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Company No: 07524607 (England and Wales)

SOUTHWEST FIXINGS LIMITED

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

SOUTHWEST FIXINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SOUTHWEST FIXINGS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
SOUTHWEST FIXINGS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr R J Hill
Mrs E A Jones
Mr M Jones
REGISTERED OFFICE Beechlea Industrial Estate
Beechlea
Winkleigh
EX19 8DH
England
United Kingdom
COMPANY NUMBER 07524607 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
SOUTHWEST FIXINGS LIMITED

BALANCE SHEET

As at 31 March 2024
SOUTHWEST FIXINGS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 880,271 628,542
880,271 628,542
Current assets
Stocks 1,735,248 1,363,415
Debtors 4 1,139,381 1,138,199
Investments 50,000 50,000
Cash at bank and in hand 1,162,568 1,014,939
4,087,197 3,566,553
Creditors: amounts falling due within one year 5 ( 1,417,296) ( 1,174,573)
Net current assets 2,669,901 2,391,980
Total assets less current liabilities 3,550,172 3,020,522
Creditors: amounts falling due after more than one year 6 ( 16,729) 0
Provision for liabilities ( 188,600) ( 126,800)
Net assets 3,344,843 2,893,722
Capital and reserves
Called-up share capital 7 20 20
Profit and loss account 3,344,823 2,893,702
Total shareholders' funds 3,344,843 2,893,722

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 Southwest Fixings Limited (registered number: 07524607) were approved and authorised for issue by the Board of Directors on 09 October 2024. They were signed on its behalf by:

Mrs E A Jones
Director
SOUTHWEST FIXINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SOUTHWEST FIXINGS 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

Southwest Fixings 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 principal business address and registered office address of the Company is:

Beechlea Industrial Estate
Beechlea
Winkleigh
EX19 8DH
United Kingdom

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance

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.

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 Statement of Income and Retained Earnings 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.

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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 44 31

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 124,538 278,570 513,099 916,207
Additions 8,288 75,971 302,600 386,859
Disposals 0 ( 2,680) ( 20,000) ( 22,680)
At 31 March 2024 132,826 351,861 795,699 1,280,386
Accumulated depreciation
At 01 April 2023 0 147,695 139,970 287,665
Charge for the financial year 2,657 28,755 91,945 123,357
Disposals 0 ( 1,147) ( 9,760) ( 10,907)
At 31 March 2024 2,657 175,303 222,155 400,115
Net book value
At 31 March 2024 130,169 176,558 573,544 880,271
At 31 March 2023 124,538 130,875 373,129 628,542

4. Debtors

2024 2023
£ £
Trade debtors 1,102,508 1,084,569
Prepayments 36,873 53,630
1,139,381 1,138,199

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,079,961 957,636
Accruals 155,282 56,304
Corporation tax 95,300 80,700
Other taxation and social security 47,080 69,767
Obligations under finance leases and hire purchase contracts (secured) 31,646 3,870
Other creditors 8,027 6,296
1,417,296 1,174,573

For obligations under hire purchase contracts, the amounts are secured upon the assets concerned.

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 16,729 0

For obligations under hire purchase contracts, the amounts are secured upon the assets concerned.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
5 Ordinary A shares of £ 1.00 each 5 5
5 Ordinary B shares of £ 1.00 each 5 5
10 Ordinary C shares of £ 1.00 each 10 10
20 20

The shares rank pari passu in all respects, except for dividends which may be declared at different rates on the respective classes of shares.