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Registration number: 08111210

Labour Direct (SW) Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2023 to 31 December 2024

 

Labour Direct (SW) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Labour Direct (SW) Ltd

Company Information

Directors

Mr Daniel John Searle

Mr William David Searle

Registered office

15 Alverton Street
Penzance
Cornwall
TR18 2QP

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Labour Direct (SW) Ltd

(Registration number: 08111210)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

12,037

Current assets

 

Debtors

6

-

169,793

Cash at bank and in hand

 

235,644

218,832

 

235,644

388,625

Creditors: Amounts falling due within one year

7

(38,860)

(215,450)

Net current assets

 

196,784

173,175

Net assets

 

196,784

185,212

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

196,684

185,112

Shareholders' funds

 

196,784

185,212

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

Directors' responsibilities:

The member has not required the company to obtain an audit of its accounts for the period 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 14 March 2025 and signed on its behalf by:
 

.........................................
Mr Daniel John Searle
Director

.........................................
Mr William David Searle
Director

 
     
 

Labour Direct (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 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:
15 Alverton Street
Penzance
Cornwall
TR18 2QP

The principal place of business is:
Lower Rosudgeon Farm
Prussia Cove Lane
Rosudgeon
Penzance
Cornwall
TR20 9AX

These financial statements were authorised for issue by the Board on 14 March 2025.

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 company ceased trading on 31 December 2024 and the directors have taken the decision to liquidate the company. All assets have been revalued on their immediate resale price or written off as worthless. Assets with any resale value have been transferred to the directors as at 31 December 2024. All liabilities whether contingent or not have been recognised in the accounts as creditors due in less than one year.

For the above reasons these financial statements are not prepared on a going concern basis.

Revenue recognition

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

 

Labour Direct (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

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.

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

15% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

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 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.

 

Labour Direct (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 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.

Dividends

Dividend distribution to the company shareholder is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 25 (2023 - 34).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

70,000

70,000

At 31 December 2024

70,000

70,000

Amortisation

At 1 October 2023

70,000

70,000

At 31 December 2024

70,000

70,000

Carrying amount

At 31 December 2024

-

-

 

Labour Direct (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

5

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

13,900

10,731

24,631

Disposals

(13,900)

(10,731)

(24,631)

At 31 December 2024

-

-

-

Depreciation

At 1 October 2023

4,816

7,778

12,594

Eliminated on disposal

(4,816)

(7,778)

(12,594)

At 31 December 2024

-

-

-

Carrying amount

At 31 December 2024

-

-

-

At 30 September 2023

9,084

2,953

12,037

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

167,685

Prepayments

-

444

Other debtors

-

1,664

 

-

169,793

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

394

Taxation and social security

31,487

137,799

Accruals and deferred income

1,898

31,084

Other creditors

5,475

46,173

38,860

215,450

 

Labour Direct (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Related party transactions

Transactions with directors

2024

At 1 October 2023
£

Advances to directors
£

Repayments by directors
£

At 31 December 2024
£

Mr Daniel John Searle

Interest-free loan

(3,526)

2,540

-

(986)

         
       

Mr William David Searle

Interest-free loan

(4,296)

4,099

(4,205)

(4,402)

         
       

 

2023

At 1 October 2022
£

Advances to directors
£

Repayments by directors
£

At 30 September 2023
£

Mr Daniel John Searle

Interest-free loan

(2,752)

364

(1,138)

(3,526)

         
       

Mr William David Searle

Interest-free loan

(3,601)

106

(801)

(4,296)

         
       

 

Summary of transactions with other related parties

Miss Eva Maslocha (former director - deceased 21 August 2021)
 Interest-free loan.
 

 

Labour Direct (SW) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 December 2024

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

(559)

(559)

Repaid

559

559

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

(559)

(559)

At end of period

(559)

(559)