Registered number
01895215
S.W.B. Autos Limited
Unaudited Filleted Accounts
31 March 2024
S.W.B. Autos Limited
Company Information
Directors
Mr P J Radford
Mr D S Radford
Mrs L Radford
Mrs C Radford
Accountants
Keith Graham
Chartered Accountants
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Bankers
Royal Bank of Scotland
216-220 High Street
Sutton
SM1 1NU
Registered office
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
Registered number
01895215
S.W.B. Autos Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of S.W.B. Autos Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S.W.B. Autos Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/ members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of S.W.B. Autos Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of S.W.B. Autos Limited and state those matters that we have agreed to state to the Board of Directors of S.W.B. Autos Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S.W.B. Autos Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that S.W.B. Autos Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S.W.B. Autos Limited. You consider that S.W.B. Autos Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of S.W.B. Autos Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Keith Graham
Chartered Accountants
Suite 2 Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
26 November 2024
S.W.B. Autos Limited
Registered number: 01895215
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 16,343 20,784
Current assets
Stocks 19,369 23,226
Debtors 4 26,432 15,888
Cash at bank and in hand 80,989 88,838
126,790 127,952
Creditors: amounts falling due within one year 5 (135,982) (107,265)
Net current (liabilities)/assets (9,192) 20,687
Total assets less current liabilities 7,151 41,471
Provisions for liabilities (3,022) (3,592)
Net assets 4,129 37,879
Capital and reserves
Called up share capital 900 900
Profit and loss account 3,229 36,979
Shareholders' funds 4,129 37,879
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.
Mr D S Radford
Director
Approved by the board on 26 November 2024
S.W.B. Autos Limited
Notes to the Accounts
for the year ended 31 March 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 car parts related goods and from the rendering of service and repair of motor vehicle 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles 15% Reducing balance
Workshop and office equipment 15% Reducing balance
Leasehold improvements 20% Straight line
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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 9 10
3 Tangible fixed assets
Leaseholdcosts Workshop & office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 9,238 120,366 400 130,004
Disposals - - (400) (400)
At 31 March 2024 9,238 120,366 - 129,604
Depreciation
At 1 April 2023 4,565 104,464 191 109,220
Charge for the year 1,847 2,385 - 4,232
On disposals - - (191) (191)
At 31 March 2024 6,412 106,849 - 113,261
Net book value
At 31 March 2024 2,826 13,517 - 16,343
At 31 March 2023 4,673 15,902 209 20,784
4 Debtors 2024 2023
£ £
Trade debtors 13,501 5,729
Other debtors 12,931 10,159
26,432 15,888
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 69,104 46,222
Taxation and social security costs 59,882 52,649
Other creditors 6,996 8,394
135,982 107,265
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 64,037 82,309
7 Other information
S.W.B. Autos Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 2, Wesley Chambers
Queens Road
Aldershot
Hampshire
GU11 3JD
The functional currency for these accounts is Sterling.
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