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REGISTERED NUMBER: 04735931 (England and Wales)















South West Garage Doors Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024






South West Garage Doors Limited (Registered number: 04735931)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


South West Garage Doors Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mr J M Burtenshaw



REGISTERED OFFICE: Units 5A & 5B
Water-Ma-Trout Industrial Estate
Helston
Cornwall
TR13 0LW



REGISTERED NUMBER: 04735931 (England and Wales)



ACCOUNTANTS: BK Plus Limited
Lakeside Offices
The Old Cattle Market
Coronation Park
Helston
Cornwall
TR13 0SR



BANKERS: Lloyds Bank
1 Market Place
Helston
Cornwall
TR13 8SU

South West Garage Doors Limited (Registered number: 04735931)

Balance Sheet
31 January 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 207,608 152,487
207,608 152,487

CURRENT ASSETS
Stocks 144,254 172,634
Debtors 6 313,550 350,917
Cash at bank 152,185 196,310
609,989 719,861
CREDITORS
Amounts falling due within one year 7 405,672 460,864
NET CURRENT ASSETS 204,317 258,997
TOTAL ASSETS LESS CURRENT LIABILITIES 411,925 411,484

CREDITORS
Amounts falling due after more than one
year

8

(65,437

)

(61,614

)

PROVISIONS FOR LIABILITIES (51,902 ) (38,122 )
NET ASSETS 294,586 311,748

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 294,486 311,648
SHAREHOLDERS' FUNDS 294,586 311,748

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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.

South West Garage Doors Limited (Registered number: 04735931)

Balance Sheet - continued
31 January 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 16 August 2024 and were signed by:





Mr J M Burtenshaw - Director


South West Garage Doors Limited (Registered number: 04735931)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

South West Garage Doors Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Website Design - 33% on cost
Improvement to leasehold property - 15% on cost
Tools & equipment - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office furn & equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value [with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method].

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 balance sheet date.


South West Garage Doors Limited (Registered number: 04735931)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. At the year end the amount owed to the pension scheme was £2,793 (2022, £9,089).

Goodwill
Goodwill being the amount paid in connection with the acquisition of a business in 2015, has been fully amortised evenly over its estimated useful life of five years.

Government grant
Government grants are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Other forms of Government assistance from which the company has benefited are disclosed in the notes to the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 17 ) .

South West Garage Doors Limited (Registered number: 04735931)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 February 2023
and 31 January 2024 30,000
AMORTISATION
At 1 February 2023
and 31 January 2024 30,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Improvement
to
Website leasehold Tools &
Design property equipment
£ £ £
COST
At 1 February 2023 18,000 3,000 9,572
Additions - - 2,121
Disposals - - -
At 31 January 2024 18,000 3,000 11,693
DEPRECIATION
At 1 February 2023 18,000 3,000 6,745
Charge for year - - 742
Eliminated on disposal - - -
At 31 January 2024 18,000 3,000 7,487
NET BOOK VALUE
At 31 January 2024 - - 4,206
At 31 January 2023 - - 2,827

South West Garage Doors Limited (Registered number: 04735931)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Office furn
fittings vehicles & equipment Totals
£ £ £ £
COST
At 1 February 2023 11,124 261,563 46,641 349,900
Additions - 109,238 8,273 119,632
Disposals - (9,950 ) - (9,950 )
At 31 January 2024 11,124 360,851 54,914 459,582
DEPRECIATION
At 1 February 2023 9,211 141,337 19,120 197,413
Charge for year 287 57,117 5,369 63,515
Eliminated on disposal - (8,954 ) - (8,954 )
At 31 January 2024 9,498 189,500 24,489 251,974
NET BOOK VALUE
At 31 January 2024 1,626 171,351 30,425 207,608
At 31 January 2023 1,913 120,226 27,521 152,487

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 February 2023 193,023
Additions 109,238
At 31 January 2024 302,261
DEPRECIATION
At 1 February 2023 100,428
Charge for year 50,458
At 31 January 2024 150,886
NET BOOK VALUE
At 31 January 2024 151,375
At 31 January 2023 92,595

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 287,980 331,009
Other debtors 25,570 19,908
313,550 350,917

South West Garage Doors Limited (Registered number: 04735931)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 9) 53,236 38,551
Trade creditors 261,213 322,233
Taxation and social security 52,240 61,180
Other creditors 38,983 38,900
405,672 460,864

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 9) 52,025 38,188
Other creditors 13,412 23,426
65,437 61,614

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 53,236 38,551
Between one and five years 52,025 38,188
105,261 76,739

Non-cancellable
operating leases
2024 2023
£ £
Within one year 45,093 27,977
Between one and five years 45,125 17,348
90,218 45,325