Registered number
SC741637
PWB Developments Ltd
Filleted Accounts
31 October 2024
PWB Developments Ltd
Registered number: SC741637
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 414,074 24,048
Current assets
Stocks 2,300 12,350
Debtors 4 639,893 68,055
Cash at bank and in hand 356,699 85,597
998,892 166,002
Creditors: amounts falling due within one year 5 (496,675) (113,518)
Net current assets 502,217 52,484
Total assets less current liabilities 916,291 76,532
Creditors: amounts falling due after more than one year 6 (15,501) -
Net assets 900,790 76,532
Capital and reserves
Called up share capital 1 1
Profit and loss account 900,789 76,531
Shareholder's funds 900,790 76,532
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Paul McLean
Director
Approved by the board on 28 March 2025
PWB Developments Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 25% SLM
Office Equipment 25% SLM
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Office equipment Motor vehicles Total
£ £ £
Cost
At 1 November 2023 - 26,253 26,253
Additions 6,584 427,687 434,271
At 31 October 2024 6,584 453,940 460,524
Depreciation
At 1 November 2023 - 2,205 2,205
Charge for the year 563 43,682 44,245
At 31 October 2024 563 45,887 46,450
Net book value
At 31 October 2024 6,021 408,053 414,074
At 31 October 2023 - 24,048 24,048
4 Debtors 2024 2023
£ £
Trade debtors 491,059 56,903
VAT 60,160 -
Other debtors 88,674 11,152
639,893 68,055
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 51,039 13,151
Hire purchase loan 6,000 -
Trade creditors 190,302 32,442
Directors loan account - 15,909
Corporation tax 244,799 27,590
Taxation and social security costs 771 -
VAT - 21,966
CIS Liability 3,764 2,442
Other creditors - 18
496,675 113,518
6 Creditors: amounts falling due after one year 2024 2023
£ £
Hire purchase loan 15,501 -
7 Other information
PWB Developments Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Office 6 Merryfield Business Centre
Macmerry
Scotland
EH33 1ET
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