Registered number
05121179
Swinton Discount Warehouse Limited
Filleted Accounts
31 December 2023
Swinton Discount Warehouse Limited
Registered number: 05121179
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 81,557 89,630
Current assets
Stocks 9,777 10,898
Debtors 5 134,328 95,848
Cash at bank and in hand 842,500 829,535
986,605 936,281
Creditors: amounts falling due within one year 6 (53,680) (55,340)
Net current assets 932,925 880,941
Total assets less current liabilities 1,014,482 970,571
Provisions for liabilities (5,416) (6,950)
Net assets 1,009,066 963,621
Capital and reserves
Called up share capital 102 102
Profit and loss account 1,008,964 963,519
Shareholders' funds 1,009,066 963,621
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Raymond Taylor
Director
Approved by the board on 21 August 2024
Swinton Discount Warehouse Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 30,000
At 31 December 2023 30,000
Amortisation
At 1 January 2023 30,000
At 31 December 2023 30,000
Net book value
At 31 December 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 53,050 56,888 60,598 170,536
Additions - 578 - 578
At 31 December 2023 53,050 57,466 60,598 171,114
Depreciation
At 1 January 2023 - 51,078 29,828 80,906
Charge for the year - 958 7,693 8,651
At 31 December 2023 - 52,036 37,521 89,557
Net book value
At 31 December 2023 53,050 5,430 23,077 81,557
At 31 December 2022 53,050 5,810 30,770 89,630
5 Debtors 2023 2022
£ £
Trade debtors 105 -
Other debtors 134,223 95,848
134,328 95,848
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 5,546 5,218
Corporation tax 32,041 29,404
Other taxes and social security costs 9,693 14,255
Other creditors 6,400 6,463
53,680 55,340
7 Related party transactions 2023 2022
£ £
Directors' Loan Account
The director is a related party to the company
At 31st December, the company owed the related party the following
interest-free, unsecured loans which are repayable upon demand:
Amount due to/(from) the related party (113,990) (75,856)
8 Controlling party
Mr R Taylor and Mrs C Taylor are the ultimate controlling parties by virtue of their 100% ownership of the issued share capital of the company.
9 Other information
Swinton Discount Warehouse Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
Swinton Discount Warehouse Limited 05121179 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Mr Raymond Taylor No description of principal activity 05121179 2022-01-01 2022-12-31 05121179 core:WithinOneYear 2022-12-31 05121179 core:ShareCapital 2022-12-31 05121179 core:RetainedEarningsAccumulatedLosses 2022-12-31 05121179 2023-01-01 2023-12-31 05121179 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05121179 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05121179 bus:Director40 2023-01-01 2023-12-31 05121179 1 2023-01-01 2023-12-31 05121179 2 2023-01-01 2023-12-31 05121179 core:LandBuildings 2023-01-01 2023-12-31 05121179 core:PlantMachinery 2023-01-01 2023-12-31 05121179 core:Vehicles 2023-01-01 2023-12-31 05121179 countries:England 2023-01-01 2023-12-31 05121179 bus:FRS102 2023-01-01 2023-12-31 05121179 bus:FilletedAccounts 2023-01-01 2023-12-31 05121179 2023-12-31 05121179 core:WithinOneYear 2023-12-31 05121179 core:ShareCapital 2023-12-31 05121179 core:RetainedEarningsAccumulatedLosses 2023-12-31 05121179 core:Goodwill 2023-12-31 05121179 core:LandBuildings 2023-12-31 05121179 core:PlantMachinery 2023-12-31 05121179 core:Vehicles 2023-12-31 05121179 2022-12-31 05121179 core:Goodwill 2022-12-31 05121179 core:LandBuildings 2022-12-31 05121179 core:PlantMachinery 2022-12-31 05121179 core:Vehicles 2022-12-31 iso4217:GBP xbrli:pure