Company registration number 13111685 (England and Wales)
PWH OAK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PWH OAK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
44,660
Current assets
Cash at bank and in hand
42,568
25,205
Creditors: amounts falling due within one year
4
(1,826)
(20)
Net current assets
40,742
25,185
Total assets less current liabilities
85,402
25,185
Creditors: amounts falling due after more than one year
5
(80,000)
(25,000)
Provisions for liabilities
(1,064)
Net assets
4,338
185
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
4,537
Distributable profit and loss reserves
(299)
85
Total equity
4,338
185
PWH OAK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
2
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
Dr T Afshar
Director
Company registration number 13111685 (England and Wales)
PWH OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3
1
Accounting policies
Company information
PWH Oak Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cedar Hayes, Chilworth Road, Chilworth, Southampton, Hampshire, SO16 7LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the interest receivable on the investment portfolio, recognised in the period to which it relates.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PWH OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
4
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
At the time of approving the financial statements, the director has a reasonable expectation that the company has 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.
PWH OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
44,660
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
-
Additions
39,059
Valuation changes
5,601
At 31 December 2023
44,660
Carrying amount
At 31 December 2023
44,660
At 31 December 2022
-
PWH OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19
Taxation and social security
20
Other creditors
1,807
1,826
20
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
80,000
25,000
6
Related party transactions
During the year, the company was provided with a further loan of £55,000 (2022: £25,000) from family members of the director, who are the shareholders, to be invested on their behalf. The loan does not draw interest. At the balance sheet date, the amount is presented within other creditors. This balance is repayable within one to five years from the Balance Sheet date.
7
Revaluation reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
4,537
-
At the end of the year
4,537
-
The gain recognised on the investment portfolio as at 31 December 2023 of £5,601 is classed as non distributable and is therefore shown within reserves as "revaluation reserve".
The gain attracts deferred tax at 19% being £1,064 which is deducted from this gain showing a revaluation reserve of £4,537 as at the balance sheet date.