| REGISTERED NUMBER: 15107860 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Period |
| 31 August 2023 to 30 September 2024 |
| for |
| PWP Building Services (Holdings) Limited |
| REGISTERED NUMBER: 15107860 (England and Wales) |
| Group Strategic Report, |
| Report of the Directors and |
| Consolidated Financial Statements |
| for the Period |
| 31 August 2023 to 30 September 2024 |
| for |
| PWP Building Services (Holdings) Limited |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Contents of the Consolidated Financial Statements |
| for the Period 31 August 2023 to 30 September 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Statement of Comprehensive Income | 8 |
| Consolidated Statement of Financial Position | 9 |
| Company Statement of Financial Position | 10 |
| Consolidated Statement of Changes in Equity | 11 |
| Company Statement of Changes in Equity | 12 |
| Consolidated Statement of Cash Flows | 13 |
| Notes to the Consolidated Statement of Cash Flows | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| PWP Building Services (Holdings) Limited |
| Company Information |
| for the Period 31 August 2023 to 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Group Strategic Report |
| for the Period 31 August 2023 to 30 September 2024 |
| Business review and future plans |
| The financial year 2023/24 again exceeded expectations in turnover in spite of the uncertainty of world markets. |
| The forthcoming 2024/25 year will see uncertainty in world markets continue. The UK is still feeling financial imbalance resulting from developing political situations across the world. Closer to home, UK construction is predicted [CPA] to grow by 2%, although the high interest rates in 2025 remain a concern. The sectors in which PWP operate does offer some protection with ‘distribution’ remaining consistent along with the ‘frozen foods sectors’ continued growth in the region of Freeports. |
| Turnover will harbour some uncertainty, however, this is viewed as being ‘manageable’ within parameters. World events continue to challenge the business however PWP will react to follow changing markets, with both ‘new and existing clients’ and manage ‘risk versus reward’ as normal. |
| The outlook for 2024/25 is optimistic with future pipeline positive and major contracts in sight and longer term prospects remaining positive. |
| Health and safety within PWP dominates throughout the business. The company ethos is to give Health and Safety high priority with a culture of ‘safe working practises’ and ‘safe working environment,’ being deeply engrained. The directors are uncompromising in ensuring standards are maintained. PWP resolutely uphold high quality of workmanship and professionalism with health and safety maintaining the highest of standards. |
| Analysis of key performance indicators |
| The board remain fully focused on the controlled growth of the business within low risk strategy. Key performance factors remain current and are summarised as follows: |
| 1) Standard of service to our client. |
| 2) Success in securing negotiated or select tendered contracts. |
| 3) Continued monthly management and monitoring of costs and value. |
| 4) Continued persistence in the collection of cash. |
| 5) Maintaining Market Share. |
| 6) Employee retention. |
| 7) Penetration into new markets and clients. |
| Key business risks and uncertainties |
| The key risks emanate from outside influences. World events, financial markets along with energy costs have affected base material price which have increased, impacted negatively on the construction industry. We now, however, are seeing price increases stabilise. |
| PWP have managed their exposure to price changes by focusing on procurement to ensure that we receive the best price for goods. Agreeing prices early has minimised our exposure whilst enabling the delivery of projects on time. |
| An increased awareness of the financial risk that larger contracts bring to the business has brought a commercial focus, ensuring the risks are managed and controlled in close collaboration with main contractors, in order to mitigate risk. Some larger projects are being deferred with financial markets remaining cautious. |
| Aims |
| Main contractors and new clients, especially on high value Project Work, are treated with close vetting, financial scrutiny, and management. The Businesses Specialist Services divisions, with renewable contracts, have again achieved positive organic growth and which is forecast to continue. This helps to mitigates the ebb and flow of the major Projects. |
| PWP aim to continue the ‘follow clients and markets, not contracts’ approach and, although this remains challenging, the Board still consider this the best route forward. PWP has a proven track record of delivering large and complex contracts which broaden the scope of work available to us and equalises workload in the long run. |
| PWP have a strategy of employing principally permanent staff to maintain quality, and this remains a key strategy going forwards. Attracting and retaining skilled labour remains a critical challenge encouraging us to offer competitive compensation packages and attractive benefits to attract skilled M&E professionals. |
| Apprenticeships and training new staff has always been a long standing feature within PWP’s business model and this will be continued. |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Group Strategic Report |
| for the Period 31 August 2023 to 30 September 2024 |
| Conclusion |
| Whilst there remain significant challenges ahead, PWP continue to operate successfully within new and existing market sectors and are able to offer both existing and new clients tailored and competitive Design and Build solutions, year on year. |
| By embracing sustainability, leveraging technology, and expanding its market reach, the proposed strategies provide a roadmap for sustainable growth, operational excellence, and enhanced competitiveness. Adapting to industry trends, investing in talent, and continuously innovating will be key to securing the company's position as a leading mid-size M&E contractor in the UK and beyond. |
| ON BEHALF OF THE BOARD: |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Report of the Directors |
| for the Period 31 August 2023 to 30 September 2024 |
| The directors present their report with the financial statements of the company and the group for the period 31 August 2023 to 30 September 2024. |
| INCORPORATION |
| The group was incorporated on 31 August 2023 and commenced trading on 1 October 2023. |
| PRINCIPAL ACTIVITY |
| The group has one trading subsidiary being PWP Building Services Limited. The Group's principal activity is that of electrical and mechanical contractors. At the date of this report, the Directors believe this will continue to remain its principal activity in the following year. |
| DIVIDENDS |
| Particulars of recommended dividends are detailed in note 6 to the financial statements. |
| DIRECTORS |
| The directors who have held office during the period from 31 August 2023 to the date of this report are as follows: |
| All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Report of the Directors |
| for the Period 31 August 2023 to 30 September 2024 |
| AUDITORS |
| The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| PWP Building Services (Holdings) Limited |
| Opinion |
| We have audited the financial statements of PWP Building Services (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the period then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Report of the Independent Auditors to the Members of |
| PWP Building Services (Holdings) Limited |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims. |
| In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with laws or regulation is removed form the events and transactions reflected in he financial statements, as we will be less likely to become aware of instances of non-compliance with regulation. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| 15 Newland |
| Lincoln |
| Lincolnshire |
| LN1 1XG |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Consolidated |
| Statement of Comprehensive |
| Income |
| for the Period 31 August 2023 to 30 September 2024 |
| Notes | £ |
| TURNOVER | 3 | 26,068,127 |
| Cost of sales | 16,817,931 |
| GROSS PROFIT | 9,250,196 |
| Administrative expenses | 6,337,187 |
| OPERATING PROFIT | 6 | 2,913,009 |
| Interest receivable and similar income | 105,463 |
| 3,018,472 |
| Interest payable and similar expenses | 7 | 484,006 |
| PROFIT BEFORE TAXATION | 2,534,466 |
| Tax on profit | 8 | 824,814 |
| PROFIT FOR THE FINANCIAL PERIOD |
| OTHER COMPREHENSIVE INCOME | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,709,652 |
| Profit attributable to: |
| Owners of the parent | 1,709,652 |
| Total comprehensive income attributable to: |
| Owners of the parent | 1,709,652 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Consolidated Statement of Financial Position |
| 30 September 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 13,179,755 |
| Tangible assets | 12 | 1,191,567 |
| Investments | 13 | - |
| 14,371,322 |
| CURRENT ASSETS |
| Stocks | 14 | 203,755 |
| Debtors | 15 | 3,914,844 |
| Cash at bank and in hand | 1,993,959 |
| 6,112,558 |
| CREDITORS |
| Amounts falling due within one year | 16 | 7,155,799 |
| NET CURRENT LIABILITIES | (1,043,241 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
13,328,081 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(11,569,271 |
) |
| PROVISIONS FOR LIABILITIES | 20 | (131,576 | ) |
| NET ASSETS | 1,627,234 |
| CAPITAL AND RESERVES |
| Called up share capital | 21 | 235,293 |
| Share premium | 22 | 14,999 |
| Retained earnings | 22 | 1,376,942 |
| SHAREHOLDERS' FUNDS | 1,627,234 |
| The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by: |
| T P Holt - Director |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Company Statement of Financial Position |
| 30 September 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Share premium | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 5,357,716 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Consolidated Statement of Changes in Equity |
| for the Period 31 August 2023 to 30 September 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Changes in equity |
| Issue of share capital | 235,293 | - | 14,999 | 250,292 |
| Dividends | - | (332,710 | ) | - | (332,710 | ) |
| Total comprehensive income | - | 1,709,652 | - | 1,709,652 |
| Balance at 30 September 2024 | 235,293 | 1,376,942 | 14,999 | 1,627,234 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Company Statement of Changes in Equity |
| for the Period 31 August 2023 to 30 September 2024 |
| Called up |
| share | Retained | Share | Total |
| capital | earnings | premium | equity |
| £ | £ | £ | £ |
| Changes in equity |
| Issue of share capital | - |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 30 September 2024 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Consolidated Statement of Cash Flows |
| for the Period 31 August 2023 to 30 September 2024 |
| Notes | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 3,086,623 |
| Interest paid | (439,284 | ) |
| Interest element of hire purchase payments paid |
(44,722 |
) |
| Tax paid | (1,152,578 | ) |
| Net cash from operating activities | 1,450,039 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (215,823 | ) |
| Sale of tangible fixed assets | 171,597 |
| Net consideration of PWP group | (18,161,177 | ) |
| Interest received | 105,463 |
| Net cash from investing activities | (18,099,940 | ) |
| Cash flows from financing activities |
| New loans in year | 6,000,000 |
| Loan repayments in year | (1,500,000 | ) |
| Capital repayments in year | (423,449 | ) |
| Receipt from issue of shares | 376,691 |
| Cash on acquisition | 14,523,328 |
| Equity dividends paid | (332,710 | ) |
| Net cash from financing activities | 18,643,860 |
| Increase in cash and cash equivalents | 1,993,959 |
| Cash and cash equivalents at beginning of period |
2 |
- |
| Cash and cash equivalents at end of period |
2 |
1,993,959 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Period 31 August 2023 to 30 September 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| £ |
| Profit before taxation | 2,534,466 |
| Depreciation charges | 1,861,583 |
| Loss on disposal of fixed assets | 23,170 |
| Finance costs | 484,006 |
| Finance income | (105,463 | ) |
| 4,797,762 |
| Increase in stocks | (7,777 | ) |
| Decrease in trade and other debtors | 1,466,530 |
| Decrease in trade and other creditors | (3,169,892 | ) |
| Cash generated from operations | 3,086,623 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Period ended 30 September 2024 |
| 30.9.24 | 31.8.23 |
| £ | £ |
| Cash and cash equivalents | 1,993,959 | - |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 31.8.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | - | 1,993,959 | 1,993,959 |
| - | 1,993,959 | 1,993,959 |
| Debt |
| Finance leases | - | (695,619 | ) | (695,619 | ) |
| Debts falling due within 1 year | - | (1,200,000 | ) | (1,200,000 | ) |
| Debts falling due after 1 year | - | (11,264,704 | ) | (11,264,704 | ) |
| - | (13,160,323 | ) | (13,160,323 | ) |
| Total | - | (11,166,364 | ) | (11,166,364 | ) |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements |
| for the Period 31 August 2023 to 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| PWP Building Services (Holdings) Limited is a |
| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £. |
| Basis of consolidation |
| The consolidated financial statements include the financial statements of the company and its subsidiary undertaking made up to 30 September 2024 to the extent of the group's interest in those undertakings and after eliminating intra-group transactions. |
| In the company's financial statements, investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value. |
| A separate income statement for the parent company has not been presented in accordance with Section 408 of the Companies Act 2006. The result of the parent company dealt with in these financial statements is disclosed on page 9. The individual accounts of PWP Building Services (Holdings) Limited have also taken the exemption available from the requirement to present a statement of cash flows. |
| Significant judgements and estimates |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| Accounting for long term contracts - revenue and profit is estimated on contracts that are not complete at the year end by reference to stage of completion and expected profit. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of value added tax which includes income from long term contracts according to its stage of completion. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. |
| When the outcome of a transactions involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. |
| When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured a cost less any accumulated amortisation and any accumulated impairment losses |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks and work in progress are measured at the lower of cost nad estimated selling price less costs to complete and sell. Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to their present location and condition. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 period 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. |
| Operating leases |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Construction contracts |
| Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account. |
| Hire purchase and finance leases |
| Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to reduce a constant rate of interest on the remaining balance of the liability. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| £ |
| Rendering of Services | 26,068,127 |
| 26,068,127 |
| An analysis of turnover by geographical market is given below: |
| £ |
| United Kingdom | 26,068,127 |
| 26,068,127 |
| 4. | EMPLOYEES AND DIRECTORS |
| £ |
| Wages and salaries | 8,396,068 |
| Social security costs | 857,101 |
| Other pension costs | 354,091 |
| 9,607,260 |
| The average number of employees during the period was as follows: |
| Production | 110 |
| Office and management | 58 |
| The average number of employees by undertakings that were proportionately consolidated during the period was NIL. |
| 5. | DIRECTORS' EMOLUMENTS |
| £ |
| Directors' remuneration | 461,608 |
| Directors' pension contributions to money purchase schemes | 208,354 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 5. | DIRECTORS' EMOLUMENTS - continued |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 7 |
| Information regarding the highest paid director is as follows: |
| £ |
| Emoluments etc | 95,865 |
| Pension contributions to money purchase schemes | 6,894 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| £ |
| Hire of plant and machinery | 280,039 |
| Other operating leases | 103,024 |
| Depreciation - owned assets | 397,167 |
| Loss on disposal of fixed assets | 23,170 |
| Goodwill amortisation | 1,464,417 |
| Auditors' remuneration | 20,000 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| £ |
| Bank loan interest | 423,602 |
| Interest on overdue taxation | 15,682 |
| Hire purchase | 44,722 |
| 484,006 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| £ |
| Current tax: |
| UK corporation tax | 693,238 |
| Deferred tax | 131,576 |
| Tax on profit | 824,814 |
| UK corporation tax has been charged at 25 % . |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| £ |
| Profit before tax | 2,534,466 |
| Profit multiplied by the standard rate of corporation tax in the UK of 25 % | 633,617 |
| Effects of: |
| Expenses not deductible for tax purposes | 14,135 |
| Capital allowances in excess of depreciation | (30,550 | ) |
| Other timing differences arising on consolidation | 366,104 |
| Additional relief | (290,068 | ) |
| Origination and reversal of timing differences | 131,576 |
| Total tax charge | 824,814 |
| Factors affecting future tax expense |
| A deferred tax liability of £263,152 relating to accelerated capital allowances has arisen and £131,576 remains unprovided in the accounts. |
| 9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| £ |
| A Ordinary Shares shares of 1.00 each |
| Final | 332,710 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| Additions | 14,644,172 |
| At 30 September 2024 | 14,644,172 |
| AMORTISATION |
| Amortisation for period | 1,464,417 |
| At 30 September 2024 | 1,464,417 |
| NET BOOK VALUE |
| At 30 September 2024 | 13,179,755 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| Additions | 1,957 | 690,853 | 692,810 |
| Disposals | - | (473,780 | ) | (473,780 | ) |
| Reclassification/transfer | 839,112 | 1,441,713 | 2,280,825 |
| At 30 September 2024 | 841,069 | 1,658,786 | 2,499,855 |
| DEPRECIATION |
| Charge for period | 55,938 | 341,229 | 397,167 |
| Eliminated on disposal | - | (279,013 | ) | (279,013 | ) |
| Reclassification/transfer | 617,246 | 572,888 | 1,190,134 |
| At 30 September 2024 | 673,184 | 635,104 | 1,308,288 |
| NET BOOK VALUE |
| At 30 September 2024 | 167,885 | 1,023,682 | 1,191,567 |
| The reclassification/transfer of assets represents group assets on acquisition. |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| PWP Building Services (Midco) Limited |
| Registered office: England and Wales |
| Nature of business: Holding company |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| PWP Building Services Limited |
| Registered office: England and Wales |
| Nature of business: Electrical and mechanical contractors |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 14. | STOCKS |
| Group |
| £ |
| Raw materials | 203,755 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Trade debtors | 2,472,087 |
| Amounts owed by group undertakings | - |
| Other debtors | 338 |
| Amounts owed on construction | 1,078,170 | - |
| Prepayments | 364,249 |
| 3,914,844 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| £ | £ |
| Bank loans and overdrafts (see note 18) | 1,200,000 |
| Hire purchase contracts (see note 19) | 391,052 |
| Trade creditors | 1,694,019 |
| Amounts owed to group undertakings | - |
| Tax | 232,287 |
| Social security and other taxes | 305,444 |
| VAT | 361,246 | - |
| Other creditors | 21,761 |
| Amounts due on construction | 1,935,949 | - |
| Accruals and deferred income | 1,014,041 |
| 7,155,799 |
| Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. |
| The bank and other parties hold as security a fixed and floating charge over all assets. |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| £ | £ |
| Bank loans (see note 18) | 3,300,000 |
| Other loans (see note 18) | 7,964,704 |
| Hire purchase contracts (see note 19) | 304,567 |
| 11,569,271 |
| Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. |
| The bank and other parties hold as security a fixed and floating charge over all assets. |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 1,200,000 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 1,200,000 |
| Other loans - 1-2 years | 500,000 | 500,000 |
| 1,700,000 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 2,100,000 |
| Other loans - 2-5 years | 5,399,999 |
| 7,499,999 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Other loans more 5yrs instal | 2,064,705 | 2,064,705 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire |
| purchase |
| contracts |
| £ |
| Net obligations repayable: |
| Within one year | 391,052 |
| Between one and five years | 304,567 |
| 695,619 |
| Group |
| Non- | cancellable | operating | leases |
| £ |
| Within one year | 168,506 |
| Between one and five years | 327,183 |
| 495,689 |
| 20. | PROVISIONS FOR LIABILITIES |
| Group |
| £ |
| Deferred tax |
| Accelerated capital allowances | 131,576 |
| PWP Building Services (Holdings) Limited (Registered number: 15107860) |
| Notes to the Consolidated Financial Statements - continued |
| for the Period 31 August 2023 to 30 September 2024 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Charge to Statement of Comprehensive Income during period | 131,576 |
| Balance at 30 September 2024 | 131,576 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal |
| value: | £ |
| A Ordinary Shares | 1.00 | 35,293 |
| B Ordinary Shares | 1.00 | 200,000 |
| 235,293 |
| During the period, the company issued 35,293 A Ordinary Shares at £1.00 per share, and 200,000 B Ordinary Shares at £1.00 per share. |
| 22. | RESERVES |
| Profit and loss account - represents cumulative profits and losses net of dividends and other adjustments. |
| Called up share capital - represents the nominal value of shares that have been issues. |
| Capital redemption reserve - represents nominal value of shares repurchased by the company. |
| Share premium account - includes any premiums received on issue of share capital. |
| 23. | PENSION COMMITMENTS |
| Contributions are made each year for the directors and certain employees of the group to externally insured defined contribution pension funds based upon the level of the directors and employees' remuneration. |
| Contributions payable for the year were: |
| Group - £354,091. |
| Company - £Nil. |
| 24. | CONTINGENT LIABILITIES |
| The companies within the group have given cross guarantees in favour of Clydesdale Bank plc (trading as Virgin Money) to secure monies owing to the bank by other member companies from time to time. |
| 25. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of the exemption available from disclosing transactions with other companies within PWP Building Services Holdings group. |
| During the year T.P. Holt, D.B England and I. Wardman, all of whom are directors of the company, were paid dividends of £332,710. |
| 26. | CONTROLLING PARTY |
| The company is controlled by its directors. |