Silverfin false false 30/06/2023 01/07/2022 30/06/2023 C D Hammond 10/06/2004 L J Hammond 21/11/2018 09 February 2024 The principal activity of the Company during the financial year was freight haulage. 05150159 2023-06-30 05150159 bus:Director1 2023-06-30 05150159 bus:Director2 2023-06-30 05150159 2022-06-30 05150159 core:CurrentFinancialInstruments 2023-06-30 05150159 core:CurrentFinancialInstruments 2022-06-30 05150159 core:Non-currentFinancialInstruments 2023-06-30 05150159 core:Non-currentFinancialInstruments 2022-06-30 05150159 core:ShareCapital 2023-06-30 05150159 core:ShareCapital 2022-06-30 05150159 core:RetainedEarningsAccumulatedLosses 2023-06-30 05150159 core:RetainedEarningsAccumulatedLosses 2022-06-30 05150159 core:Goodwill 2022-06-30 05150159 core:Goodwill 2023-06-30 05150159 core:LandBuildings 2022-06-30 05150159 core:LeaseholdImprovements 2022-06-30 05150159 core:PlantMachinery 2022-06-30 05150159 core:Vehicles 2022-06-30 05150159 core:FurnitureFittings 2022-06-30 05150159 core:LandBuildings 2023-06-30 05150159 core:LeaseholdImprovements 2023-06-30 05150159 core:PlantMachinery 2023-06-30 05150159 core:Vehicles 2023-06-30 05150159 core:FurnitureFittings 2023-06-30 05150159 2022-07-01 2023-06-30 05150159 bus:FilletedAccounts 2022-07-01 2023-06-30 05150159 bus:SmallEntities 2022-07-01 2023-06-30 05150159 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 05150159 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05150159 bus:Director1 2022-07-01 2023-06-30 05150159 bus:Director2 2022-07-01 2023-06-30 05150159 core:Goodwill core:TopRangeValue 2022-07-01 2023-06-30 05150159 core:Goodwill 2022-07-01 2023-06-30 05150159 core:LeaseholdImprovements core:TopRangeValue 2022-07-01 2023-06-30 05150159 core:PlantMachinery core:TopRangeValue 2022-07-01 2023-06-30 05150159 core:Vehicles core:TopRangeValue 2022-07-01 2023-06-30 05150159 core:FurnitureFittings core:TopRangeValue 2022-07-01 2023-06-30 05150159 2021-07-01 2022-06-30 05150159 core:LandBuildings 2022-07-01 2023-06-30 05150159 core:LeaseholdImprovements 2022-07-01 2023-06-30 05150159 core:PlantMachinery 2022-07-01 2023-06-30 05150159 core:Vehicles 2022-07-01 2023-06-30 05150159 core:FurnitureFittings 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Company No: 05150159 (England and Wales)

C & D SOUTH WEST LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

C & D SOUTH WEST LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

C & D SOUTH WEST LIMITED

BALANCE SHEET

As at 30 June 2023
C & D SOUTH WEST LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,253,424 959,639
1,253,424 959,639
Current assets
Stocks 3,500 3,000
Debtors 5 1,057,358 731,264
Cash at bank and in hand 737,047 540,597
1,797,905 1,274,861
Creditors: amounts falling due within one year 6 ( 1,244,745) ( 814,571)
Net current assets 553,160 460,290
Total assets less current liabilities 1,806,584 1,419,929
Creditors: amounts falling due after more than one year 7 ( 305,859) ( 289,256)
Provision for liabilities ( 106,288) ( 48,136)
Net assets 1,394,437 1,082,537
Capital and reserves
Called-up share capital 103 103
Profit and loss account 1,394,334 1,082,434
Total shareholders' funds 1,394,437 1,082,537

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 financial statements of C & D South West Limited (registered number: 05150159) were approved and authorised for issue by the Director on 09 February 2024. They were signed on its behalf by:

L J Hammond
Director
C & D SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
C & D SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

C & D South West Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kingfisher Works, Millfield Ind Estate, Chard, TA20 2BB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of haulage 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 10 years straight line
Plant and machinery 4 years straight line
Vehicles 5 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

Defined contribution pension obligation

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 payments obligations.

The contributions are recognised as an expense in the profit and loss account 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. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 44 43

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 1,000 1,000
At 30 June 2023 1,000 1,000
Accumulated amortisation
At 01 July 2022 1,000 1,000
At 30 June 2023 1,000 1,000
Net book value
At 30 June 2023 0 0
At 30 June 2022 0 0

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 July 2022 728,597 22,592 326,346 1,494,788 42,982 2,615,305
Additions 30,260 0 199,528 189,087 13,499 432,374
Disposals 0 0 ( 52,615) ( 193,964) 0 ( 246,579)
At 30 June 2023 758,857 22,592 473,259 1,489,911 56,481 2,801,100
Accumulated depreciation
At 01 July 2022 0 22,592 251,156 1,339,283 42,635 1,655,666
Charge for the financial year 10,092 0 50,221 71,310 347 131,970
Disposals 0 0 ( 45,996) ( 193,964) 0 ( 239,960)
At 30 June 2023 10,092 22,592 255,381 1,216,629 42,982 1,547,676
Net book value
At 30 June 2023 748,765 0 217,878 273,282 13,499 1,253,424
At 30 June 2022 728,597 0 75,190 155,505 347 959,639

5. Debtors

2023 2022
£ £
Trade debtors 962,609 591,925
Other debtors 94,749 139,339
1,057,358 731,264

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 100,000 12,719
Trade creditors 564,221 444,035
Taxation and social security 217,284 87,675
Obligations under finance leases and hire purchase contracts 81,526 46,600
Other creditors 281,714 223,542
1,244,745 814,571

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 150,000 287,281
Obligations under finance leases and hire purchase contracts 102,034 1,975
Other creditors 53,825 0
305,859 289,256

8. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £325,000 (2022 - £395,743). The company holds lease agreements in respect of commercial property and commercial vehicle rentals. At the balance sheet date, the amount due within one year was £50,000 (2022 - £70,743) and the amount due after one year was £275,000 (2022 - £325,000).

9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

C D & A J Hammond

At 1 July 2022, the balance owed by the director was £nil. During the year, £22,443 was advanced to the director, and £22,443 was repaid by the director. At 30 June 2023, the balance owed by the director was £nil.

At 1 July 2021, the balance owed by the director was £nil. During the year, £26,323 was advanced to the director, and £13,000 was repaid by the director. At 30 June 2022, the balance owed by the director was £nil.