Company registration number 05467805 (England and Wales)
SOUTH WEST DRYWALL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SOUTH WEST DRYWALL LIMITED
COMPANY INFORMATION
Director
Mr P Ayres
Company number
05467805
Registered office
Unit 1 Phillips House
Dawlish Business Park
Dawlish
England
EX7 0NH
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
SOUTH WEST DRYWALL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SOUTH WEST DRYWALL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
126,564
105,137
Current assets
Stocks
3,068
5,821
Debtors
4
246,583
486,879
Cash at bank and in hand
342,823
121,924
592,474
614,624
Creditors: amounts falling due within one year
5
(105,923)
(123,976)
Net current assets
486,551
490,648
Total assets less current liabilities
613,115
595,785
Provisions for liabilities
(6,235)
(310)
Net assets
606,880
595,475
Capital and reserves
Called up share capital
98
98
Capital redemption reserve
102
102
Retained earnings
606,680
595,275
Total equity
606,880
595,475
SOUTH WEST DRYWALL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
Mr P Ayres
Director
Company Registration No. 05467805
SOUTH WEST DRYWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
South West Drywall Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Phillips House, Dawlish Business Park, Dawlish, England, EX7 0NH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates and is adjusted to reflect any un-invoiced work carried out under contracts and amounts held by contractors as retentions.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
15% on cost
Computers
25% on cost
Motor vehicles
20% on cost
SOUTH WEST DRYWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Included in the cost of freehold land and buildings is freehold land of £20,000 which is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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 is 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 instruments 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/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SOUTH WEST DRYWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Accounts recoverable on contract
Amounts recoverable on contracts have been included in accordance with FRS 102, in so far that time completed on each contract has been included at sales value.
1.8
Retentions are paid up to two years after the main contractor has completed the site. The company has no control over when a site will be completed and therefore it is not possible to separate retentions between amounts due within and after one year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 3
2023
2022
Number
Number
Total
3
3
SOUTH WEST DRYWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
103,814
37,658
141,472
Additions
40,250
40,250
Disposals
(23,380)
(23,380)
At 31 December 2023
103,814
54,528
158,342
Depreciation and impairment
At 1 January 2023
36,335
36,335
Depreciation charged in the year
10,068
8,755
18,823
Eliminated in respect of disposals
(23,380)
(23,380)
At 31 December 2023
10,068
21,710
31,778
Carrying amount
At 31 December 2023
93,746
32,818
126,564
At 31 December 2022
103,814
1,323
105,137
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
199,858
466,934
Other debtors
46,725
19,945
246,583
486,879
SOUTH WEST DRYWALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
51,437
36,498
Taxation and social security
19,103
57,580
Other creditors
35,383
29,898
105,923
123,976