Registered number
07486200
S W B Commercials Ltd
Abbreviated Accounts
31 January 2024
S W B Commercials Ltd
Registered number: 07486200
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 41,241 45,340
Current assets
Stocks 70,000 75,280
Debtors 4 5,280 42,642
75,280 117,922
Creditors: amounts falling due within one year 5 (59,461) (83,175)
Net current assets 15,819 34,747
Total assets less current liabilities 57,060 80,087
Creditors: amounts falling due after more than one year 6 (67,833) (78,482)
Provisions for liabilities (4,296) (4,296)
Net liabilities (15,069) (2,691)
Capital and reserves
Called up share capital 1 1
Profit and loss account (15,070) (2,692)
Shareholders' funds (15,069) (2,691)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Steven Bird
Director
Approved by the board on 15 October 2024
S W B Commercials Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 65,593 36,659 102,252
Additions 12,878 - 12,878
At 31 January 2024 78,471 36,659 115,130
Depreciation
At 1 February 2023 23,970 32,942 56,912
Charge for the year 16,233 744 16,977
At 31 January 2024 40,203 33,686 73,889
Net book value
At 31 January 2024 38,268 2,973 41,241
At 31 January 2023 41,623 3,717 45,340
4 Debtors 2024 2023
£ £
Trade debtors 5,280 9,827
Other debtors - 32,815
5,280 42,642
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,536 17,590
Trade creditors 15,332 18,959
Corporation tax 7,964 7,964
Other taxes and social security costs 10,921 38,662
Other creditors 10,708 -
59,461 83,175
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 67,833 78,482
7 Other information
S W B Commercials Ltd is a private company limited by shares and incorporated in England. Its registered office is:
277 Stockport Road
Ashton U Lyne
Lancashire
OL7 0NT
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