Company registration number 03271786 (England and Wales)
PWI SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PWI SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PWI SYSTEMS LIMITED (REGISTERED NUMBER: 03271786)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,503
21,053
Current assets
Debtors
4
28,297
24,878
Cash at bank and in hand
21,043
28,297
45,921
Creditors: amounts falling due within one year
5
(35,600)
(40,627)
Net current (liabilities)/assets
(7,303)
5,294
Total assets less current liabilities
11,200
26,347
Creditors: amounts falling due after more than one year
6
(5,644)
(12,417)
Provisions for liabilities
(3,516)
(4,000)
Net assets
2,040
9,930
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,040
8,930
Total equity
2,040
9,930
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
PWI SYSTEMS LIMITED (REGISTERED NUMBER: 03271786)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2024 and are signed on its behalf by:
Mrs S Warwicker
Director
PWI SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
PWI Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 The Covert, Vigo Village, Kent, DA13 0SY.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair vale of consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. the fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before turnover is recognised.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably
It is probable that the company will receive the consideration due under the contract
The stage of completion of the contract at the end of the reporting period can be measured reliably; and
The costs incurred and the costs to complete the contract can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
50% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
PWI SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
PWI SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
95,041
12,877
18,536
33,535
159,989
Additions
4,384
1,182
5,566
Disposals
(833)
(833)
At 31 July 2024
99,425
12,877
18,885
33,535
164,722
Depreciation and impairment
At 1 August 2023
94,759
12,270
16,056
15,851
138,936
Depreciation charged in the year
1,968
152
1,575
4,421
8,116
Eliminated in respect of disposals
(833)
(833)
At 31 July 2024
96,727
12,422
16,798
20,272
146,219
Carrying amount
At 31 July 2024
2,698
455
2,087
13,263
18,503
At 31 July 2023
282
607
2,480
17,684
21,053
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,320
23,760
Other debtors
23,977
1,118
28,297
24,878
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,695
Trade creditors
4,780
1,066
Taxation and social security
14,783
24,852
Other creditors
13,342
14,709
35,600
40,627
PWI SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
5,644
12,417
7
Directors' transactions
Within other debtors is a balance of £22,500 (2023: £nil) which relates to an overdrawn directors' loan account, which has been repaid within 9 months from the end of the accounting period.