| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| PWP Building Services Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants & Business Advisers |
| Alexandra House |
| 43 Alexandra St |
| Nottingham |
| Nottinghamshire |
| NG5 1AY |
| PWP Building Services Limited (Registered number: 02827817) |
| Statement of Comprehensive |
| Income |
| for the Year Ended 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 6 |
| Interest receivable and similar income |
| 4,646,402 | 5,567,468 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| PWP Building Services Limited (Registered number: 02827817) |
| Statement of Financial Position |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CURRENT ASSETS |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Capital redemption reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30 September 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| £ | £ |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £ | £ |
| United Kingdom |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Production | 110 | 104 |
| Office and management | 58 | 56 |
| 5. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 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 |
| Pension contributions to money purchase schemes |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Interest on overdue taxation |
| Hire purchase |
| 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 |
| Prior year adjustments | - | (4,757 | ) |
| Total current tax |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) | ( |
) |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| 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 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 11. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| 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 |
| Amounts owed by group undertakings |
| Other debtors |
| Amounts owed on construction | 1,078,170 | 1,108,382 |
| Prepayments |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 15) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 361,246 | 199,931 |
| Other creditors |
| Amounts due on construction | 1,935,949 | 4,726,812 |
| Accruals and deferred income |
| 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) |
| 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 |
| Between one and five years |
| Non-cancellable | operating leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 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 |
| Deferred |
| tax |
| £ |
| Charge to Statement of Comprehensive Income during year |
| Balance at 30 September 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 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. |