Registered number
07697120
Renew SW Ltd
Filleted Accounts
31 July 2024
Renew SW Ltd
Registered number: 07697120
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 21,628 21,666
Current assets
Stocks 26,886 90,015
Debtors 4 56,720 67,033
Cash at bank and in hand 558,366 537,371
641,972 694,419
Creditors: amounts falling due within one year 5 (85,840) (178,430)
Net current assets 556,132 515,989
Total assets less current liabilities 577,760 537,655
Provisions for liabilities (5,171) (4,550)
Net assets 572,589 533,105
Capital and reserves
Called up share capital 10 10
Profit and loss account 572,579 533,095
Shareholders' funds 572,589 533,105
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.
Mrs K Heard
Director
Approved by the board on 4 November 2024
Renew SW Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 31,709 75,980 107,689
Additions 1,590 5,582 7,172
At 31 July 2024 33,299 81,562 114,861
Depreciation
At 1 August 2023 25,766 60,257 86,023
Charge for the year 1,883 5,327 7,210
At 31 July 2024 27,649 65,584 93,233
Net book value
At 31 July 2024 5,650 15,978 21,628
At 31 July 2023 5,943 15,723 21,666
4 Debtors 2024 2023
£ £
Trade debtors 50,971 60,180
Other debtors 5,749 6,853
56,720 67,033
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 26,293 70,497
Taxation and social security costs 45,142 31,632
Other creditors 14,405 76,301
85,840 178,430
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr S Heard
Directors Loan Account 239 2,063 - 2,302
Mrs K Heard
Directors Loan Account 239 2,063 - 2,302
478 4,126 - 4,604
The overdrawn directors loan account as at 31st July 2024 has been repaid within 9 months
of the company year end by dividend.
7 Other information
Renew SW Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 9 Tamar Business Units,
Holsworthy Industrial Estate,
Holsworthy,
Devon,
EX22 6HL
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