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COMPANY REGISTRATION NUMBER: 05296440
SRT (South West) Limited
Filleted Unaudited Financial Statements
30 November 2023
SRT (South West) Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,860,010
2,370,682
Current assets
Stocks
1,070,301
1,077,292
Debtors
6
385,209
108,819
Cash at bank and in hand
442,299
132,463
------------
------------
1,897,809
1,318,574
Creditors: amounts falling due within one year
7
897,405
926,014
------------
------------
Net current assets
1,000,404
392,560
------------
------------
Total assets less current liabilities
2,860,414
2,763,242
Creditors: amounts falling due after more than one year
8
57,519
67,188
------------
------------
Net assets
2,802,895
2,696,054
------------
------------
SRT (South West) Limited
Statement of Financial Position (continued)
30 November 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
3
3
Profit and loss account
2,802,892
2,696,051
------------
------------
Shareholders funds
2,802,895
2,696,054
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 August 2024 , and are signed on behalf of the board by:
Mr M W Edwards
Director
Company registration number: 05296440
SRT (South West) Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chartfield House, Castle Street, Taunton, Somerset, TA1 4AS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Motor Vehicles
-
15% reducing balance
Office Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks represent property and land acquired during the current period, not yet sold. It is valued to take into account both materials purchased and current market value as at the period end.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Office Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
2,367,412
1,169
15,689
797
2,385,067
Disposals
( 509,015)
( 11,639)
( 520,654)
------------
-------
--------
----
------------
At 30 November 2023
1,858,397
1,169
4,050
797
1,864,413
------------
-------
--------
----
------------
Depreciation
At 1 December 2022
1,106
12,526
753
14,385
Charge for the year
10
270
11
291
Disposals
( 10,273)
( 10,273)
------------
-------
--------
----
------------
At 30 November 2023
1,116
2,523
764
4,403
------------
-------
--------
----
------------
Carrying amount
At 30 November 2023
1,858,397
53
1,527
33
1,860,010
------------
-------
--------
----
------------
At 30 November 2022
2,367,412
63
3,163
44
2,370,682
------------
-------
--------
----
------------
6. Debtors
2023
2022
£
£
Trade debtors
19,131
18,701
Other debtors
366,078
90,118
---------
---------
385,209
108,819
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,606
14,460
Trade creditors
2,923
3,165
Corporation tax
84,372
67,732
Social security and other taxes
24,789
8,709
Rent deposits repayable
1,275
1,275
Other creditors
771,440
830,673
---------
---------
897,405
926,014
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
57,519
67,188
--------
--------
9. Directors' advances, credits and guarantees
There were movements during the year in the directors loan account, leaving a balance owed to him as included in other creditors of £446,708.
10. Related party transactions
Included in Other Creditors is a balance of £322,777 (2022 £323,215) owing to Somerset Restoration Trust, of which the directors are beneficiaries.