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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 |
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: |
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. |
for and on behalf of |
34 High Street |
Aldridge |
Walsall |
West Midlands |
WS9 8LZ |
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 |
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 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Investments | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings |
SHAREHOLDER FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2023 |
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 |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 | 13,592,304 |
Additions | 10,457,735 |
Disposals | ( |
) | (4,507,420 | ) |
Fair value adjustments | ( |
) | (221,530 | ) |
At 30 November 2023 | 19,321,089 |
NET BOOK VALUE |
At 30 November 2023 | 19,321,089 |
At 30 November 2022 | 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 |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
PMWB Limited (Registered number: 10559503) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
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 |
Amounts owed by group undertakings | - | - |
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 |
VAT | 74,091 | 122,938 |
Deferred tax asset | - | - | - | 11,816 |
Prepayments and accrued income | 49,235 | 35,662 |
6,303,453 | 5,967,649 |
Amounts falling due after more than one year: |
Other debtors | 191,952 | 191,952 |
Aggregate amounts | 6,495,405 | 6,159,601 |
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 |
Tax | 384,134 | - |
Social security and other taxes | 50,350 | 21,374 |
Other creditors | 11,876 | 3,664 |
Accruals and deferred income | 53,537 | 28,760 |
567,513 | 112,880 |
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 |
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 | ( |
) |
Provided during year |
Balance at 30 November 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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. |