,608)

(4,608)

At 31 December 2023

260

3,861

21,203

25,324

Carrying amount

At 31 December 2023

485

4,051

40,010

44,546

At 31 December 2022

521

5,064

29,026

34,611

5

Debtors

Current

2023
£

2022
£

Trade debtors

97,191

59,181

Other debtors

693

173

 

97,884

59,354

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,591

3,411

Trade creditors

 

55,214

26,566

Taxation and social security

 

28,296

18,428

Accruals and deferred income

 

1,200

1,200

Other creditors

 

149

767

 

88,450

50,372

 

PW Trucks Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

7,757

11,347

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

7,757

11,347

Current loans and borrowings

2023
£

2022
£

Finance lease liabilities

3,591

3,411

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £460.00 (2022 - £300.00) per each Ordinary share capital

46,000

30,000

 

 

10

Related party transactions

 

PW Trucks Ltd

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

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Philip Waddell

Directors Loan

321

(62,171)

61,496

(354)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Philip Waddell

Directors Loan

(368)

(50,665)

51,355

321

 

PW Trucks Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,706

11,024

Dividends paid to the director

2023
£

2022
£

Mr Philip Waddell

Dividends

23,000

30,000