REGISTERED NUMBER: |
S W Rea & Co Ltd |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
S W Rea & Co Ltd |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
S W Rea & Co Ltd (Registered number: NI640065) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company information | 1 |
Statement of financial position | 2 |
Notes to the financial statements | 3 | to | 6 |
S W Rea & Co Ltd |
Company Information |
for the Year Ended 31 December 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Armagh Business Centre |
2 Loughgall Road |
Armagh |
BT61 7NH |
S W Rea & Co Ltd (Registered number: NI640065) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Property, plant and equipment | 5 |
Current assets |
Inventories | 6 |
Receivables | 7 |
Cash at bank |
Payables less than one year | 8 | ( |
) | ( |
) |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Payables more than one year | 9 | ( |
) | ( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
S W Rea & Co Ltd (Registered number: NI640065) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
S W Rea & Co Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Purchased goodwill arising on the acquisition of a business in 2016 represents the excess of acquisition cost over the fair value of the identifiable net assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of three years as estimated by the director. On disposal of a business, any goodwill not yet amortised is included in determining the profit or loss on sale of the business. |
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. |
Property, plant and equipment |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Property, plant and equipment under the cost model are stated at historical cost, less accumulated depreciation. 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. |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
S W Rea & Co Ltd (Registered number: NI640065) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Receivables |
Short term receivables 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. |
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. |
Payables |
Short term payables 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. |
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 the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position 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 Statement of Financial Position. |
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
Useful economic lives of intangible and tangible assets |
The annual depreciation and amortisation charges for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset. |
S W Rea & Co Ltd (Registered number: NI640065) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill | Contracts | Totals |
£ | £ | £ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Amortisation |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Property, plant and equipment |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Inventories |
2023 | 2022 |
£ | £ |
Inventories |
7. | Receivables less than one year |
2023 | 2022 |
£ | £ |
Trade receivables |
Other receivables |
S W Rea & Co Ltd (Registered number: NI640065) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | Payables less than one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade payables |
Taxation and social security |
Other payables |
9. | Payables more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
10. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 January 2023 |
Charge to Statement of income and retained earnings during year |
Balance at 31 December 2023 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | 1 | 1 | 1 |
12. | Director's advances, credits and guarantees |
The following loans between the company and a director subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |