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REGISTERED NUMBER: 10559503 (England and Wales)








Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 30 November 2023

for

PMWB Limited

PMWB Limited (Registered number: 10559503)

Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


PMWB Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: Ms P Waller-Bridge





REGISTERED OFFICE: St Johns House
16 Church Street
Bromsgrove
Worcestershire
B61 8DN





REGISTERED NUMBER: 10559503 (England and Wales)





AUDITORS: Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ

PMWB Limited (Registered number: 10559503)

Group Strategic Report
for the Year Ended 30 November 2023


The director presents her strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The director considers that the results for period and the financial position at the end of the year were satisfactory.

The main activities of the group remain the same, that of motion picture and television programme production.

Trading performance was broadly in line with budgetary expectations.

The key performance indicators for the company are: turnover, gross margin and operating profit.

Sales have increased compared to the previous period with total turnover for the period being £18,741,678 (period ended 30 November 2022 - £15,944,546). The gross margin position remains satisfactory at £14,508,679 (period ended 30 November 2022 - £12,285,896) or 77.4% (period ended 30 November 2022 - 77.1%).

Operating profit has increased compared to the previous period to £11,874,338 (period ended 30 November 2022 - £9,597,996) and profit before tax and dividends has increased compared to the previous period to £12,421,793 (period ended 30 November 2022 - £9,804,031). The group has maintained its dividend policy and the profit after tax and dividends of £7,761,427 (period ended 30 November 2022 - £6,109,522) has been retained and added to reserves.

PRINCIPAL RISKS AND UNCERTAINTIES
There will continue to be risks and uncertainties in the market and the director is aware that any plans for future strategic development of the business may be subject to unforeseen future events outside of the group's control.

Liquidity risk
The risk that the Group is not able to meet its financial obligations as they fall due, or can do so only at excessive cost. To protect the Group, liquidity is actively monitored to ensure there are sufficient liquid assets to meet obligations.

Price risk
The risk that increasing prices will affect profitability adversely and have a negative impact on the business. All of our businesses focus on controlling costs to ensure they remain competitive.

Credit risk
The risk of financial loss arising from borrowers failing to meet their financial obligations to the Group. The Group mitigates credit risk by assessing customer credit facilities under stressed conditions. Robust credit control processes are in place and credit is monitored on a daily basis.

ON BEHALF OF THE BOARD:





Ms P Waller-Bridge - Director


23 August 2024

PMWB Limited (Registered number: 10559503)

Report of the Director
for the Year Ended 30 November 2023


The director presents her report with the financial statements of the company and the group for the year ended 30 November 2023.

DIVIDENDS
An interim dividend of £1,700,000 per share was paid on 30 April 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2023 will be £ 1,700,000 .

DIRECTOR
Ms P Waller-Bridge held office during the whole of the period from 1 December 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
Edwards were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

ON BEHALF OF THE BOARD:





Ms P Waller-Bridge - Director


23 August 2024

Report of the Independent Auditors to the Members of
PMWB Limited


Opinion
We have audited the financial statements of PMWB Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
PMWB Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, employment law and health & safety regulations compliance.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
PMWB Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Kempson (ACA) (Senior Statutory Auditor)
for and on behalf of Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ

23 August 2024

PMWB Limited (Registered number: 10559503)

Consolidated Income Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 18,741,678 15,944,546

Cost of sales 4,232,999 3,658,650
GROSS PROFIT 14,508,679 12,285,896

Administrative expenses 2,370,860 1,727,917
12,137,819 10,557,979

Other operating expenses (263,480 ) (959,983 )
OPERATING PROFIT 3 11,874,339 9,597,996

Interest receivable and similar income 570,015 206,035
12,444,354 9,804,031

Interest payable and similar expenses 4 22,560 -
PROFIT BEFORE TAXATION 12,421,794 9,804,031

Tax on profit 5 2,960,366 1,994,509
PROFIT FOR THE FINANCIAL YEAR 9,461,428 7,809,522
Profit attributable to:
Owners of the parent 9,461,428 7,809,522

PMWB Limited (Registered number: 10559503)

Consolidated Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 9,461,428 7,809,522


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 9,461,428 7,809,522

Total comprehensive income attributable to:
Owners of the parent 9,461,428 7,809,522

PMWB Limited (Registered number: 10559503)

Consolidated Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 153,854 103,020
Investments 9 19,320,889 13,592,104
Investment property 10 799,157 -
20,273,900 13,695,124

CURRENT ASSETS
Debtors 11 6,495,405 6,159,601
Investments 12 4,371,676 2,290,314
Cash at bank 5,943,167 6,055,646
16,810,248 14,505,561
CREDITORS
Amounts falling due within one year 13 567,513 112,880
NET CURRENT ASSETS 16,242,735 14,392,681
TOTAL ASSETS LESS CURRENT LIABILITIES 36,516,635 28,087,805

CREDITORS
Amounts falling due after more than one year 14 (759,083 ) (191,952 )

PROVISIONS FOR LIABILITIES 17 (107,641 ) (7,370 )
NET ASSETS 35,649,911 27,888,483

CAPITAL AND RESERVES
Called up share capital 18 1 1
Retained earnings 35,649,910 27,888,482
SHAREHOLDER FUNDS 35,649,911 27,888,483

The financial statements were approved by the director and authorised for issue on 23 August 2024 and were signed by:





Ms P Waller-Bridge - Director


PMWB Limited (Registered number: 10559503)

Company Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 20,106 26,274
Investments 9 19,321,089 13,592,304
Investment property 10 - -
19,341,195 13,618,578

CURRENT ASSETS
Debtors 11 6,647,385 6,183,377
Investments 12 4,371,676 2,290,314
Cash at bank 5,258,893 5,653,232
16,277,954 14,126,923
CREDITORS
Amounts falling due within one year 13 377,411 67,968
NET CURRENT ASSETS 15,900,543 14,058,955
TOTAL ASSETS LESS CURRENT LIABILITIES 35,241,738 27,677,533

PROVISIONS FOR LIABILITIES 17 83,052 -
NET ASSETS 35,158,686 27,677,533

CAPITAL AND RESERVES
Called up share capital 18 1 1
Retained earnings 35,158,685 27,677,532
SHAREHOLDER FUNDS 35,158,686 27,677,533

Company's profit for the financial year 9,181,153 7,918,729

The financial statements were approved by the director and authorised for issue on 23 August 2024 and were signed by:





Ms P Waller-Bridge - Director


PMWB Limited (Registered number: 10559503)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 1 21,778,960 21,778,961

Changes in equity
Dividends - (1,700,000 ) (1,700,000 )
Total comprehensive income - 7,809,522 7,809,522
Balance at 30 November 2022 1 27,888,482 27,888,483

Changes in equity
Dividends - (1,700,000 ) (1,700,000 )
Total comprehensive income - 9,461,428 9,461,428
Balance at 30 November 2023 1 35,649,910 35,649,911

PMWB Limited (Registered number: 10559503)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 1 21,458,803 21,458,804

Changes in equity
Dividends - (1,700,000 ) (1,700,000 )
Total comprehensive income - 7,918,729 7,918,729
Balance at 30 November 2022 1 27,677,532 27,677,533

Changes in equity
Dividends - (1,700,000 ) (1,700,000 )
Total comprehensive income - 9,181,153 9,181,153
Balance at 30 November 2023 1 35,158,685 35,158,686

PMWB Limited (Registered number: 10559503)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 12,711,520 13,204,013
Interest paid - 5,083
Finance costs paid (22,561 ) 822
Tax paid (2,543,128 ) (2,894,444 )
Net cash from operating activities 10,145,831 10,315,474

Cash flows from investing activities
Purchase of tangible fixed assets (119,431 ) (13,022 )
Purchase of fixed asset investments - (6,000,000 )
Purchase of investment property (799,157 ) -
Sale of tangible fixed assets 5,185 -
Purchase of current asset investments (8,419,905 ) (100 )
Interest received 481,700 (5,084 )
Dividends received 88,315 -
Net cash from investing activities (8,763,293 ) (6,018,206 )

Cash flows from financing activities
New loans in year 567,131 -
Amount introduced by directors 56,831 105,346
Amount withdrawn by directors (418,979 ) (4,541,812 )
Equity dividends paid (1,700,000 ) -
Net cash from financing activities (1,495,017 ) (4,436,466 )

Decrease in cash and cash equivalents (112,479 ) (139,198 )
Cash and cash equivalents at beginning of year 2 6,055,646 6,194,844

Cash and cash equivalents at end of year 2 5,943,167 6,055,646

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 12,421,794 9,804,031
Depreciation charges 60,796 40,295
Loss on disposal of fixed assets 2,616 -
Fair value movement 263,480 959,983
Management fees 333,939 241,325
Finance costs 22,560 -
Finance income (570,015 ) (206,035 )
12,535,170 10,839,599
Decrease in trade and other debtors 105,850 2,411,497
Increase/(decrease) in trade and other creditors 70,500 (47,083 )
Cash generated from operations 12,711,520 13,204,013

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 5,943,167 6,055,646
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 6,055,646 6,194,844


PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank 6,055,646 (112,479 ) 5,943,167
6,055,646 (112,479 ) 5,943,167

Liquid resources
Current asset investments 2,290,314 2,081,362 4,371,676
2,290,314 2,081,362 4,371,676
Debt
Debts falling due after 1 year - (567,131 ) (567,131 )
- (567,131 ) (567,131 )
Total 8,345,960 1,401,752 9,747,712

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023


1. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by certain assets held at fair value.

Basis of consolidation
The Group financial statements consolidate the financial statements of the Company and its subsidiary undertakings made up to 30 November each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include useful economic lives of tangible assets.

Turnover
The company recognises revenue when a) the amount of revenue can be measured reliably and b) it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - in accordance with the property
Fixtures and fittings - 25% on reducing balance, 20% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 20% on cost

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of tangible assets to determine whether there is any indication that the assets have suffered an impairment loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


1. ACCOUNTING POLICIES - continued

Financial instruments
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 a company after deducting all of its liabilities. 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 income statement.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs).

Trade debtors
Trade debtors are recognised initially at transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for 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 receivable.

Trade creditors
Trade creditors 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 amounts falling due after more than one year.

Equity instruments
Equity instruments are measured at the fair value of the cash or other resources transferred or transferrable, net of the direct costs of issuing or receiving the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Listed and unlisted investments
Listed and unlisted investments are measured at market value.

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

Cash at bank and in hand
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of twelve months or less.

Employment benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

2. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 596,474 562,406
Social security costs 71,924 71,556
Other pension costs 13,302 6,921
681,700 640,883

The average number of employees during the year was as follows:
2023 2022

Creative Executive 1 1
Administration 4 2
5 3

2023 2022
£    £   
Director's remuneration 50,000 50,000
Director's pension contributions to money purchase schemes 10,000 4,000

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


3. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 1,507 1,776
Other operating leases 172,355 176,235
Depreciation - owned assets 60,796 40,295
Loss on disposal of fixed assets 2,616 -
Auditors' remuneration 18,200 17,600
Foreign exchange differences 62,464 (140,280 )
Fair value movement on fixed asset investments 263,480 959,983

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 21,475 -
Other interest paid 685 -
Penalties and fines 400 -
22,560 -

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 2,860,094 2,005,068

Deferred tax 100,272 (10,559 )
Tax on profit 2,960,366 1,994,509

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


5. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 12,421,794 9,804,031
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19
%)

3,105,449

1,862,766

Effects of:
Expenses not deductible for tax purposes 161,804 2,848
Income not taxable for tax purposes (21,897 ) 126,557
Capital allowances in excess of depreciation (18,061 ) -

Unutilised tax losses - 2,338
Effect of change in UK tax rate (266,929 ) -
Total tax charge 2,960,366 1,994,509

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. DIVIDENDS
2023 2022
£    £   
Ordinary share of £1
Interim 1,700,000 1,700,000

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


8. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 80,710 73,030 51,980 20,662 226,382
Additions 57,745 55,769 - 5,917 119,431
Disposals - (5,202 ) - (14,789 ) (19,991 )
At 30 November 2023 138,455 123,597 51,980 11,790 325,822
DEPRECIATION
At 1 December 2022 48,426 30,189 33,706 11,041 123,362
Charge for year 27,691 26,179 4,568 2,358 60,796
Eliminated on disposal - (3,121 ) - (9,069 ) (12,190 )
At 30 November 2023 76,117 53,247 38,274 4,330 171,968
NET BOOK VALUE
At 30 November 2023 62,338 70,350 13,706 7,460 153,854
At 30 November 2022 32,284 42,841 18,274 9,621 103,020

Company
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 12,500 51,980 1,988 66,468
Disposals - - (1,988 ) (1,988 )
At 30 November 2023 12,500 51,980 - 64,480
DEPRECIATION
At 1 December 2022 4,500 33,706 1,988 40,194
Charge for year 1,600 4,568 - 6,168
Eliminated on disposal - - (1,988 ) (1,988 )
At 30 November 2023 6,100 38,274 - 44,374
NET BOOK VALUE
At 30 November 2023 6,400 13,706 - 20,106
At 30 November 2022 8,000 18,274 - 26,274

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


9. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST
At 1 December 2022 13,592,104
Additions 10,457,735
Disposals (4,507,420 )
Fair value adjustments (221,530 )
At 30 November 2023 19,320,889
NET BOOK VALUE
At 30 November 2023 19,320,889
At 30 November 2022 13,592,104
Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST
At 1 December 2022 200 13,592,104 13,592,304
Additions - 10,457,735 10,457,735
Disposals - (4,507,420 ) (4,507,420 )
Fair value adjustments - (221,530 ) (221,530 )
At 30 November 2023 200 19,320,889 19,321,089
NET BOOK VALUE
At 30 November 2023 200 19,320,889 19,321,089
At 30 November 2022 200 13,592,104 13,592,304

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Wells Street Films Limited
Registered office: United Kingdom
Nature of business: Development of entertainment projects
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 592,406 222,821
Profit/(loss) for the year 369,585 (97,435 )

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


9. FIXED ASSET INVESTMENTS - continued

PMWB Properties Limited
Registered office: United Kingdom
Nature of business: Letting and operating of own or leased real estate
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves (100,981 ) (11,671 )
Loss for the year (89,310 ) (11,771 )


10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
Additions 799,157
At 30 November 2023 799,157
NET BOOK VALUE
At 30 November 2023 799,157

11. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 8,540 3,668 8,540 3,668
Amounts owed by group undertakings - - 398,208 331,367
Other debtors 2,232 77,680 - -
Directors' current accounts 5,041,678 4,679,530 5,041,678 4,679,530
Tax 1,127,677 1,048,171 1,127,677 1,048,171
VAT 74,091 122,938 58,206 108,825
Deferred tax asset - - - 11,816
Prepayments and accrued income 49,235 35,662 13,076 -
6,303,453 5,967,649 6,647,385 6,183,377

Amounts falling due after more than one year:
Other debtors 191,952 191,952 - -

Aggregate amounts 6,495,405 6,159,601 6,647,385 6,183,377

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


12. CURRENT ASSET INVESTMENTS

Group Company
2023 2022 2023 2022
£    £    £    £   
Unlisted investments 4,371,676 2,290,314 4,371,676 2,290,314

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 67,616 59,082 57,661 48,440
Tax 384,134 - 277,157 -
Social security and other taxes 50,350 21,374 2,113 2,608
Other creditors 11,876 3,664 6,316 2,070
Accruals and deferred income 53,537 28,760 34,164 14,850
567,513 112,880 377,411 67,968

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 15) 567,131 -
Other creditors 191,952 191,952
759,083 191,952

15. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 567,131 -

Interest is charged on the amount due at a rate of 3.84%. Repayments made are interest only and the loan is repayable on 9 December 2047. The loan is secured against the asset it relates.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 159,960 159,960
Between one and five years 41,633 190,199
201,593 350,159

17. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 29,615 25,755 5,026 -
Other timing differences 78,026 (18,385 ) 78,026 -
107,641 7,370 83,052 -

Group
Deferred
tax
£   
Balance at 1 December 2022 7,370
Provided during year 100,271
Balance at 30 November 2023 107,641

Company
Deferred
tax
£   
Balance at 1 December 2022 (11,816 )
Provided during year 94,868
Balance at 30 November 2023 83,052

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

PMWB Limited (Registered number: 10559503)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023


19. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
Ms P Waller-Bridge
Balance outstanding at start of year 4,679,530 1,887,715
Amounts advanced 635,275 2,791,815
Amounts repaid (273,127 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,041,678 4,679,530

Interest has been charged on the amount due from director at the HMRC interest rate. The loan was provide with no fixed repayment terms and no security.