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
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
P-Wave Distributors Limited
Statement of financial position
as at 31 August 2024
Inventories
313,588
301,650
Cash at bank and in hand
11,852
35,184
Creditors: amounts falling due within one year
(767,515)
(576,511)
Net current assets
9,915
141,796
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
P-Wave Distributors Limited
Notes to the Accounts
for the year ended 31 August 2024
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.
These financial statements comply with Financial Reporting Standard 102 Section 1A.
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.
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 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.
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.
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.
P-Wave Distributors Limited
Notes to the Accounts
for the year ended 31 August 2024
3
Tangible fixed assets
Plant & machinery
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
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
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.
P-Wave Distributors Limited
Notes to the Accounts
for the year ended 31 August 2024
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).