PW Drylining Services Limited - Filleted accounts

PW Drylining Services Limited - Filleted accounts


Registered number
07764200
PW Drylining Services Limited
Filleted Abridged Accounts
Year ended 31 March 2023
PW Drylining Services Limited
Abridged Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,422 13,388
Current assets
Debtors 54,325 36,395
Cash at bank and in hand 32,494 11,753
86,819 48,148
Creditors: amounts falling due within one year (79,295) (48,217)
Net current assets/(liabilities) 7,524 (69)
Total assets less current liabilities 17,946 13,319
Creditors: amounts falling due after more than one year (5,841) (9,735)
Provisions for liabilities (1,980) (2,544)
Net assets 10,125 1,040
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,025 940
Shareholder's funds 10,125 1,040
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
P Wilson
Director
Approved by the board on 24 November 2023
PW Drylining Services Limited
Notes to the Abridged Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Total
£
Cost
At 1 April 2022 35,419
Additions 1,032
At 31 March 2023 36,451
Depreciation
At 1 April 2022 22,031
Charge for the year 3,998
At 31 March 2023 26,029
Net book value
At 31 March 2023 10,422
At 31 March 2022 13,388
4 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P Wilson
Current account (19,996) (96,583) 93,505 (23,074)
(19,996) (96,583) 93,505 (23,074)
The loan to the director is repayable on demand and beneficial loan interest has been charged
5 Other information
PW Drylining Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 Westmorland Close
Darwen
Lancashire
BB3 2TQ
PW Drylining Services Limited 07764200 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 P Wilson No description of principal activity 07764200 2021-04-01 2022-03-31 07764200 core:WithinOneYear 2022-03-31 07764200 core:AfterOneYear 2022-03-31 07764200 core:ShareCapital 2022-03-31 07764200 core:RetainedEarningsAccumulatedLosses 2022-03-31 07764200 2022-04-01 2023-03-31 07764200 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07764200 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07764200 bus:Director40 2022-04-01 2023-03-31 07764200 1 2022-04-01 2023-03-31 07764200 2 2022-04-01 2023-03-31 07764200 bus:Director1 2022-04-01 2023-03-31 07764200 bus:Director1 1 2022-04-01 2023-03-31 07764200 countries:England 2022-04-01 2023-03-31 07764200 bus:FRS102 2022-04-01 2023-03-31 07764200 bus:AbridgedAccounts 2022-04-01 2023-03-31 07764200 2023-03-31 07764200 core:WithinOneYear 2023-03-31 07764200 core:AfterOneYear 2023-03-31 07764200 core:ShareCapital 2023-03-31 07764200 core:RetainedEarningsAccumulatedLosses 2023-03-31 07764200 bus:Director1 1 2023-03-31 07764200 2022-03-31 07764200 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure