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South West Plant Sales Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

Registration number: 03674315

 

South West Plant Sales Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 9

 

South West Plant Sales Limited

Company Information

Directors

Mr C J Luscombe

Mrs J Luscombe

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Limited
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

 

South West Plant Sales Limited

(Registration number: 03674315)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

150,000

150,000

Investments

5

67,110

67,110

 

217,110

217,110

Current assets

 

Debtors

6

10,440

6,960

Cash at bank and in hand

 

634

180

 

11,074

7,140

Creditors: Amounts falling due within one year

7

(85,177)

(69,495)

Net current liabilities

 

(74,103)

(62,355)

Total assets less current liabilities

 

143,007

154,755

Creditors: Amounts falling due after more than one year

7

(8,920)

(20,672)

Net assets

 

134,087

134,083

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

132,000

132,000

Retained earnings

2,085

2,081

Shareholders' funds

 

134,087

134,083

For the financial year ending 30 June 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 23 December 2024 and signed on its behalf by:
 

 

South West Plant Sales Limited

(Registration number: 03674315)
Balance Sheet as at 30 June 2024

.........................................
Mr C J Luscombe
Director

.........................................
Mrs J Luscombe
Director

 

South West Plant Sales Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2023

2

132,000

2,081

134,083

Profit for the year

-

-

30,004

30,004

Dividends

-

-

(30,000)

(30,000)

At 30 June 2024

2

132,000

2,085

134,087

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

2

132,000

1,811

133,813

Profit for the year

-

-

50,270

50,270

Dividends

-

-

(50,000)

(50,000)

At 30 June 2023

2

132,000

2,081

134,083

 

South West Plant Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

These financial statements were authorised for issue by the Board on 23 December 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.

Government grants

Government grants are recognised as income when they are received.

Tax

The tax expense for the period comprises current 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.

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.

 

South West Plant Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

South West Plant Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 July 2023

150,000

150,000

At 30 June 2024

150,000

150,000

Depreciation

Carrying amount

At 30 June 2024

150,000

150,000

At 30 June 2023

150,000

150,000

Included within the net book value of land and buildings above is £150,000 (2023 - £150,000) in respect of freehold land and buildings.
 

 

South West Plant Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Revaluation

The fair value of the company's freehold land was revalued on 30 November 2010 by an independent valuer . The name and qualification of the independent valuer are Cluff Commercial Valuers Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £18,000 (2023 - £18,000).

5

Investments

2024
£

2023
£

Investments in subsidiaries

67,110

67,110

Subsidiaries

£

Cost or valuation

At 30 June 2024

67,110

At 30 June 2023

67,110

6

Debtors

Current

2024
£

2023
£

Trade debtors

10,440

6,960

 

10,440

6,960

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

12,274

11,624

Trade creditors

 

-

763

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

71,727

55,865

Taxation and social security

 

566

643

Accruals and deferred income

 

610

600

 

85,177

69,495

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

8,920

20,672

 

South West Plant Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,920

20,672

Current loans and borrowings

2024
£

2023
£

Bank borrowings

12,274

11,624

9

Related party transactions

Summary of transactions with subsidiaries

Devon Plant Services Ltd
 (Subsidiary undertaking)
 

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

(55,865)

(55,865)

Advanced

(21,533)

(21,533)

Repaid

5,671

5,671

At end of period

(71,727)

(71,727)

2023

£

At start of period

(43,051)

Advanced

(18,981)

Repaid

6,167

At end of period

(55,865)