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Company Registration No. 8377951 (England and Wales)
P-Wave Distributors Limited Unaudited accounts for the year ended 31 August 2024
P-Wave Distributors Limited Unaudited accounts Contents
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P-Wave Distributors Limited Company Information for the year ended 31 August 2024
Directors
A M Scott D P Scott
Company Number
8377951 (England and Wales)
Registered Office
Oak View Mills Manchester Road Greenfield Oldham OL3 7HG United Kingdom
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P-Wave Distributors Limited Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
903 
1,736 
Current assets
Inventories
313,588 
301,650 
Debtors
451,990 
381,473 
Cash at bank and in hand
11,852 
35,184 
777,430 
718,307 
Creditors: amounts falling due within one year
(767,515)
(576,511)
Net current assets
9,915 
141,796 
Net assets
10,818 
143,532 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
10,718 
143,432 
Shareholders' funds
10,818 
143,532 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by
A M Scott Director Company Registration No. 8377951
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P-Wave Distributors Limited Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
P-Wave Distributors Limited is a private company, limited by shares, registered in England and Wales, registration number 8377951. The registered office is Oak View Mills, Manchester Road, Greenfield, Oldham, OL3 7HG, United Kingdom.
2
Accounting policies
Accounting convention
These financial statements comply with Financial Reporting Standard 102 Section 1A.
Revenue
Revenue, described as turnover, is the value of goods (net of VAT) provided to customers during the year. Revenue is recognised on the sale of goods when the goods are delivered and title has passed.
Tangible assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery
20% per annum straight line
Fixtures & fittings
20% per annum straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is the average cost of the stock held at the balance sheet date. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying value is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit before tax.
Foreign currencies
Transactions denominated in foreign currencies (primarily purchases from overseas suppliers) are initially recorded at the rate of exchange as at the date of the transaction. Year end assets and liabilities are retranslated at the rate of exchange as at the year end with exchange differences included in arriving at profit before tax.
Pension costs
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension costs charge represents contributions payable for the period by the company to the fund.
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P-Wave Distributors Limited Notes to the Accounts for the year ended 31 August 2024
3
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 September 2023
3,135 
At 31 August 2024
3,135 
Depreciation
At 1 September 2023
1,399 
Charge for the year
833 
At 31 August 2024
2,232 
Net book value
At 31 August 2024
903 
At 31 August 2023
1,736 
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
422,215 
340,042 
Amounts due from group undertakings etc.
- 
38,899 
Accrued income and prepayments
837 
2,532 
Other debtors
28,938 
- 
451,990 
381,473 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
1,134 
354 
Trade creditors
219,930 
407,593 
Amounts owed to group undertakings and other participating interests
533,689 
74,540 
Taxes and social security
2,880 
54,116 
Other creditors
9,882 
39,908 
767,515 
576,511 
The company has granted a fixed and floating charge on its assets to secure the loans and overdrafts.
6
Transactions with related parties
The following material related party transactions have not been conducted under normal market conditions: The amounts owed to group undertakings of £533,689 (2023: £74,540) comprise loans from the company's immediate holding company for this accounting period, Quaystone Investments Limited, with security under cross guarantees on the balance sheet date. This balance is repayable on demand and no interest is charged. The company's immediate holding company became Robert Scott and Sons Limited on 2 September 2024 and the amount owed to Quaystone Investments Limited remains due under the same terms. Management charges of £863,295 (2023: £237,000) were made during the period to ensure that SGI Industries Limited and Quaystone Investments Limited were fully rewarded with a high profit margin for all services provided.
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P-Wave Distributors Limited Notes to the Accounts for the year ended 31 August 2024
7
Controlling party
The company is a subsidiary, however, no consolidated financial statements are prepared for any group within which the company is a member.
8
Average number of employees
During the year the average number of employees was 4 (2023: 4).
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