REGISTERED NUMBER: SC112898 (Scotland) |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 31 July 2023 |
for |
SW Global Resourcing Limited |
REGISTERED NUMBER: SC112898 (Scotland) |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 31 July 2023 |
for |
SW Global Resourcing Limited |
SW Global Resourcing Limited (Registered number: SC112898) |
Contents of the Financial Statements |
For The Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
SW Global Resourcing Limited |
Company Information |
For The Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
SW Global Resourcing Limited (Registered number: SC112898) |
Strategic Report |
For The Year Ended 31 July 2023 |
The directors present their strategic report for the year ended 31 July 2023. |
REVIEW OF BUSINESS |
The year to 31st July 2023 has seen the best financial performance in several years, the significant turnaround in fortune can be attributed to improved client engagement, price modelling and adoption of digitalisation. However, whilst this is welcome news, areas that have had a material drag on performance was firstly, periods of slow sales caused by Industrial action within the Railway Network through the first half of the year. Secondly, the wider UK environment of high inflation / Inflated wage demands. Combined, these factors blunted the company's financial performance and its ability to improve margins. The company where possible has taken mitigating measures in managing costs on existing contracts and then taken a prudent view of the inflation curve when quoting for medium to long term contracts whilst remaining market competitive. |
As a result of these factors, turnover in the year increased by less than expected at 33.4%. Gross margin increased slightly to 20.96% from 20.31%, contributing to an operating profit before tax for the year of £292,631. The company has thus improved its positive net position reversing the movement caused by the Loss from the prior year. |
The company prides itself on its safety record, staff training, assessment and development. Our dedicated HSQE and HR departments work in tandem with our operational managers to ensure that our policies and procedures are carried out faithfully, ensure fairness and equitable treatment for all staff, workers, suppliers and clients. In addition, we continue to be highly regarded by various industry bodies such as BSI, Sentinel, RICA, RISQS, Constructionline, CIRCA and have been nominated for many awards during the year. |
KEY PERFORMANCE INDICATORS (KPI's) |
Financial KPI's |
The directors use Financial Key Performance Indicators to measure and monitor sales levels, gross margins, overheads and net profitability. |
2023 | 2022 |
Growth in turnover | 33.40% | 4.6% |
Gross profit percentage | 20.96% | 20.31% |
For the period under review, each indicator is reviewed against target, analysis is subsequently performed for each of the profit centres within the company. The KPls are reviewed by the Board monthly using a traffic light system. In the result of any underperformance being flagged , it is discussed within the management team, and corrective action taken without delay. The KPI's assessed during the year were largely in line with management expectations. Where a negative trend started to develop corrective action was undertaken. |
Non-Financial KPIs |
The company measures and monitors its performance by means of KPI's which are set annually. The most important measure in place is the safety and well-being of our employees who are the most important asset. In order to achieve this, a target of "Zero Injury or Harm" is set. This is monitored and measured throughout the year by our dedicated HSQE Department. In relation to our Corporate and Social Responsibility. Each year the business strives to reduce its Carbon Foot-Print, measuring its output every month against set targets, including but not limited to fuel usage, energy consumed, and waste produced. The business continues to strive towards net zero. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Financial Risk Management |
The company monitors working capital management strictly. Financial risk is largely negated due to the net worth and financial viability of the company. |
The company's principal financial instruments comprise cash and borrowing. |
The company has various other financial instrument such as trade debtors and creditors that arise directly from its trading operations. |
The main risks arising from the company's financial instruments are with liquidity and credit. The company has clear policies for managing these risks as summarised below. |
SW Global Resourcing Limited (Registered number: SC112898) |
Strategic Report |
For The Year Ended 31 July 2023 |
Liquidity Risk |
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Investment levels and cash flows are carefully controlled, with authorisation limits operating at different levels up to company board level. |
Credit Risk |
Risk of financial loss due to a counterpart's failure to honour its obligations arises principally in relation to transactions where the group provides goods or services on deferred credit terms. Company policies are aligned at minimising such losses, and require that deferred credit terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. |
Cash Flow Risk |
The company finances ongoing activities and capital expenditure through a combination of retained profits and bank borrowings. The company operates a strict regime of working capital management to mitigate cash flow risk. Detailed financial planning and regular monitoring of cash flow are used to manage the facilities and maintain the company's adherence with repayment schedules. |
Competitive Risk Assessment |
The company operates in a competitive environment; however, the director believes that the company through continued focus on cost reduction and continued investment in new products is well placed to continue developing its market share. |
FUTURE PROSPECTS |
Whilst SWGR is the largest provider of professional protection staff to the Railway within the UK by Geographical coverage, its AIM over the next five years is to become the largest by number of protections placed and support staff provided. The boards aspirations are aligned with its strong safety record, culture and commitment to modernising and professionalising the segment of the industry. |
ON BEHALF OF THE BOARD: |
SW Global Resourcing Limited (Registered number: SC112898) |
Report of the Directors |
For The Year Ended 31 July 2023 |
The directors present their report with the financial statements of the company for the year ended 31 July 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 July 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Robb Ferguson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
SW Global Resourcing Limited |
Opinion |
We have audited the financial statements of SW Global Resourcing Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
SW Global Resourcing Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
SW Global Resourcing Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102 |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations |
Audit response to risks identified |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Enquiring of management as to actual and potential litigation and claims; and |
- Requesting correspondence with HMRC and Companies House. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
SW Global Resourcing Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
SW Global Resourcing Limited (Registered number: SC112898) |
Statement of Comprehensive |
Income |
For The Year Ended 31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
265,609 | (311,071 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest payable and similar expenses | 6 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 7 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR |
( |
) |
SW Global Resourcing Limited (Registered number: SC112898) |
Statement of Financial Position |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SW Global Resourcing Limited (Registered number: SC112898) |
Statement of Changes in Equity |
For The Year Ended 31 July 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 August 2021 |
Changes in equity |
Total comprehensive loss | - | ( |
) | ( |
) |
Balance at 31 July 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 July 2023 |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements |
For The Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
SW Global Resourcing Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Critical judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on the financial statements. |
Accruals |
As part of the month and year end process, management are required to estimate requirements for accruals. These estimates are arrived at based on their knowledge of the business coupled with post year end information identifying expenses incurred relating to the previous financial period. |
Stock |
In arriving at the valuation of stock it may be necessary for management to make an assessment of over the carrying value of stock items and where applicable apply a provision to amend this carrying value to a more accurate level. These provisions are arrived at using management's knowledge and understanding of the business and the industry in which it operates and focuses on potentially obsolete or old items for which the full value may no longer be recoverable. |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover 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 and value added tax. The following criteria must also be met before revenue is recognised: |
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. |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Geographical split of turnover |
All turnover is derived from the principal activity of the company in the United Kingdom. |
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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Office equipment | - |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there 1s a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity investment is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments arc subsequently carried at amortised cost, using the effective interest rate method. |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
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. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs arc |
required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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 current liabilities. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
3. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Security | 3 | 3 |
Admin | 18 | 17 |
Service | 85 | 116 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Plant hire and maintenance |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Computer software amortisation |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax |
Tax on profit/(loss) | ( |
) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Deferred tax | 48,917 | - |
Total tax charge/(credit) | 65,778 | (12,767 | ) |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
8. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 August 2022 |
and 31 July 2023 |
AMORTISATION |
At 1 August 2022 |
Amortisation for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 7,182 | - |
Prepayments and accrued income |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 308,695 | 315,275 |
Directors' current accounts | - | 22,108 |
Accruals and deferred income |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
Clydesdale Bank Plc hold a standard security over the property and a floating charge over the assets present and future of the company. |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 48,917 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 31 July 2023 |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 August 2022 |
Profit for the year |
At 31 July 2023 |
19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
20. | RELATED PARTY DISCLOSURES |
The company has taken the exemption available in the Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") not to disclose transactions with group companies that are included in the consolidated accounts of the company's parent undertaking, Scotweld Group Services Limited. |
During the year, the company made sales of £9,821 (2022: £557) to companies under common directorship. In the same year, the entity made purchases of £409,885 (2022: £215,467) from the same companies. At the year end, these companies owed SW Global Resourcing Limited £5,329 (2022: £685). At the year end SW Global Resourcing Limited owed £30,143 (2022: £13,532) to these companies. These amounts are considered at arms length. |
At the year end, the company owed £nil (2022: £22,108) to one of it's directors. At the year end the company was owed £7,182 (2022: £nil) from it's directors. |
During the year, there were no compensations made to key management personnel other than directors. |
SW Global Resourcing Limited (Registered number: SC112898) |
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2023 |
21. | ULTIMATE CONTROLLING PARTY |
The company is ultimately owned and controlled by Scoweld Group Services Limited. The registered office is 270 Petershill Road, Glasgow, Scotland, G21 4AY |