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Registration number: 13215791

B Swales Groundworks and Developments Limited

Annual Report and Unaudited Financial Statements

for the Period from 22 February 2021 to 31 December 2021

 

B Swales Groundworks and Developments Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

B Swales Groundworks and Developments Limited

Company Information

Directors

Mr Brian Stanley Swales

Ms Rachel Michelle Swales

Registered office

31 Hawthorn Grove
Moyola House
York
Yorkshire
YO31 7YA

Accountants

Minford Chartered Accountants
Moyola House
31 Hawthorne Grove
York
North Yorkshire
YO31 7YA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
B Swales Groundworks and Developments Limited
for the Period Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of B Swales Groundworks and Developments Limited for the period ended 31 December 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of B Swales Groundworks and Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of B Swales Groundworks and Developments Limited and state those matters that we have agreed to state to the Board of Directors of B Swales Groundworks and Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B Swales Groundworks and Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that B Swales Groundworks and Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of B Swales Groundworks and Developments Limited. You consider that B Swales Groundworks and Developments Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of B Swales Groundworks and Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Minford Chartered Accountants
Moyola House
31 Hawthorne Grove
York
North Yorkshire
YO31 7YA

8 July 2022

 

B Swales Groundworks and Developments Limited

(Registration number: 13215791)
Balance Sheet as at 31 December 2021

Note

2021
£

Fixed assets

 

Intangible assets

4

176,359

Tangible assets

5

32,731

 

209,090

Current assets

 

Stocks

6

76,242

Debtors

7

63,095

Cash at bank and in hand

 

95,902

 

235,239

Creditors: Amounts falling due within one year

8

(440,999)

Net current liabilities

 

(205,760)

Net assets

 

3,330

Capital and reserves

 

Called up share capital

9

300

Profit and loss account

3,030

Shareholders' funds

 

3,330

For the financial period ending 31 December 2021 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 accounts for the period in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 July 2022 and signed on its behalf by:
 

 

B Swales Groundworks and Developments Limited

(Registration number: 13215791)
Balance Sheet as at 31 December 2021

.........................................

Mr Brian Stanley Swales
Director

 

B Swales Groundworks and Developments Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2021 to 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
31 Hawthorn Grove
Moyola House
York
Yorkshire
YO31 7YA

These financial statements were authorised for issue by the Board on 8 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

B Swales Groundworks and Developments Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2021 to 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

18%RB

Motor Vehicles

18%RB

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10%SL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

B Swales Groundworks and Developments Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2021 to 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6.

 

B Swales Groundworks and Developments Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2021 to 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

195,955

195,955

At 31 December 2021

195,955

195,955

Amortisation

Amortisation charge

19,596

19,596

At 31 December 2021

19,596

19,596

Carrying amount

At 31 December 2021

176,359

176,359

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

Additions

2,804

37,112

39,916

At 31 December 2021

2,804

37,112

39,916

Depreciation

Charge for the period

505

6,680

7,185

At 31 December 2021

505

6,680

7,185

Carrying amount

At 31 December 2021

2,299

30,432

32,731

6

Stocks

2021
£

Work in progress

74,642

Other inventories

1,600

76,242

 

B Swales Groundworks and Developments Limited

Notes to the Unaudited Financial Statements for the Period from 22 February 2021 to 31 December 2021

7

Debtors

2021
£

Trade debtors

63,095

63,095

8

Creditors

Creditors: amounts falling due within one year

2021
£

Due within one year

Trade creditors

85,036

Taxation and social security

32,598

Accruals and deferred income

1,500

Other creditors

321,865

440,999

9

Share capital

Allotted, called up and fully paid shares

 

2021

 

No.

£

Ordinary shares of £1 each

300

300