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Registration number: 07930572

Southwest Upholstery Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Southwest Upholstery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Southwest Upholstery Ltd

Company Information

Directors

Mr Ryan Andrew Ball

Mr Andrew Ball

Registered office

2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Southwest Upholstery Ltd

(Registration number: 07930572)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

983,721

719,466

Current assets

   

Stocks

5

305,000

 

233,809

Debtors

6

1,125,760

 

546,640

Cash at bank and in hand

 

537,853

 

1,066,517

 

1,968,613

 

1,846,966

Creditors: Amounts falling due within one year

7

(652,475)

 

(680,754)

Net current assets

   

1,316,138

1,166,212

Total assets less current liabilities

   

2,299,859

1,885,678

Creditors: Amounts falling due after more than one year

7

 

(564,635)

(416,536)

Provisions for liabilities

 

(91,490)

(19,796)

Net assets

   

1,643,734

1,449,346

Capital and reserves

   

Called up share capital

100

 

100

Retained earnings

1,643,634

 

1,449,246

Shareholders' funds

   

1,643,734

1,449,346

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

 

Southwest Upholstery Ltd

(Registration number: 07930572)
Balance Sheet as at 31 January 2024

.........................................

Mr Ryan Andrew Ball
Director

 

Southwest Upholstery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA
United Kingdom

These financial statements were authorised for issue by the Board on 2 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Southwest Upholstery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Plant and Machinery

25% Reducing Balance

Office Equipment

25% Straight Line

Fixtures & Fittings

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Southwest Upholstery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Southwest Upholstery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 16).

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 February 2023

589,760

28,000

45,738

36,647

Additions

-

-

48,152

191,725

At 31 January 2024

589,760

28,000

93,890

228,372

Depreciation

At 1 February 2023

-

-

32,537

22,354

Charge for the year

-

-

14,934

38,868

At 31 January 2024

-

-

47,471

61,222

Carrying amount

At 31 January 2024

589,760

28,000

46,419

167,150

At 31 January 2023

589,760

28,000

13,201

14,293

 

Southwest Upholstery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

29,583

109,683

839,411

Additions

12,599

112,894

365,370

At 31 January 2024

42,182

222,577

1,204,781

Depreciation

At 1 February 2023

23,205

41,849

119,945

Charge for the year

4,483

42,830

101,115

At 31 January 2024

27,688

84,679

221,060

Carrying amount

At 31 January 2024

14,494

137,898

983,721

At 31 January 2023

6,378

67,834

719,466

Included within the net book value of land and buildings above is £589,760 (2023 - £589,760) in respect of freehold land and buildings and £28,000 (2023 - £28,000) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

5,000

5,000

Work in progress

300,000

228,809

305,000

233,809

6

Debtors

Current

2024
£

2023
£

Trade debtors

422,642

506,998

Other debtors

703,118

39,642

 

1,125,760

546,640

 

Southwest Upholstery Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

95,766

54,683

Trade creditors

 

206,996

186,974

Taxation and social security

 

154,083

314,243

Accruals and deferred income

 

103,970

82,317

Other creditors

 

91,660

42,537

 

652,475

680,754

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

564,635

416,536

8

Related party transactions

At the year end the company owed the directors £902 (2023: £20). The loans are made interest free and are repayable on demand.