Company registration number SC544860 (Scotland)
PWS CREW LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PWS CREW LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PWS CREW LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
67,202
73,891
Cash at bank and in hand
1,488
231
68,690
74,122
Creditors: amounts falling due within one year
4
(23,156)
(25,755)
Net current assets
45,534
48,367
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
45,434
48,267
Total equity
45,534
48,367
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2023 and are signed on its behalf by:
B BJERKE
B Bjerke
Director
Company Registration No. SC544860
PWS CREW LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
PWS Crew Limited is a private company limited by shares incorporated in Scotland. The registered office is Brathens Eco-Business Park, Glassel, Banchory, Scotland, AB31 4BW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company provide engineering and project management services for the group and the parent company and shareholders have provided confirmation that they will continue to provide financial support when required, in order for the company to continue to trade for the next 12 months and beyond. The group's largest customer contract concluded in early 2019, however the group have a number of opportunities in the pipeline which the director believe will provide an operating platform for future growth and for the company to continue as a going concern. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PWS CREW LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
67,202
73,891
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
20,856
23,255
Other creditors
2,300
2,500
23,156
25,755
5
Related party transactions
The company is a wholly owned subsidiary of Cyan Energy AS and has taken advantage of the exemption given by section 1AC.35 of Financial Reporting Standard 102, which allows exemption from disclosure of related party transactions with other group companies.
6
Controlling party
The company is a wholly owned subsidiary of Cyan Energy AS, a company registered in Norway.