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Company registration number: 11407409
Ardent SW Ltd
Trading as Ardent SW Ltd
Unaudited filleted financial statements
30 June 2024
Ardent SW Ltd
Contents
Statement of financial position
Notes to the financial statements
Ardent SW Ltd
Statement of financial position
30th June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 229,130 114,023
_______ _______
229,130 114,023
Current assets
Stocks 426,993 304,023
Debtors 6 95,096 239,538
Cash at bank and in hand 9 71,861
_______ _______
522,098 615,422
Creditors: amounts falling due
within one year 7 ( 445,375) ( 481,929)
_______ _______
Net current assets 76,723 133,493
_______ _______
Total assets less current liabilities 305,853 247,516
Creditors: amounts falling due
after more than one year 8 ( 158,141) ( 206,816)
Provisions for liabilities ( 24,783) ( 18,893)
_______ _______
Net assets 122,929 21,807
_______ _______
Capital and reserves
Called up share capital 90 90
Profit and loss account 122,839 21,717
_______ _______
Shareholders funds 122,929 21,807
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 February 2025 , and are signed on behalf of the board by:
Mr. Samuel David Harding Mr. Ben Simon Wakefield
Director Director
Company registration number: 11407409
Ardent SW Ltd
Notes to the financial statements
Year ended 30th June 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Athenaeum, Kimberley Place, Falmouth, TR11 3QL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20 % straight line
Plant and machinery - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 25 (2023: 23 ).
Including directors
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 706,818 618,601
Social security costs 59,437 52,361
Other pension costs 13,043 10,348
_______ _______
779,298 681,310
_______ _______
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st July 2023 25,000 67,181 981 120,513 213,675
Additions 125,000 1,172 - 28,379 154,551
_______ _______ _______ _______ _______
At 30th June 2024 150,000 68,353 981 148,892 368,226
_______ _______ _______ _______ _______
Depreciation
At 1st July 2023 15,000 19,677 246 64,729 99,652
Charge for the year 5,000 13,219 184 21,041 39,444
_______ _______ _______ _______ _______
At 30th June 2024 20,000 32,896 430 85,770 139,096
_______ _______ _______ _______ _______
Carrying amount
At 30th June 2024 130,000 35,457 551 63,122 229,130
_______ _______ _______ _______ _______
At 30th June 2023 10,000 47,504 735 55,784 114,023
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 89,196 227,602
Other debtors 5,900 11,936
_______ _______
95,096 239,538
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 62,238 46,400
Trade creditors 136,807 190,326
Corporation tax 38,969 1,695
Social security and other taxes 145,762 177,201
Other creditors 61,599 66,307
_______ _______
445,375 481,929
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 119,980 162,064
Other creditors 38,161 44,752
_______ _______
158,141 206,816
_______ _______
The Company took on a Coronavirus Business Interuption loan during the previous year which is repayable over 6 years. The interest rate after the first year is 3.99% per annum over the bank base rate.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. Samuel David Harding 48 - 48
Mr. Ben Simon Wakefield 921 - 921
Mr. Paul Anthony Lyden ( 110) - ( 110)
_______ _______ _______
859 - 859
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr. Samuel David Harding ( 1) 49 48
Mr. Ben Simon Wakefield 871 50 921
Mr. Paul Anthony Lyden ( 160) 50 ( 110)
_______ _______ _______
710 149 859
_______ _______ _______
Two of the Directors received interest free loans in the year and at the year end the amount outstanding was £969. The loans are to be repaid in full within 9 months. No interest was charged on these loans.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Caja Projects Ltd 46,226 500,384 - -
Sabu Developments Ltd - 229,496 - -
Harding & Wakefield Ltd 2,800 - - -
CTSL Developments Ltd 564,067 326,620 2,633 54,840
Ardent Plumbing & Heating Ltd 56,687 56,305 12,908 27,570
Parfield Developments Ltd - - - -
_______ _______ _______ _______
During the year the company entered into transactions with the above mentioned companies. Mr Sam Harding and Mr Ben Wakefield are also directors of Caja Projects Ltd, Sabu Developments Ltd and Harding & Wakefield Ltd. Mr Sam Harding is a director of CTSL Developments Ltd. Mr Sam Harding, Mr Ben Wakefield and Mr Paul Lyden are directors of Ardent Plumbing & Heating Ltd. Mr Sam Harding, Mr Ben Wakefield, Mr Paul Lyden and Ardent SW Ltd are directors of Parfield Developments Ltd.
11. Covid 19 pandemic
The business has been affected by the Covid 19 pandemic and has continued to receive financial assistance from the Government Covid 19 loan scheme, during the year.