PSW_ENGLAND_LIMITED - Accounts

PSW ENGLAND LIMITED - Company Information

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Company Registration No. 03753568 (England and Wales)

PSW ENGLAND LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

PSW ENGLAND LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 4

PSW ENGLAND LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

308,950

315,325

Investments

308,951

315,326

Current assets

Debtors

900

200,900

Cash at bank and in hand

1,035,504

862,392

1,036,404

1,063,292

Creditors: amounts falling due within one year

(498,453)

(402,190)

Net current assets

537,951

661,102

Total assets less current liabilities

846,902

976,428

Capital and reserves

Called up share capital

Revaluation reserve

234,076

Profit and loss account

612,824

742,350

Shareholders' funds

846,902

976,428

For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 16 February 2017

Mr P S Watkins

Director

Company Registration No. 03753568

PSW ENGLAND LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT, on the accruals basis.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

2% straight line

Plant and machinery

25% reducing balance

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

PSW ENGLAND LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 October 2015 & at 30 September 2016

318,665

318,666

Depreciation

At 1 October 2015

3,340

Charge for the year

6,375

At 30 September 2016

9,715

Net book value

At 30 September 2016

308,950

308,951

At 30 September 2015

315,325

315,326

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

PSW Metals Limited

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

PSW Metals Limited

Precious Metals Recycling

2,335,413

354,618

The above investment represents the cost of acquisition of the whole of the issued ordinary share capital of the subsidiary undertaking PSW Metals Limited.

Under the Companies Act 2006, a company subject to the small companies regime does not have to prepare group accounts. Therefore these financial statements present information about PSW England Limited as an individual undertaking and not about its group.

PSW ENGLAND LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 4 -

Share capital

2016

2015

Allotted, called up and fully paid

2 Ordinary shares of £1 each

The unsecured interest free payable on demand loans to the directors Mr P S Watkins and Ms J Brooks, totalling £200,000, were repaid in full in the year ended 30 September 2016.