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Registration number: 03003088

PWM (Sales) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

PWM (Sales) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

PWM (Sales) Limited

Company Information

Director

Mr P Welburn

Company secretary

Mrs S J Welburn

Registered office

Gowdall Lane
Pollington
SNAITH
East Yorkshire
DN14 0AU

 

PWM (Sales) Limited

(Registration number: 03003088)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

95,831

86,420

Investments

7

2

2

 

95,833

86,422

Current assets

 

Stocks

8

395,911

429,476

Debtors

9

375,277

501,128

Cash at bank and in hand

 

381,593

459,769

 

1,152,781

1,390,373

Creditors: Amounts falling due within one year

10

(59,480)

(156,262)

Net current assets

 

1,093,301

1,234,111

Total assets less current liabilities

 

1,189,134

1,320,533

Provisions for liabilities

-

(1,066)

Net assets

 

1,189,134

1,319,467

Capital and reserves

 

Called up share capital

42,000

42,000

Retained earnings

1,147,134

1,277,467

Shareholders' funds

 

1,189,134

1,319,467

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

PWM (Sales) Limited

(Registration number: 03003088)
Balance Sheet as at 31 January 2024

Approved and authorised for issue by the director on 9 July 2024
 

.........................................

Mr P Welburn

Director

 

PWM (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The principal place of business is:
Gowdall Lane
Pollington
SNAITH
East Yorkshire
DN14 0AU

These financial statements were authorised for issue by the director on 9 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PWM (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

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

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

15% on reducing balance and 10% on cost

Fixtures and fittings

15% and 33% on reducing balance

Motor vehicles

25% on reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

PWM (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

PWM (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,049

8,345

 

PWM (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

18,000

18,000

At 31 January 2024

18,000

18,000

Amortisation

At 1 February 2023

18,000

18,000

At 31 January 2024

18,000

18,000

Carrying amount

At 31 January 2024

-

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

58,951

20,227

48,498

24,833

152,509

Additions

-

2,255

25,399

-

27,654

Disposals

-

-

(10,995)

-

(10,995)

At 31 January 2024

58,951

22,482

62,902

24,833

169,168

Depreciation

At 1 February 2023

12,624

15,977

17,184

20,304

66,089

Charge for the year

649

1,034

10,687

679

13,049

Eliminated on disposal

-

-

(5,801)

-

(5,801)

At 31 January 2024

13,273

17,011

22,070

20,983

73,337

Carrying amount

At 31 January 2024

45,678

5,471

40,832

3,850

95,831

At 31 January 2023

46,327

4,250

31,314

4,529

86,420

 

PWM (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 February 2023

2

Provision

Carrying amount

At 31 January 2024

2

At 31 January 2023

2

8

Stocks

2024
£

2023
£

Other inventories

395,911

429,476

9

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

52,651

138,716

Amounts owed by related parties

12

300,087

350,072

Prepayments

 

2,420

2,147

Other debtors

 

20,119

10,193

   

375,277

501,128

 

PWM (Sales) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

34,277

102,646

Taxation and social security

16,666

47,070

Accruals and deferred income

5,692

4,708

Other creditors

2,845

1,838

59,480

156,262

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,478 (2023 - £23,920).

12

Related party transactions

Transactions with the director

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr P Welburn

9,075

(9,075)

-