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REGISTERED NUMBER: 13599665 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

PFW Label Solutions Ltd

PFW Label Solutions Ltd (Registered number: 13599665)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PFW Label Solutions Ltd

Company Information
for the year ended 31 December 2023







DIRECTORS: R J Fellows
P M Fellows
B Beech
G Roberts





REGISTERED OFFICE: Unit 5 Millbuck Way
Springvale Industrial Estate
Sandbach
Cheshire
CW11 3GQ





REGISTERED NUMBER: 13599665 (England and Wales)






PFW Label Solutions Ltd (Registered number: 13599665)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 68,708 77,208
Tangible assets 5 43,483 51,599
112,191 128,807

CURRENT ASSETS
Stocks 222,225 208,629
Debtors 6 164,025 514,736
Cash at bank 133,971 168,832
520,221 892,197
CREDITORS
Amounts falling due within one year 7 (401,399 ) (774,504 )
NET CURRENT ASSETS 118,822 117,693
TOTAL ASSETS LESS CURRENT
LIABILITIES

231,013

246,500

PROVISIONS FOR LIABILITIES (1,313 ) (631 )
NET ASSETS 229,700 245,869

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 229,600 245,769
229,700 245,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PFW Label Solutions Ltd (Registered number: 13599665)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:




P M Fellows - Director



B Beech - Director


PFW Label Solutions Ltd (Registered number: 13599665)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

PFW Label Solutions Ltd ('The Company') is primarily engaged in the wholesale of printed labels and similar products.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the principle place of business and registered office is Unit 5 Millbuck Way, Springvale Industrial Estate, Sandbach, Cheshire, CW11 3GQ.The registered number can be found on the Company Information page.

The functional and presentational currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

The directors having considered all known issues, both internal and in the wider economy, consider it appropriate to prepare the financial statements on the going concern basis.

Turnover
Revenue (described as turnover) is recognised on the delivery of goods to the customer and on the performance of services for the customer (net of VAT). It is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


PFW Label Solutions Ltd (Registered number: 13599665)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of assets
Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

PFW Label Solutions Ltd (Registered number: 13599665)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 85,000
AMORTISATION
At 1 January 2023 7,792
Charge for year 8,500
At 31 December 2023 16,292
NET BOOK VALUE
At 31 December 2023 68,708
At 31 December 2022 77,208

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 64,239
Additions 6,285
At 31 December 2023 70,524
DEPRECIATION
At 1 January 2023 12,640
Charge for year 14,401
At 31 December 2023 27,041
NET BOOK VALUE
At 31 December 2023 43,483
At 31 December 2022 51,599

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 153,757 499,297
Other debtors 10,268 15,439
164,025 514,736

PFW Label Solutions Ltd (Registered number: 13599665)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account - 17,585
Trade creditors 9,520 182,716
Taxation and social security 71,602 139,947
Other creditors 320,277 434,256
401,399 774,504

8. RELATED PARTY DISCLOSURES

The company commenced trading on 1 February 2022 following the incorporation of a partnership, the directors of the company having previously acted as partners in that entity. Certain trading assets and balances of the partnership were introduced by the company directors when trading activities commenced, which included fixed assets carrying a net book value of £61,242. Additionally, goodwill transferred from the partnership was valued at £85,000, being based on future profits derived from established and long-term customer contracts.

The company also collected trade debtors of the partnership and settled liabilities as required. The balance of those transactions have been credited to the directors loans in proportion of the capital accounts shown in the partnership.