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Registration number: 03436699

W Sweeting & Sons Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

W Sweeting & Sons Limited

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

W Sweeting & Sons Limited

Company Information

Directors

Mr Richard William Sweeting

Mr Frederick William Sweeting

Mr Anthony Sweeting

Company secretary

Mr Frederick William Sweeting

Registered office

Washbrook Hill Road
Sandford
North Somerset
BS25 5RJ

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

W Sweeting & Sons Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

1,671,199

1,593,061

Cost of sales

 

(1,311,371)

(1,306,146)

Gross profit

 

359,828

286,915

Administrative expenses

 

(173,683)

(117,910)

Operating profit

 

186,145

169,005

Other interest receivable and similar income

 

1,710

67

Interest payable and similar charges

 

(7,410)

(4,125)

 

(5,700)

(4,058)

Profit before tax

180,445

164,947

Taxation

 

(34,268)

(31,797)

Profit for the financial year

 

146,177

133,150

Retained earnings brought forward

 

1,354,764

1,269,614

Dividends paid

 

(48,900)

(48,000)

Retained earnings carried forward

 

1,452,041

1,354,764

 

W Sweeting & Sons Limited

(Registration number: 03436699)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

795,706

662,729

Current assets

   

Stocks

5

15,563

 

36,604

Debtors

6

403,257

 

314,632

Cash at bank and in hand

 

700,501

 

682,419

 

1,119,321

 

1,033,655

Creditors: Amounts falling due within one year

7

(271,127)

 

(215,636)

Net current assets

   

848,194

818,019

Total assets less current liabilities

   

1,643,900

1,480,748

Creditors: Amounts falling due after more than one year

7

 

(50,364)

(9,755)

Provisions for liabilities

 

(141,395)

(116,129)

Net assets

   

1,452,141

1,354,864

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

1,452,041

 

1,354,764

Total equity

   

1,452,141

1,354,864

 

W Sweeting & Sons Limited

(Registration number: 03436699)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 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 year 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 December 2023 and signed on its behalf by:
 

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

Mr Richard William Sweeting
Director

 

W Sweeting & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Washbrook Hill Road
Sandford
North Somerset
BS25 5RJ

These financial statements were authorised for issue by the Board on 1 December 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 and deferred 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.

 

W Sweeting & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Motor Vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Plant and machinery

25% reducing balance

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.

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.

 

W Sweeting & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

W Sweeting & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 16).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

51,523

5,092

30,998

1,217,550

 

Additions

-

-

-

433,968

 

Disposals

-

-

-

(272,293)

 

At 30 June 2023

51,523

5,092

30,998

1,379,225

 

Depreciation

At 1 July 2022

-

3,595

27,467

611,372

 

Charge for the year

-

341

803

160,490

 

Eliminated on disposal

-

-

-

(132,936)

 

At 30 June 2023

-

3,936

28,270

638,926

 

Carrying amount

At 30 June 2023

51,523

1,156

2,728

740,299

 

At 30 June 2022

51,523

1,497

3,531

606,178

 

 

W Sweeting & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Total
£

Cost or valuation

At 1 July 2022

 

1,305,163

Additions

 

433,968

Disposals

 

(272,293)

At 30 June 2023

 

1,466,838

Depreciation

At 1 July 2022

 

642,434

Charge for the year

 

161,634

Eliminated on disposal

 

(132,936)

At 30 June 2023

 

671,132

Carrying amount

At 30 June 2023

 

795,706

At 30 June 2022

 

662,729

Included within the net book value of land and buildings above is £51,523 (2022 - £51,523) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

13,063

2,500

Other inventories

2,500

34,104

15,563

36,604

6

Debtors

Current

2023
£

2022
£

Trade debtors

396,718

303,368

Prepayments

6,539

6,264

Other debtors

-

5,000

 

403,257

314,632

 

W Sweeting & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

112,005

60,683

Trade creditors

 

63,691

56,371

Taxation and social security

 

60,020

74,892

Accruals and deferred income

 

1,719

2,444

Other creditors

 

33,692

21,246

 

271,127

215,636

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

50,364

9,755

8

Related party transactions

The company was under the control of Mr F Sweeting, a director, and members of his close family throughout the current and previous year. Mr F Sweeting is personally interested in 40% (2021 - 40%) of the company's share capital. In addition, his sons Mr R Sweeting and Mr A Sweeting, are personally interested in 30% each (2021 - 30% each) of the company's issued share capital.

During the year the company paid rent to Mr F Sweeting amounting to £10,400 (2022 - £10,600).

During the year the directors Mr R Sweeting & Mr A Sweeting maintained an interest free joint loan account with the company, as at the year end the balance stood at £33,692 (2022 - £20,116).

There were no other transactions with related parties were undertaken such as are required to be disclosed under the FRS 102.