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SOUTH WALES TRUCK AND TRAILER LIMITED

Registered Number
12148010
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

SOUTH WALES TRUCK AND TRAILER LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

CHILDS, Andrew David

Registered Address

Unit 2+3 Polo Grounds Industrial Estate
New Inn
Pontypool
NP4 0TW

Registered Number

12148010 (England and Wales)
SOUTH WALES TRUCK AND TRAILER LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3133,737127,988
133,737127,988
Current assets
Stocks465,40615,000
Debtors5168,573153,546
Cash at bank and on hand-31,754
233,979200,300
Creditors amounts falling due within one year6(297,831)(255,018)
Net current assets (liabilities)(63,852)(54,718)
Total assets less current liabilities69,88573,270
Creditors amounts falling due after one year7(8,545)(18,083)
Net assets61,34055,187
Capital and reserves
Called up share capital11
Profit and loss account61,33955,186
Shareholders' funds61,34055,187
The financial statements were approved and authorised for issue by the Director on 14 March 2025, and are signed on its behalf by:
CHILDS, Andrew David
Director
Registered Company No. 12148010
SOUTH WALES TRUCK AND TRAILER LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year1010
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 September 23127,43470,3998,6684,309210,810
Additions14,21030,245-1,55546,010
At 31 August 24141,644100,6448,6685,864256,820
Depreciation and impairment
At 01 September 2347,57129,0274,8381,38682,822
Charge for year17,35720,1281,7341,04240,261
At 31 August 2464,92849,1556,5722,428123,083
Net book value
At 31 August 2476,71651,4892,0963,436133,737
At 31 August 2379,86341,3723,8302,923127,988
4.Stocks

2024

2023

££
Other stocks65,40615,000
Total65,40615,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables167,740152,712
Other debtors833834
Total168,573153,546
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables64,22944,124
Bank borrowings and overdrafts35,4964,167
Taxation and social security45,91445,765
Finance lease and HP contracts5,64015,195
Other creditors140,691139,908
Accrued liabilities and deferred income5,8615,859
Total297,831255,018
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,54518,083
Total8,54518,083
8.Directors advances, credits and guarantees
The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the amount outstanding to the director was £126,828 (2023: £139,548); this amount being included in creditors: amounts falling within one year.