MSW HEWETSONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MSW HEWETSONS LIMITED
COMPANY INFORMATION
Directors
C.R.Hewetson
Mrs K.Hewetson
Company number
11282039 (England and Wales)
Registered office
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Bankers
Lloyds Bank plc
Church Street
Blackburn
Lancashire
BB2 1JQ
MSW HEWETSONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MSW HEWETSONS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
30,000
37,500
Tangible assets
4
10,793
12,697
40,793
50,197
Current assets
Debtors
5
28,268
60,361
Cash at bank and in hand
27,004
7,003
55,272
67,364
Creditors: amounts falling due within one year
6
(92,114)
(83,931)
Net current liabilities
(36,842)
(16,567)
Total assets less current liabilities
3,951
33,630
Creditors: amounts falling due after more than one year
7
(26,844)
(25,345)
Net (liabilities)/assets
(22,893)
8,285
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(22,993)
8,185
Total equity
(22,893)
8,285

The notes on pages pages 3 to 7 form an integral part of these financial statements.

MSW HEWETSONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
C.R.Hewetson
Director
Company registration number 11282039 (England and Wales)
MSW HEWETSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

MSW Hewetsons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 11 Nicholas Street, Burnley, Lancashire, BB11 2AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly labour rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MSW HEWETSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

MSW HEWETSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
75,000
Amortisation and impairment
At 1 May 2023
37,500
Amortisation charged for the year
7,500
At 30 April 2024
45,000
Carrying amount
At 30 April 2024
30,000
At 30 April 2023
37,500
MSW HEWETSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2023 and 30 April 2024
27,787
Depreciation and impairment
At 1 May 2023
15,090
Depreciation charged in the year
1,904
At 30 April 2024
16,994
Carrying amount
At 30 April 2024
10,793
At 30 April 2023
12,697
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,886
25,685
Corporation tax recoverable
2,204
2,204
Other debtors
792
32,472
Prepayments and accrued income
5,386
-
0
28,268
60,361
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,500
39,534
Corporation tax
12,555
12,555
Other taxation and social security
28,494
24,438
Other creditors
37,130
-
0
Accruals and deferred income
10,435
7,404
92,114
83,931
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,844
25,345
MSW HEWETSONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
31,680
26,019
(92,520)
(34,821)
31,680
26,019
(92,520)
(34,821)
2024-04-302023-05-01falsefalsefalse20 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityC.R.HewetsonMrs K.Hewetson112820392023-05-012024-04-3011282039bus:Director12023-05-012024-04-3011282039bus:Director22023-05-012024-04-3011282039bus:RegisteredOffice2023-05-012024-04-3011282039bus:Agent12023-05-012024-04-30112820392024-04-30112820392023-04-3011282039core:Goodwill2024-04-3011282039core:Goodwill2023-04-3011282039core:FurnitureFittings2024-04-3011282039core:FurnitureFittings2023-04-3011282039core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3011282039core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3011282039core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3011282039core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3011282039core:CurrentFinancialInstruments2024-04-3011282039core:CurrentFinancialInstruments2023-04-3011282039core:ShareCapital2024-04-3011282039core:ShareCapital2023-04-3011282039core:RetainedEarningsAccumulatedLosses2024-04-3011282039core:RetainedEarningsAccumulatedLosses2023-04-3011282039core:Goodwill2023-05-012024-04-3011282039core:FurnitureFittings2023-05-012024-04-30112820392022-05-012023-04-3011282039core:Goodwill2023-04-3011282039core:FurnitureFittings2023-04-3011282039core:Non-currentFinancialInstruments2024-04-3011282039core:Non-currentFinancialInstruments2023-04-3011282039bus:PrivateLimitedCompanyLtd2023-05-012024-04-3011282039bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3011282039bus:FRS1022023-05-012024-04-3011282039bus:AuditExemptWithAccountantsReport2023-05-012024-04-3011282039bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP