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REGISTERED NUMBER: 05995522 (England and Wales)










P. W. S. (SOUTH WALES) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






P. W. S. (SOUTH WALES) LIMITED (REGISTERED NUMBER: 05995522)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

P. W. S. (SOUTH WALES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: D A McNeil
Mrs J McNeil



SECRETARY: Mrs J McNeil



REGISTERED OFFICE: Unit 1A
Milland Road Industrial Estate
Neath
SA11 1NJ



REGISTERED NUMBER: 05995522 (England and Wales)



ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA



BANKERS: Lloyds TSB plc
Windsor Road
Neath
SA11 1LP

P. W. S. (SOUTH WALES) LIMITED (REGISTERED NUMBER: 05995522)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,000 4,000
Tangible assets 5 138,067 155,419
141,067 159,419

CURRENT ASSETS
Stocks 51,650 65,650
Debtors 6 183,109 164,360
Cash at bank and in hand 18,477 2,593
253,236 232,603
CREDITORS
Amounts falling due within one year 7 279,685 267,158
NET CURRENT LIABILITIES (26,449 ) (34,555 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

114,618

124,864

CREDITORS
Amounts falling due after more than one year 8 (64,076 ) (71,859 )

PROVISIONS FOR LIABILITIES (50,208 ) (50,208 )
NET ASSETS 334 2,797

CAPITAL AND RESERVES
Called up share capital 18 18
Retained earnings 316 2,779
SHAREHOLDERS' FUNDS 334 2,797

P. W. S. (SOUTH WALES) LIMITED (REGISTERED NUMBER: 05995522)

BALANCE SHEET - continued
30 APRIL 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





D A McNeil - Director


P. W. S. (SOUTH WALES) LIMITED (REGISTERED NUMBER: 05995522)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

P. W. S. (South Wales) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

P. W. S. (SOUTH WALES) LIMITED (REGISTERED NUMBER: 05995522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 10% on cost
Plant & machinery - 20% on cost
Fixtures & fittings - Straight line over 4 years on cost net of residual value.

Cash at bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Basic financial assets
Basic financial assets, which include trade and other receivables 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Employee benefits
The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.
Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Warranty provision
Provisions for warranties are recognised when the company has a present legal or constructive obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation.

P. W. S. (SOUTH WALES) LIMITED (REGISTERED NUMBER: 05995522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 8 ).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 20,000
AMORTISATION
At 1 May 2023 16,000
Charge for year 1,000
At 30 April 2024 17,000
NET BOOK VALUE
At 30 April 2024 3,000
At 30 April 2023 4,000

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property Machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 57,851 211,593 17,764 196,010 483,218
Additions - 29,603 - 60,848 90,451
Disposals - - - (110,932 ) (110,932 )
At 30 April 2024 57,851 241,196 17,764 145,926 462,737
DEPRECIATION
At 1 May 2023 43,588 173,398 17,370 93,443 327,799
Charge for year 5,785 3,243 110 12,738 21,876
Eliminated on disposal - - - (25,005 ) (25,005 )
At 30 April 2024 49,373 176,641 17,480 81,176 324,670
NET BOOK VALUE
At 30 April 2024 8,478 64,555 284 64,750 138,067
At 30 April 2023 14,263 38,195 394 102,567 155,419

Included in the above are assets held under hire purchase contracts with a net book value of £64,750 [2023 - £85,566] on which depreciation of £12,737 [2023 - £17,224] has been charged during the year.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 141,632 164,360
Directors' current accounts 41,477 -
183,109 164,360

Included within debtors is an amount owed by the directors totalling £41,477. The directors injected £23,000 into the company in October 2024 and the dividends cleared the overdrawn directors loan account.

P. W. S. (SOUTH WALES) LIMITED (REGISTERED NUMBER: 05995522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 18,963 21,976
Trade creditors 174,538 145,522
Tax 24,393 30,438
Social security and other taxes 3,737 5,817
VAT 2,931 10,429
Other creditors 34,160 34,160
Credit card 9,133 9,685
Directors' current accounts - 144
Accrued expenses 11,830 8,987
279,685 267,158

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 11,327 21,202
Hire purchase contracts (see note 9) 52,749 50,657
64,076 71,859

9. LEASING AGREEMENTS

The company has a lease obligation for the premises of £19,000 per annum.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
P. W. S. (SOUTH WALES) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P. W. S. (South Wales) Limited for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of P. W. S. (South Wales) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P. W. S. (South Wales) Limited and state those matters that we have agreed to state to the Board of Directors of P. W. S. (South Wales) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P. W. S. (South Wales) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that P. W. S. (South Wales) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P. W. S. (South Wales) Limited. You consider that P. W. S. (South Wales) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of P. W. S. (South Wales) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


29 January 2025