Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true27false2022-04-01falseNo description of principal activity26The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04601171 2022-04-01 2023-03-31 04601171 2021-04-01 2022-03-31 04601171 2023-03-31 04601171 2022-03-31 04601171 c:CompanySecretary1 2022-04-01 2023-03-31 04601171 c:Director1 2022-04-01 2023-03-31 04601171 c:Director2 2022-04-01 2023-03-31 04601171 c:Director3 2022-04-01 2023-03-31 04601171 c:Director3 2023-03-31 04601171 c:Director4 2022-04-01 2023-03-31 04601171 c:Director4 2023-03-31 04601171 c:RegisteredOffice 2022-04-01 2023-03-31 04601171 d:Buildings 2022-04-01 2023-03-31 04601171 d:Buildings 2023-03-31 04601171 d:Buildings 2022-03-31 04601171 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04601171 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 04601171 d:Buildings d:LongLeaseholdAssets 2023-03-31 04601171 d:Buildings d:LongLeaseholdAssets 2022-03-31 04601171 d:PlantMachinery 2022-04-01 2023-03-31 04601171 d:PlantMachinery 2023-03-31 04601171 d:PlantMachinery 2022-03-31 04601171 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04601171 d:MotorVehicles 2022-04-01 2023-03-31 04601171 d:MotorVehicles 2023-03-31 04601171 d:MotorVehicles 2022-03-31 04601171 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04601171 d:FurnitureFittings 2022-04-01 2023-03-31 04601171 d:FurnitureFittings 2023-03-31 04601171 d:FurnitureFittings 2022-03-31 04601171 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04601171 d:ComputerEquipment 2022-04-01 2023-03-31 04601171 d:ComputerEquipment 2023-03-31 04601171 d:ComputerEquipment 2022-03-31 04601171 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04601171 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04601171 d:Goodwill 2022-04-01 2023-03-31 04601171 d:Goodwill 2023-03-31 04601171 d:Goodwill 2022-03-31 04601171 d:CurrentFinancialInstruments 2023-03-31 04601171 d:CurrentFinancialInstruments 2022-03-31 04601171 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04601171 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04601171 d:ShareCapital 2023-03-31 04601171 d:ShareCapital 2022-03-31 04601171 d:CapitalRedemptionReserve 2023-03-31 04601171 d:CapitalRedemptionReserve 2022-03-31 04601171 d:RetainedEarningsAccumulatedLosses 2023-03-31 04601171 d:RetainedEarningsAccumulatedLosses 2022-03-31 04601171 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04601171 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 04601171 c:FRS102 2022-04-01 2023-03-31 04601171 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04601171 c:FullAccounts 2022-04-01 2023-03-31 04601171 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04601171 2 2022-04-01 2023-03-31 04601171 d:Goodwill d:OwnedIntangibleAssets 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 04601171









SOUTH WEST GEOTECHNICAL LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023














 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
COMPANY INFORMATION


Directors
H Forrow 
N Forrow 
P Barry (appointed 31 July 2023)
D Harrison (appointed 31 July 2023)




Company secretary
T Gray (appointed 31 July 2023)



Registered number
04601171



Registered office
Unit 3 Brooklands
Howden Road

Tiverton

Devon

EX16 5HW




Accountants
Griffin
Chartered Accountants

Courtenay House

Pynes Hill

Exeter

EX2 5AZ





 
SOUTH WEST GEOTECHNICAL LIMITED
 

CONTENTS



Page
Directors' report
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 13


 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors

The directors who served during the year were:

H Forrow 
N Forrow 

Page 1

 
SOUTH WEST GEOTECHNICAL LIMITED
REGISTERED NUMBER:04601171

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
18,000

Tangible assets
 5 
251,442
382,727

  
251,442
400,727

Current assets
  

Debtors: amounts falling due within one year
 6 
772,847
389,322

Cash at bank and in hand
  
1,097,604
666,610

  
1,870,451
1,055,932

Creditors: amounts falling due within one year
 7 
(393,702)
(327,052)

Net current assets
  
 
 
1,476,749
 
 
728,880

Total assets less current liabilities
  
1,728,191
1,129,607

Provisions for liabilities
  

Deferred tax
 8 
(60,924)
(53,021)

  
 
 
(60,924)
 
 
(53,021)

Net assets
  
1,667,267
1,076,586


Capital and reserves
  

Called up share capital 
  
500
500

Capital redemption reserve
  
500
500

Profit and loss account
  
1,666,267
1,075,586

  
1,667,267
1,076,586


Page 2

 
SOUTH WEST GEOTECHNICAL LIMITED
REGISTERED NUMBER:04601171
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2023.




N Forrow
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

South West Geotechnical Limited is a private company, limited by shares, domiciled in England. The registered office is Unit 3 Brooklands, Howden Road, Tiverton, Devon, EX16 5HW. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

We confirm that, having considered our expectations and intentions for the next twelve months, and the availability of working capital, the company is a going concern.  

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight line and reducing balance methods..

Depreciation is provided on the following basis:

Freehold property
-
£Nil
Long-term leasehold property
-
5 years straight line
Plant and machinery
-
3/4/10/15/20 years straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 7

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 8

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are 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 income and retained earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 27 (2022 - 26).

Page 9

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2022
90,000



At 31 March 2023

90,000



Amortisation


At 1 April 2022
72,000


Charge for the year on owned assets
18,000



At 31 March 2023

90,000



Net book value



At 31 March 2023
-



At 31 March 2022
18,000



Page 10

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 April 2022
25,018
103,680
262,480
204,808
19,268
21,029
636,283


Additions
-
-
4,018
14,999
1,795
-
20,812


Disposals
(25,018)
(88,014)
-
-
-
-
(113,032)



At 31 March 2023

-
15,666
266,498
219,807
21,063
21,029
544,063



Depreciation


At 1 April 2022
-
32,009
78,754
109,081
14,497
19,215
253,556


Charge for the year on owned assets
-
268
25,249
27,682
2,443
1,026
56,668


Disposals
-
(17,603)
-
-
-
-
(17,603)



At 31 March 2023

-
14,674
104,003
136,763
16,940
20,241
292,621



Net book value



At 31 March 2023
-
992
162,495
83,044
4,123
788
251,442



At 31 March 2022
25,018
71,671
183,726
95,727
4,771
1,814
382,727


6.


Debtors

2023
2022
£
£


Trade debtors
398,293
340,092

Other debtors
132,263
18,342

Prepayments and accrued income
18,765
30,888

Amounts recoverable on long-term contracts
223,526
-

772,847
389,322


Page 11

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
44,343
4,606

Corporation tax
185,314
134,945

Other taxation and social security
159,447
181,270

Other creditors
2,348
3,431

Accruals and deferred income
2,250
2,800

393,702
327,052



8.


Deferred taxation




2023


£






At beginning of year
(53,021)


Charged to profit or loss
(7,903)



At end of year
(60,924)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(60,924)
(53,021)

(60,924)
(53,021)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £93,020 (2022 - £92,054) contributions totalling £2,288 (2022 - £2,272) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

 
SOUTH WEST GEOTECHNICAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Related party transactions

As at the balance sheet date the company was owed £100,000 from South West Geotechnical Pension Scheme and this amount is included in other debtors. Both directors are beneficiaries of South West Geotechnical Pension Scheme. This amount was repaid, plus interest, post year end.  

 
Page 13