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REGISTERED NUMBER: 01550378 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 March 2024

for

South West (Contractors) Limited

South West (Contractors) Limited (Registered number: 01550378)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


South West (Contractors) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: A D Wallace
L R Williams
M J Tinline
Ms E A Watkins



REGISTERED OFFICE: Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



REGISTERED NUMBER: 01550378 (England and Wales)



ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST



BANKERS: National Westminster Bank Plc
PO Box 238
Corn Street
Bristol
BS99 7UG

South West (Contractors) Limited (Registered number: 01550378)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 82,007 108,477

CURRENT ASSETS
Inventories 202,868 118,381
Debtors 5 58,500 122,631
Cash at bank and in hand 512 26,843
261,880 267,855
CREDITORS
Amounts falling due within one year 6 500,138 458,650
NET CURRENT LIABILITIES (238,258 ) (190,795 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(156,251

)

(82,318

)

CREDITORS
Amounts falling due after more than one
year

7

270,896

141,959
NET LIABILITIES (427,147 ) (224,277 )

South West (Contractors) Limited (Registered number: 01550378)

Statement of Financial Position - continued
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 39 39
Capital redemption reserve 62 62
Retained earnings (427,248 ) (224,378 )
SHAREHOLDERS' FUNDS (427,147 ) (224,277 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





A D Wallace - Director


South West (Contractors) Limited (Registered number: 01550378)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

South West (Contractors) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.


Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


South West (Contractors) Limited (Registered number: 01550378)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase agreements
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.


Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 17 ) .

South West (Contractors) Limited (Registered number: 01550378)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 13,276 15,400 176,142 14,692 219,510
Additions - 4,756 - - 4,756
Disposals - (1,274 ) (13,000 ) - (14,274 )
At 31 March 2024 13,276 18,882 163,142 14,692 209,992
DEPRECIATION
At 1 April 2023 8,440 8,521 80,682 13,390 111,033
Charge for year 726 2,909 23,042 771 27,448
Eliminated on disposal - (1,274 ) (9,222 ) - (10,496 )
At 31 March 2024 9,166 10,156 94,502 14,161 127,985
NET BOOK VALUE
At 31 March 2024 4,110 8,726 68,640 531 82,007
At 31 March 2023 4,836 6,879 95,460 1,302 108,477

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 90,201
Transfer to ownership (17,600 )
At 31 March 2024 72,601
DEPRECIATION
At 1 April 2023 18,114
Charge for year 16,890
Transfer to ownership (14,206 )
At 31 March 2024 20,798
NET BOOK VALUE
At 31 March 2024 51,803
At 31 March 2023 72,087

South West (Contractors) Limited (Registered number: 01550378)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 11,157 44,806
Tax - 1,436
Prepayments and accrued income 17,154 19,269
28,311 65,511

Amounts falling due after more than one year:
Amounts recoverable on contract 30,189 57,120

Aggregate amounts 58,500 122,631

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 18,269 10,000
Other loans 7,250 7,000
Hire purchase contracts 9,063 10,035
Trade creditors 112,461 134,934
Social security and other taxes 188,815 106,350
VAT 30,480 7,887
Other creditors 24,748 70,631
Directors' current accounts 49,329 29,079
Accrued expenses 59,723 82,734
500,138 458,650

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 11,667 21,667
Other loans - 1-2 years 208,000 60,000
Hire purchase contracts 51,229 60,292
270,896 141,959

South West (Contractors) Limited (Registered number: 01550378)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 60,292 70,327

The hire purchase liabilities are secured on the assets themselves.


9. RELATED PARTY DISCLOSURES

A D Wallace
Director 2024 2023

Capital introduced 3,250 5,499


At the year end, the company owed the director £19,329 ( 2023 - £16,079).


M Tinline 2024 2023
Director

Capital introduced/(Withdrawn) 17,000 10,000


At the year end, the company owed the director £17,000 (2023 - £Nil).


L Watkins 2024 2023
Director

Capital introduced/(Withdrawn) - 3,000


At the year end, the company owed the director £13,000 (2023 - £13,000).



South West (Contractors) Limited Self Administered Pension Scheme

The company incurred rent and service charges during the year of £15,000 (2023: £15,000).

South West (Contractors) Limited (Registered number: 01550378)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. ULTIMATE CONTROLLING PARTY

The controlling party is A D Wallace.