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REGISTERED NUMBER: 08911806 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

South West Removals & Storage Ltd

South West Removals & Storage Ltd (Registered number: 08911806)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2022




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


South West Removals & Storage Ltd

COMPANY INFORMATION
for the year ended 31 March 2022







Directors: J Day
Mrs K Day





Registered office: Abacus House
129 North Hill
Plymouth
Devon
PL4 8JY





Business address: Unit 4 Joshua Park, 1 Bell Close
Plympton
Plymouth
Devon
PL7 4FF





Registered number: 08911806 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

South West Removals & Storage Ltd (Registered number: 08911806)

BALANCE SHEET
31 March 2022

2022 2021
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 551,887 572,665
551,887 572,665

Current assets
Debtors 6 8,928 17,476
Cash at bank and in hand 32,612 48,824
41,540 66,300
Creditors
Amounts falling due within one year 7 163,702 158,311
Net current liabilities (122,162 ) (92,011 )
Total assets less current liabilities 429,725 480,654

Creditors
Amounts falling due after more than
one year

8

(347,634

)

(364,038

)

Provisions for liabilities 10 (19,000 ) (20,600 )
Net assets 63,091 96,016

Capital and reserves
Called up share capital 11 100 100
Retained earnings 62,991 95,916
Shareholders' funds 63,091 96,016

South West Removals & Storage Ltd (Registered number: 08911806)

BALANCE SHEET - continued
31 March 2022


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2022 and were signed on its behalf by:





Mrs K Day - Director


South West Removals & Storage Ltd (Registered number: 08911806)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2022

1. STATUTORY INFORMATION

South West Removals & Storage Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, business address and registered office address can be found on the company information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable in respect of services provided, net of value added tax. Turnover for removal services is recognised upon completion of the move. Rental of storage space is recognised in the period to which the rental income relates, adjusting for amounts in advance or arrears at the balance sheet date.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years and was fully amortised by 31st March 2021.

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 estimated useful life.

Property- Straight line over 50 years
Equipment- 15% on reducing balance
Motor vehicles- 25% on reducing balance
Land- No depreciation
Leased vehicles- Straight line over primary lease period

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 balance sheet date.


South West Removals & Storage Ltd (Registered number: 08911806)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2021 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2021
and 31 March 2022 10,000
Amortisation
At 1 April 2021
and 31 March 2022 10,000
Net book value
At 31 March 2022 -
At 31 March 2021 -

South West Removals & Storage Ltd (Registered number: 08911806)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

5. TANGIBLE FIXED ASSETS
Motor
Property Equipment vehicles Totals
£    £    £    £   
Cost
At 1 April 2021 547,890 14,302 66,603 628,795
Additions - 349 - 349
At 31 March 2022 547,890 14,651 66,603 629,144
Depreciation
At 1 April 2021 21,606 6,819 27,705 56,130
Charge for year 8,958 1,086 11,083 21,127
At 31 March 2022 30,564 7,905 38,788 77,257
Net book value
At 31 March 2022 517,326 6,746 27,815 551,887
At 31 March 2021 526,284 7,483 38,898 572,665

Included in cost of land and buildings is land of £100,000 (2021 - £100,000) which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 7,239 16,002
Other debtors 1,689 1,474
8,928 17,476

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 15,985 11,536
Finance leases 3,937 3,937
Taxation and social security 27,925 35,020
Other creditors 115,855 107,818
163,702 158,311

South West Removals & Storage Ltd (Registered number: 08911806)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans 331,561 344,029
Finance leases 16,073 20,009
347,634 364,038

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 284,561 295,429

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdraft 3,449 -
Bank loans 344,097 355,565
Finance leases 20,010 23,946
367,556 379,511

The bank borrowing is secured by way of a fixed charge over the company property and the finance leases are secured against the relevant assets.

10. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 19,000 20,600

Deferred
tax
£   
Balance at 1 April 2021 20,600
Provided during year (1,600 )
Balance at 31 March 2022 19,000

South West Removals & Storage Ltd (Registered number: 08911806)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2022

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

12. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the following amount to related parties who are both directors and shareholders of the company:

Mr J and Mrs K Day £112,348

Interest of £3,900 (2021 - £3,900) was paid on the above amount by the company.

13. ULTIMATE CONTROLLING PARTY

The company is ultimately controlled by the directors.