Silverfin false false 31/03/2024 01/04/2023 31/03/2024 G Coleman 11/10/2013 N Keeler 05/08/2010 V McHardy 22/02/2023 M Tufton 18/01/2011 M Wheaton 17/10/2018 30 September 2024 The principal activity of the company is the installation and maintenance of solar photovoltaic panels. 07336550 2024-03-31 07336550 bus:Director1 2024-03-31 07336550 bus:Director2 2024-03-31 07336550 bus:Director3 2024-03-31 07336550 bus:Director4 2024-03-31 07336550 bus:Director5 2024-03-31 07336550 2023-03-31 07336550 core:CurrentFinancialInstruments 2024-03-31 07336550 core:CurrentFinancialInstruments 2023-03-31 07336550 core:Non-currentFinancialInstruments 2024-03-31 07336550 core:Non-currentFinancialInstruments 2023-03-31 07336550 core:ShareCapital 2024-03-31 07336550 core:ShareCapital 2023-03-31 07336550 core:SharePremium 2024-03-31 07336550 core:SharePremium 2023-03-31 07336550 core:RetainedEarningsAccumulatedLosses 2024-03-31 07336550 core:RetainedEarningsAccumulatedLosses 2023-03-31 07336550 core:Goodwill 2023-03-31 07336550 core:Goodwill 2024-03-31 07336550 core:PlantMachinery 2023-03-31 07336550 core:Vehicles 2023-03-31 07336550 core:OfficeEquipment 2023-03-31 07336550 core:PlantMachinery 2024-03-31 07336550 core:Vehicles 2024-03-31 07336550 core:OfficeEquipment 2024-03-31 07336550 core:CostValuation 2023-03-31 07336550 core:CostValuation 2024-03-31 07336550 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 07336550 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 07336550 core:CurrentFinancialInstruments 10 2024-03-31 07336550 core:CurrentFinancialInstruments 10 2023-03-31 07336550 core:CurrentFinancialInstruments core:Secured 2024-03-31 07336550 2023-04-01 2024-03-31 07336550 bus:FilletedAccounts 2023-04-01 2024-03-31 07336550 bus:SmallEntities 2023-04-01 2024-03-31 07336550 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07336550 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07336550 bus:Director1 2023-04-01 2024-03-31 07336550 bus:Director2 2023-04-01 2024-03-31 07336550 bus:Director3 2023-04-01 2024-03-31 07336550 bus:Director4 2023-04-01 2024-03-31 07336550 bus:Director5 2023-04-01 2024-03-31 07336550 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 07336550 core:Goodwill 2023-04-01 2024-03-31 07336550 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 07336550 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 07336550 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 07336550 2022-04-01 2023-03-31 07336550 core:PlantMachinery 2023-04-01 2024-03-31 07336550 core:Vehicles 2023-04-01 2024-03-31 07336550 core:OfficeEquipment 2023-04-01 2024-03-31 07336550 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 07336550 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 07336550 (England and Wales)

SSWUK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SSWUK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SSWUK LIMITED

BALANCE SHEET

As at 31 March 2024
SSWUK LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 11,657 33,867
Tangible assets 4 334,647 308,421
Investments 5 1 1
346,305 342,289
Current assets
Stocks 6 1,623,969 1,078,872
Debtors 7 1,115,612 2,928,817
Cash at bank and in hand 8 817,309 321,124
3,556,890 4,328,813
Creditors: amounts falling due within one year 9 ( 3,011,025) ( 4,100,091)
Net current assets 545,865 228,722
Total assets less current liabilities 892,170 571,011
Creditors: amounts falling due after more than one year 10 ( 138,702) ( 171,626)
Provision for liabilities 11 ( 77,836) ( 32,657)
Net assets 675,632 366,728
Capital and reserves
Called-up share capital 20 20
Share premium account 49,998 49,998
Profit and loss account 625,614 316,710
Total shareholders' funds 675,632 366,728

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of SSWUK Limited (registered number: 07336550) were approved and authorised for issue by the Board of Directors on 30 September 2024. They were signed on its behalf by:

V McHardy
Director
SSWUK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SSWUK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SSWUK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Coombe Farm, Roundham, Crewkerne, TA18 8RR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts chargeable, net of Value Added Tax, arising from the wholesale, maintenance and installation of solar photovoltaic panels. Turnover arising from the wholesale of solar photovoltaic panels is recognised on despatch of goods. Turnover arising from the maintenance of solar photovoltaic panels is recognised when the service is provided. Turnover arising from installation projects is recognised if the final outcome can be assessed with reasonable certainty by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is recognised based on the percentage of actual costs incurred against total anticipated costs.

Amounts recoverable on contracts are included in debtors at the net value of work done after provision for contingencies and anticipated future losses on contracts, less any payments on account. Excess payments on account are included in creditors as payments on account.

Interest income

Interest income on debt securities, where applicable, is recognised in income using the effective interest method.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other creditors or other debtors in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 3 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Reserves

The ordinary share capital of the Company is presented as equity and represents the nominal value of shares that have been issued.

Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account includes all current and prior period profits and losses.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 27

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 111,196 111,196
At 31 March 2024 111,196 111,196
Accumulated amortisation
At 01 April 2023 77,329 77,329
Charge for the financial year 22,210 22,210
At 31 March 2024 99,539 99,539
Net book value
At 31 March 2024 11,657 11,657
At 31 March 2023 33,867 33,867

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 April 2023 150,363 362,644 68,261 581,268
Additions 45,913 110,412 4,123 160,448
Disposals 0 ( 15,768) 0 ( 15,768)
At 31 March 2024 196,276 457,288 72,384 725,948
Accumulated depreciation
At 01 April 2023 90,027 142,624 40,196 272,847
Charge for the financial year 29,872 90,344 14,006 134,222
Disposals 0 ( 15,768) 0 ( 15,768)
At 31 March 2024 119,899 217,200 54,202 391,301
Net book value
At 31 March 2024 76,377 240,088 18,182 334,647
At 31 March 2023 60,336 220,020 28,065 308,421

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 1
At 31 March 2024 1
Carrying value at 31 March 2024 1
Carrying value at 31 March 2023 1

6. Stocks

2024 2023
£ £
Stocks 312,841 322,628
Work in progress 1,311,128 756,244
1,623,969 1,078,872

7. Debtors

2024 2023
£ £
Trade debtors 630,704 1,302,125
Amounts owed by related parties 22,207 946,249
Other taxation and social security 28,661 0
Other debtors 434,040 680,443
1,115,612 2,928,817

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 817,309 321,124

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 20,000 21,450
Trade creditors 772,223 780,153
Amounts owed to related parties 7,116 843,006
Taxation and social security 261,960 116,936
Obligations under finance leases and hire purchase contracts (secured) 92,417 74,781
Other creditors 1,857,309 2,263,765
3,011,025 4,100,091

Bank loans are secured by way of a fixed and floating charge over all the property and undertakings of the company.

Hire purchase contracts are secured against the assets to which they relate.

10. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 38,333 56,883
Obligations under finance leases and hire purchase contracts (secured) 100,369 114,743
138,702 171,626

Bank loans are secured by way of a fixed and floating charge over all the property and undertakings of the company.

Hire purchase contracts are secured against the assets to which they relate.

11. Provision for liabilities

2024 2023
£ £
Deferred tax 77,836 32,657

12. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £40,500 (2023 - £58,500). This commitment is in respect of a property lease with an annual commitment of £18,000.