PWIDF Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04034925 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 November 2017

for

PWIDF Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P A White

Mrs S M White

REGISTERED OFFICE:

Unit 15 Usk Side Business Park

Uskway

Newport

NP20 2BW

REGISTERED NUMBER:

04034925 (England and Wales)

ACCOUNTANTS:

Marsh Vision Limited

Chartered Certified Accountants

Chester House

17 Gold Tops

Newport

SOUTH WALES

NP20 4PH

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

44,639

50,710

44,639

50,710

CURRENT ASSETS

Inventories

135,000

115,000

Debtors

6

321,217

158,500

Cash at bank and in hand

98,498

30,104

554,715

303,604

CREDITORS

Amounts falling due within one year

7

255,140

115,017

NET CURRENT ASSETS

299,575

188,587

TOTAL ASSETS LESS CURRENT LIABILITIES

344,214

239,297

CREDITORS

Amounts falling due after more than one year

8

-

(2,500

)

PROVISIONS FOR LIABILITIES

9

(4,219

)

(5,115

)

NET ASSETS

339,995

231,682

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

339,895

231,582

SHAREHOLDERS' FUNDS

339,995

231,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 August 2018 and were signed on its behalf by:

Mrs S M White - Director

1.	STATUTORY INFORMATION

PWIDF Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 November 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the

date of transition to FRS 102 Section 1A is 1 December 2015.

The transition to FRS102 Section 1A has resulted in no changes in accounting policies to those used previously.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill was fully written off in the profit and loss in the year of acquisition.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its useful economic

life.

Plant & equipment 15% Reducing balance

Fixtures & fittings 15% Reducing balance

Motor vehicles 20% Reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangements

as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity

instrument is any contract that evidences a residual interest in the assets of the company after deducting all its

liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate

of interest for a similar debt instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2016

and 30 November 2017

1,000

AMORTISATION

At 1 December 2016

and 30 November 2017

1,000

NET BOOK VALUE

At 30 November 2017

-

At 30 November 2016

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 December 2016

20,977

70,451

91,428

Additions

-

1,141

1,141

Disposals

-

(1,750

)

(1,750

)

At 30 November 2017

20,977

69,842

90,819

DEPRECIATION

At 1 December 2016

2,909

37,809

40,718

Charge for year

1,049

5,970

7,019

Eliminated on disposal

-

(1,557

)

(1,557

)

At 30 November 2017

3,958

42,222

46,180

NET BOOK VALUE

At 30 November 2017

17,019

27,620

44,639

At 30 November 2016

18,068

32,642

50,710

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 December 2016

and 30 November 2017

13,000

DEPRECIATION

At 1 December 2016

4,680

Charge for year

1,664

At 30 November 2017

6,344

NET BOOK VALUE

At 30 November 2017

6,656

At 30 November 2016

8,320

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Trade debtors

319,717

157,900

Prepayments

1,500

600

321,217

158,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.17

30.11.16

£

£

Hire purchase contracts

2,500

3,333

Trade creditors

188,114

68,840

Tax

38,283

29,998

Social security and other taxes

3,516

-

VAT

21,480

11,987

Other creditors

143

118

Directors' current accounts

429

121

Accrued expenses

675

620

255,140

115,017

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.17

30.11.16

£

£

Hire purchase contracts

-

2,500

9.	PROVISIONS FOR LIABILITIES

30.11.17

30.11.16

£

£

Deferred tax

Accelerated capital allowances

4,219

5,115

Deferred

tax

£

Balance at 1 December 2016

5,115

Credit to Statement of Comprehensive Income during year

(896

)

Balance at 30 November 2017

4,219