IRIS Accounts Production v25.1.3.33 02827817 Board of Directors 1.10.23 30.9.24 30.9.24 true false true true false false true false Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028278172023-09-30028278172024-09-30028278172023-10-012024-09-30028278172022-09-30028278172022-10-012023-09-30028278172023-09-3002827817ns15:EnglandWales2023-10-012024-09-3002827817ns14:PoundSterling2023-10-012024-09-3002827817ns10:Director12023-10-012024-09-3002827817ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3002827817ns10:FRS1022023-10-012024-09-3002827817ns10:Audited2023-10-012024-09-3002827817ns10:LargeCompaniesRegimeForDirectorsReport2023-10-012024-09-3002827817ns10:LargeCompaniesRegimeForAccounts2023-10-012024-09-3002827817ns10:FullAccounts2023-10-012024-09-3002827817ns10:OrdinaryShareClass12023-10-012024-09-3002827817ns10:Director22023-10-012024-09-3002827817ns10:Director32023-10-012024-09-3002827817ns10:Director42023-10-012024-09-3002827817ns10:Director52023-10-012024-09-3002827817ns10:Director62023-10-012024-09-3002827817ns10:Director72023-10-012024-09-3002827817ns10:RegisteredOffice2023-10-012024-09-3002827817ns5:CurrentFinancialInstruments2024-09-3002827817ns5:CurrentFinancialInstruments2023-09-3002827817ns5:Non-currentFinancialInstruments2024-09-3002827817ns5:Non-currentFinancialInstruments2023-09-3002827817ns5:ShareCapital2024-09-3002827817ns5:ShareCapital2023-09-3002827817ns5:CapitalRedemptionReserve2024-09-3002827817ns5:CapitalRedemptionReserve2023-09-3002827817ns5:RetainedEarningsAccumulatedLosses2024-09-3002827817ns5:RetainedEarningsAccumulatedLosses2023-09-3002827817ns5:ShareCapital2022-09-3002827817ns5:RetainedEarningsAccumulatedLosses2022-09-3002827817ns5:CapitalRedemptionReserve2022-09-3002827817ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3002827817ns5:CapitalRedemptionReserve2022-10-012023-09-3002827817ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3002827817ns5:CapitalRedemptionReserve2023-10-012024-09-3002827817ns5:FurnitureFittings2023-10-012024-09-3002827817ns5:MotorVehicles2023-10-012024-09-3002827817ns5:ReportableOperatingSegment12023-10-012024-09-3002827817ns5:ReportableOperatingSegment12022-10-012023-09-3002827817ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3002827817ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3002827817ns15:UnitedKingdom2023-10-012024-09-3002827817ns15:UnitedKingdom2022-10-012023-09-3002827817ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3002827817ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3002827817ns10:HighestPaidDirector2023-10-012024-09-3002827817ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-10-012024-09-3002827817ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-10-012023-09-3002827817ns5:OwnedAssets2023-10-012024-09-3002827817ns5:OwnedAssets2022-10-012023-09-300282781712023-10-012024-09-300282781712022-10-012023-09-3002827817ns5:HirePurchaseContracts2023-10-012024-09-3002827817ns5:HirePurchaseContracts2022-10-012023-09-3002827817ns10:OrdinaryShareClass12022-10-012023-09-3002827817ns5:FurnitureFittings2023-09-3002827817ns5:MotorVehicles2023-09-3002827817ns5:FurnitureFittings2024-09-3002827817ns5:MotorVehicles2024-09-3002827817ns5:FurnitureFittings2023-09-3002827817ns5:MotorVehicles2023-09-3002827817ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3002827817ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3002827817ns5:CurrentFinancialInstruments2023-10-012024-09-3002827817ns5:Non-currentFinancialInstruments2023-10-012024-09-3002827817ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3002827817ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3002827817ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-3002827817ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3002827817ns5:HirePurchaseContracts2024-09-3002827817ns5:HirePurchaseContracts2023-09-3002827817ns5:WithinOneYear2024-09-3002827817ns5:WithinOneYear2023-09-3002827817ns5:BetweenOneFiveYears2024-09-3002827817ns5:BetweenOneFiveYears2023-09-3002827817ns5:MoreThanFiveYears2024-09-3002827817ns5:MoreThanFiveYears2023-09-3002827817ns5:AllPeriods2024-09-3002827817ns5:AllPeriods2023-09-3002827817ns5:AcceleratedTaxDepreciationDeferredTax2024-09-3002827817ns5:AcceleratedTaxDepreciationDeferredTax2023-09-3002827817ns5:DeferredTaxation2023-10-012024-09-3002827817ns5:DeferredTaxation2024-09-3002827817ns10:OrdinaryShareClass12024-09-30
REGISTERED NUMBER: 02827817 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

PWP Building Services Limited

PWP Building Services Limited (Registered number: 02827817)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


PWP Building Services Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: T P Holt
D B England
I G Wardman
J D Baines
B Hudson
G Clarke
A Parkin





REGISTERED OFFICE: Alexandra House
43 Alexandra Street
Nottingham
Nottinghamshire
NG5 1AY





REGISTERED NUMBER: 02827817 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

PWP Building Services Limited (Registered number: 02827817)

Strategic Report
for the Year Ended 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 Limited (Registered number: 02827817)

Strategic Report
for the Year Ended 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:





T P Holt - Director


20 March 2025

PWP Building Services Limited (Registered number: 02827817)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical and mechanical contractors.

DIVIDENDS
Particulars of recommended dividends are detailed in note 8 to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

T P Holt
D B England
I G Wardman
J D Baines

Other changes in directors holding office are as follows:

B Hudson - appointed 18 October 2023
G Clarke - appointed 18 October 2023
A Parkin - appointed 18 October 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T P Holt - Director


20 March 2025

Report of the Independent Auditors to the Members of
PWP Building Services Limited

Opinion
We have audited the financial statements of PWP Building Services Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 company's affairs as at 30 September 2024 and of its profit for the year 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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 the results of 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 a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The 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.




Kevin Shaw BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

20 March 2025

PWP Building Services Limited (Registered number: 02827817)

Statement of Comprehensive
Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 3 26,068,126 30,840,295

Cost of sales 16,817,931 21,490,405
GROSS PROFIT 9,250,195 9,349,890

Administrative expenses 4,709,256 4,186,006
OPERATING PROFIT 6 4,540,939 5,163,884

Interest receivable and similar income 105,463 403,584
4,646,402 5,567,468

Interest payable and similar expenses 7 60,404 53,899
PROFIT BEFORE TAXATION 4,585,998 5,513,569

Tax on profit 8 824,814 1,091,515
PROFIT FOR THE FINANCIAL YEAR 3,761,184 4,422,054

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,761,184

4,422,054

PWP Building Services Limited (Registered number: 02827817)

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 1,191,567 1,090,691

CURRENT ASSETS
Stocks 11 203,755 195,978
Debtors 12 30,732,294 23,928,398
Cash at bank and in hand 1,992,623 14,520,816
32,928,672 38,645,192
CREDITORS
Amounts falling due within one year 13 5,955,799 9,498,582
NET CURRENT ASSETS 26,972,873 29,146,610
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,164,440

30,237,301

CREDITORS
Amounts falling due after more than one
year

14

(304,567

)

(337,478

)

PROVISIONS FOR LIABILITIES 16 (131,576 ) -
NET ASSETS 27,728,297 29,899,823

CAPITAL AND RESERVES
Called up share capital 17 75 75
Capital redemption reserve 18 4,125 4,125
Retained earnings 18 27,724,097 29,895,623
SHAREHOLDERS' FUNDS 27,728,297 29,899,823

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 Limited (Registered number: 02827817)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 75 25,878,933 4,125 25,883,133

Changes in equity
Dividends - (405,364 ) - (405,364 )
Total comprehensive income - 4,422,054 - 4,422,054
Balance at 30 September 2023 75 29,895,623 4,125 29,899,823

Changes in equity
Dividends - (5,932,710 ) - (5,932,710 )
Total comprehensive income - 3,761,184 - 3,761,184
Balance at 30 September 2024 75 27,724,097 4,125 27,728,297

PWP Building Services Limited (Registered number: 02827817)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

PWP Building Services 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.

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 function currency of the entity rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 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 ot 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 transaction 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

PWP Building Services Limited (Registered number: 02827817)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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 year comprises current and deferred tax. Tax is recognised in the 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 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

PWP Building Services Limited (Registered number: 02827817)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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 produce 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 company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 26,068,126 30,840,295
26,068,126 30,840,295

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 26,068,126 30,840,295
26,068,126 30,840,295

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 8,396,068 7,840,400
Social security costs 857,101 785,158
Other pension costs 354,091 348,247
9,607,260 8,973,805

The average number of employees during the year was as follows:
2024 2023

Production 110 104
Office and management 58 56
168 160

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 461,608 125,854
Directors' pension contributions to money purchase schemes 208,354 199,160

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 7 4

PWP Building Services Limited (Registered number: 02827817)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. DIRECTORS' EMOLUMENTS - continued

Information regarding the highest paid director for the year ended 30 September 2024 is as follows:
2024
£   
Emoluments etc 95,865
Pension contributions to money purchase schemes 6,894

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 280,039 439,230
Other operating leases 103,024 103,094
Depreciation - owned assets 397,167 363,126
Loss/(profit) on disposal of fixed assets 23,170 (17,110 )
Auditors' remuneration 20,000 20,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on overdue taxation 15,682 24,345
Hire purchase 44,722 29,554
60,404 53,899

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 693,238 1,096,272
Prior year adjustments - (4,757 )
Total current tax 693,238 1,091,515

Deferred tax 131,576 -
Tax on profit 824,814 1,091,515

PWP Building Services Limited (Registered number: 02827817)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,585,998 5,513,569
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

1,146,500

1,212,985

Effects of:
Expenses not deductible for tax purposes 14,135 17,581
Capital allowances in excess of depreciation (30,550 ) (118,304 )
Utilisation of tax losses (146,779 ) (15,990 )
Adjustments to tax charge in respect of previous periods - (4,757 )
Additional relief (290,068 ) -
Origination and reversal of timing differences 131,576 -
Total tax charge 824,814 1,091,515

Factors affecting future tax expense

A deferred tax liability of £263,152 (2023 - £232,560) relating to accelerated capital allowances has arisen and £131,576 (2023 - £232,560) remains unprovided in the accounts.

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares shares of 1.00 each
Final 5,932,710 405,364

10. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023 839,112 1,441,713 2,280,825
Additions 1,957 690,853 692,810
Disposals - (473,780 ) (473,780 )
At 30 September 2024 841,069 1,658,786 2,499,855
DEPRECIATION
At 1 October 2023 617,246 572,888 1,190,134
Charge for year 55,938 341,229 397,167
Eliminated on disposal - (279,013 ) (279,013 )
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
At 30 September 2023 221,866 868,825 1,090,691

11. STOCKS
2024 2023
£    £   
Raw materials 203,755 195,978

PWP Building Services Limited (Registered number: 02827817)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,472,087 3,902,423
Amounts owed by group undertakings 26,817,450 18,547,024
Other debtors 338 338
Amounts owed on construction 1,078,170 1,108,382
Prepayments 364,249 370,231
30,732,294 23,928,398

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 391,052 304,603
Trade creditors 1,694,019 2,076,112
Tax 232,287 691,627
Social security and other taxes 305,444 291,107
VAT 361,246 199,931
Other creditors 21,761 21,833
Amounts due on construction 1,935,949 4,726,812
Accruals and deferred income 1,014,041 1,186,557
5,955,799 9,498,582

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.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 304,567 337,478

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 391,052 304,603
Between one and five years 304,567 337,478
695,619 642,081

Non-cancellable operating leases
2024 2023
£    £   
Within one year 168,506 134,372
Between one and five years 327,183 235,231
In more than five years - 52,875
495,689 422,478

PWP Building Services Limited (Registered number: 02827817)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 131,576 -

Deferred
tax
£   
Charge to Statement of Comprehensive Income during year 131,576
Balance at 30 September 2024 131,576

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
75 Ordinary shares 1.00 75 75

18. 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.

19. PENSION COMMITMENTS

The amount recognised in profit and loss in relation to defined contribution plans was £354,091 (2023 - £348,247).

20. CONTINGENT LIABILITIES

The company, together with its parent undertaking and ultimate parent undertaking, has given cross guarantees in favour of Clydesdale Bank plc (trading as Virgin Money) to secure monies owing to the bank by the group companies from time to time.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of the exception available from disclosing transactions and balances with other group companies.

22. ULTIMATE CONTROLLING PARTY

On 18 October 2023 following a reorganisation of the structure of the group, PWP Building Services (Holdings) Limited became the ultimate parent company of PWP Building Services Limited. PWP Building Services (Holdings) Limited is a company registered in England & Wales. PWP Building Services (Midco) Limited, remained as the immediate parent company of PWP Building Services Limited. PWP Building Services (Midco) Limited is a company registered in England & Wales.

The registered office and principal place of business for the immediate and ultimate parent is that of PWP Building Services Limited.

The company is controlled by its directors who are also the directors of PWP Building Services (Midco) Limited and PWP Building Services (Holdings) Limited.

PWP Building Services (Holdings) Limited prepared the only consolidated financial statements in the group for 30 September 2024 which include the results of PWP Building Services Limited. Copies of the consolidated financial statements are available from Companies House.