IRIS Accounts Production v24.3.2.46 10527362 Board of Directors 1.1.24 31.12.24 31.12.24 5.3.25 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh105273622023-12-31105273622024-12-31105273622024-01-012024-12-31105273622022-12-31105273622023-01-012023-12-31105273622023-12-3110527362ns15:EnglandWales2024-01-012024-12-3110527362ns14:PoundSterling2024-01-012024-12-3110527362ns10:Director12024-01-012024-12-3110527362ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3110527362ns10:SmallEntities2024-01-012024-12-3110527362ns10:Audited2024-01-012024-12-3110527362ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3110527362ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3110527362ns10:FullAccounts2024-01-012024-12-311052736212024-01-012024-12-3110527362ns10:Director22024-01-012024-12-3110527362ns10:Director32024-01-012024-12-3110527362ns10:Director42024-01-012024-12-3110527362ns10:Director52024-01-012024-12-3110527362ns10:RegisteredOffice2024-01-012024-12-3110527362ns5:CurrentFinancialInstruments2024-12-3110527362ns5:CurrentFinancialInstruments2023-12-3110527362ns5:Non-currentFinancialInstruments2024-12-3110527362ns5:Non-currentFinancialInstruments2023-12-3110527362ns5:ShareCapital2024-12-3110527362ns5:ShareCapital2023-12-3110527362ns5:SharePremium2024-12-3110527362ns5:SharePremium2023-12-3110527362ns5:RetainedEarningsAccumulatedLosses2024-12-3110527362ns5:RetainedEarningsAccumulatedLosses2023-12-3110527362ns5:NetGoodwill2024-01-012024-12-3110527362ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3110527362ns5:LandBuildings2024-01-012024-12-3110527362ns5:PlantMachinery2024-01-012024-12-3110527362ns5:NetGoodwill2023-12-3110527362ns5:NetGoodwill2024-12-3110527362ns5:NetGoodwill2023-12-3110527362ns5:LandBuildings2023-12-3110527362ns5:PlantMachinery2023-12-3110527362ns5:LandBuildings2024-12-3110527362ns5:PlantMachinery2024-12-3110527362ns5:LandBuildings2023-12-3110527362ns5:PlantMachinery2023-12-3110527362ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3110527362ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3110527362ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-3110527362ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3110527362ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-3110527362ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3110527362ns5:HirePurchaseContracts2024-12-3110527362ns5:HirePurchaseContracts2023-12-3110527362ns5:WithinOneYear2024-12-3110527362ns5:WithinOneYear2023-12-3110527362ns5:BetweenOneFiveYears2024-12-3110527362ns5:BetweenOneFiveYears2023-12-3110527362ns5:AllPeriods2024-12-3110527362ns5:AllPeriods2023-12-31
REGISTERED NUMBER: 10527362 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

P&B WEIR ELECTRICAL LIMITED

P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


P&B WEIR ELECTRICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr J-N Rey
Mr K Rushton
Mr W G M Roudil
Mr M E Lucking
Mr M R Mundy





REGISTERED OFFICE: Unit 1
Leafield Trading Estate
Leafield Way
Corsham
Wiltshire
SN13 9SW





REGISTERED NUMBER: 10527362 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants & Statutory Auditors
Old Station House
Station Approach
Swindon
Wiltshire
SN1 3DU

P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 934,329 1,334,852
Tangible assets 5 2,073,599 2,145,442
3,007,928 3,480,294

CURRENT ASSETS
Stocks 2,180,187 1,888,325
Debtors 6 936,566 792,163
Cash at bank and in hand 739,434 302,774
3,856,187 2,983,262
CREDITORS
Amounts falling due within one year 7 2,387,693 1,754,381
NET CURRENT ASSETS 1,468,494 1,228,881
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,476,422

4,709,175

CREDITORS
Amounts falling due after more than one
year

8

(141,316

)

(205,462

)

PROVISIONS FOR LIABILITIES (154,953 ) (125,582 )
NET ASSETS 4,180,153 4,378,131

CAPITAL AND RESERVES
Called up share capital 2 2
Share premium 7,611,635 7,611,635
Retained earnings (3,431,484 ) (3,233,506 )
4,180,153 4,378,131

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





Mr K Rushton - Director


P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

P&B Weir Electrical 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
The Directors have considered the impact of rising costs and lead times on the going concern assumption. Although it is extremely difficult to predict how this will continue to impact the company, they have obtained a letter of support from Group stating that they are prepared to continue their support of the company for at least the 12 months following the date of this audit report. Based on the above, the Directors consider that the company is a going concern and the accounts have been prepared on this basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance, 25% on cost and 10% on cost

P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Stocks & work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Costs include all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is included where the outcome of the project may reasonably be determined.

P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

i. Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities

Basic financial liabilities, including trade and other payables 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 are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

iii. Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 4,069,316
AMORTISATION
At 1 January 2024 2,734,464
Charge for year 400,523
At 31 December 2024 3,134,987
NET BOOK VALUE
At 31 December 2024 934,329
At 31 December 2023 1,334,852

P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 1,500,000 1,545,248 3,045,248
Additions - 194,203 194,203
Disposals - (5,142 ) (5,142 )
At 31 December 2024 1,500,000 1,734,309 3,234,309
DEPRECIATION
At 1 January 2024 272,000 627,806 899,806
Charge for year 48,000 214,304 262,304
Eliminated on disposal - (1,400 ) (1,400 )
At 31 December 2024 320,000 840,710 1,160,710
NET BOOK VALUE
At 31 December 2024 1,180,000 893,599 2,073,599
At 31 December 2023 1,228,000 917,442 2,145,442

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Trade debtors 741,555 732,546
Other debtors 195,011 59,617
936,566 792,163

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts (see note 9) 64,146 60,222
Trade creditors 1,523,269 1,088,949
Amounts owed to group undertakings - 182,611
Taxation and social security 147,019 161,286
Other creditors 653,259 261,313
2,387,693 1,754,381

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts (see note 9) 141,316 205,462

P&B WEIR ELECTRICAL LIMITED (REGISTERED NUMBER: 10527362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/24 31/12/23
£    £   
Net obligations repayable:
Within one year 64,146 60,222
Between one and five years 141,316 205,462
205,462 265,684

Non-cancellable operating leases
31/12/24 31/12/23
£    £   
Within one year 22,622 5,484
Between one and five years 38,864 -
61,486 5,484

10. SECURED DEBTS

The following secured debts are included within creditors:

31/12/24 31/12/23
£    £   
Hire purchase 205,462 265,684

The hire purchase liability is secured by the assets to which the loan relates.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Skinner FCCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

12. ULTIMATE CONTROLLING PARTY

The company is a 100% owned subsidiary of Novarc S.A., a company incorporated in France registered at 815 C Chemin du Razas, Zi Les Plaines, 26780 Maltaverne, France

13. DEFERRED TAX

At the year end the company has a non-trading loan relationship deficit of £198k. The company has not provided for the £49k deferred tax asset that results from these losses.