South West Motor Works Ltd 14898428 false 2023-05-27 2024-05-31 2024-05-31 The principal activity of the company is motor repairs and retail. Digita Accounts Production Advanced 6.30.9574.0 true 14898428 2023-05-27 2024-05-31 14898428 2024-05-31 14898428 core:RetainedEarningsAccumulatedLosses 2024-05-31 14898428 core:ShareCapital 2024-05-31 14898428 core:CurrentFinancialInstruments 2024-05-31 14898428 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 14898428 core:FurnitureFittingsToolsEquipment 2024-05-31 14898428 core:MotorVehicles 2024-05-31 14898428 core:OtherPropertyPlantEquipment 2024-05-31 14898428 bus:SmallEntities 2023-05-27 2024-05-31 14898428 bus:AuditExemptWithAccountantsReport 2023-05-27 2024-05-31 14898428 bus:FullAccounts 2023-05-27 2024-05-31 14898428 bus:SmallCompaniesRegimeForAccounts 2023-05-27 2024-05-31 14898428 bus:RegisteredOffice 2023-05-27 2024-05-31 14898428 bus:Director1 2023-05-27 2024-05-31 14898428 bus:PrivateLimitedCompanyLtd 2023-05-27 2024-05-31 14898428 core:FurnitureFittingsToolsEquipment 2023-05-27 2024-05-31 14898428 core:MotorVehicles 2023-05-27 2024-05-31 14898428 core:OfficeEquipment 2023-05-27 2024-05-31 14898428 core:OtherPropertyPlantEquipment 2023-05-27 2024-05-31 14898428 core:PlantMachinery 2023-05-27 2024-05-31 14898428 countries:EnglandWales 2023-05-27 2024-05-31 14898428 2023-05-26 14898428 core:FurnitureFittingsToolsEquipment 2023-05-26 14898428 core:MotorVehicles 2023-05-26 14898428 core:OtherPropertyPlantEquipment 2023-05-26 iso4217:GBP xbrli:pure

Registration number: 14898428

South West Motor Works Ltd

Filleted Unaudited Financial Statements

for the Period from 27 May 2023 to 31 May 2024

 

South West Motor Works Ltd
(Registration number: 14898428)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

South West Motor Works Ltd
(Registration number: 14898428)

Company Information

Director

Mr Daniel Manning

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

South West Motor Works Ltd
(Registration number: 14898428)

Balance Sheet as at 31 May 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

40,356

Current assets

 

Stocks

5

1,000

Debtors

6

3,234

Cash at bank and in hand

 

1,856

 

6,090

Creditors: Amounts falling due within one year

7

(44,501)

Net current liabilities

 

(38,411)

Net assets

 

1,945

Capital and reserves

 

Called up share capital

1

Profit and loss account

1,944

Total equity

 

1,945

For the financial period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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.

 

South West Motor Works Ltd
(Registration number: 14898428)

Balance Sheet as at 31 May 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 February 2025
 

.........................................
Mr Daniel Manning
Director

 

South West Motor Works Ltd
(Registration number: 14898428)

Notes to the Unaudited Financial Statements for the Period from 27 May 2023 to 31 May 2024

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 Motor Works Ltd
(Registration number: 14898428)

Notes to the Unaudited Financial Statements for the Period from 27 May 2023 to 31 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% straight line basis

Motor vehicles

20% straight line basis

Office equipment

25% straight line basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 Motor Works Ltd
(Registration number: 14898428)

Notes to the Unaudited Financial Statements for the Period from 27 May 2023 to 31 May 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 27 May 2023

1,742

9,000

35,389

46,131

At 31 May 2024

1,742

9,000

35,389

46,131

Depreciation

Charge for the period

436

1,800

3,539

5,775

At 31 May 2024

436

1,800

3,539

5,775

Carrying amount

At 31 May 2024

1,306

7,200

31,850

40,356

5

Stocks

2024
£

Other stocks

1,000

6

Debtors

2024
£

Trade debtors

2,046

Prepayments and accrued income

1,188

Total current trade and other debtors

3,234

 

South West Motor Works Ltd
(Registration number: 14898428)

Notes to the Unaudited Financial Statements for the Period from 27 May 2023 to 31 May 2024

7

Creditors

2024
£

Due within one year

Trade creditors

1,498

Taxation and social security

1,039

Other creditors

40,214

Accrued expenses

1,750

44,501