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South West Systems Ltd
Registered Number:07399500
For the year ended 31 March 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2024
South West Systems Ltd
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
07399500
As at 31 March 2024
South West Systems Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Intangible assets
8,000
12,000
2
Property, plant and equipment
1,846
2,445
3
9,846
14,445
Current assets
Inventories
6,826
6,268
4
Trade and other receivables
99,030
103,399
5
66,447
Cash and cash equivalents
27,002
136,669
172,303
Trade and other payables: amounts falling due within one
year
(43,578)
(20,092)
6
128,725
116,577
Net current assets
Total assets less current liabilities
126,423
143,170
(159)
-
Provisions for liabilities
126,264
Net assets
143,170
Capital and reserves
Called up share capital
100
100
Retained earnings
126,164
143,070
126,264
143,170
Shareholders' funds
For the year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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 Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr Aden Chidzey-Jones Director
These financial statements were approved and authorised for issue by the Board on 30 July 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 March 2024
South West Systems Ltd
Notes to the Financial Statements
Statutory Information
South West Systems Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration
number 07399500.
Registered address:
Marsh Barton Industrial Estate
Grace Road Central
Exeter
Devon
EX2 8QA
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as
modified by the revaluation of certain assets.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates
and assumptions about the carrying amount 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 according to 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.
Employee Benefits
The cost of short-term employee benefits are recognised as a liability and an expense. The cost of any unused
holiday entitlement is recognised in the period in which the employee's services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense when they fall due.
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5
For the year ended 31 March 2024
South West Systems Ltd
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 April 2023
20,000
At 31 March 2024
20,000
Amortisation
At 01 April 2023
8,000
4,000
Charge for year
At 31 March 2024
12,000
Net book value
At 31 March 2024
8,000
At 31 March 2023
12,000
Goodwill is amortised over 5 years from their orginal cost date.
3. Property, plant and equipment
Total
Furniture and
Fittings
Motor Vehicles
Plant and
Machinery
£
£
£
£
Cost or
valuation
At 01 April 2023
19,257
352
12,718
6,187
At 31 March 2024
6,187
12,718
352
19,257
Provision for depreciation and impairment
At 01 April 2023
16,812
203
12,718
3,891
Charge for year
599
25
-
574
At 31 March 2024
17,411
228
12,718
4,465
At 31 March 2024
Net book value
1,722
-
124
1,846
At 31 March 2023
2,296
-
149
2,445
4. Inventories
2023
2024
£
£
Stocks
6,268
6,826
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6
For the year ended 31 March 2024
South West Systems Ltd
Notes to the Financial Statements Continued
5. Trade and other receivables
2023
2024
£
£
Trade debtors
12,442
21,478
Other debtors
90,957
77,552
99,030
103,399
The debtors above include the following amounts falling due after more than one year:
Other debtors
90,786
74,289
6. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Trade creditors
1,892
7,335
Taxation and social security
15,517
33,760
Other creditors
2,683
2,483
20,092
43,578
7. Related party transactions
The directors have elected to exercise the exemption available from disclosing balances and transactions with wholly
owned group entities.
8. Average number of persons employed
During the year the average number of employees was 5 (2023 : 5)
9. Parent-subsidiary relationship
In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by S398 of the Companies Act 2006 not to prepare group accounts.
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