South West Heritage Trust Trading Limited 09222720 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is the trading subsidiary of The South West Heritage Trust Digita Accounts Production Advanced 6.30.9574.0 true 09222720 2023-11-01 2024-10-31 09222720 2024-10-31 09222720 core:RetainedEarningsAccumulatedLosses 2024-10-31 09222720 core:ShareCapital 2024-10-31 09222720 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 09222720 bus:SmallEntities 2023-11-01 2024-10-31 09222720 bus:Audited 2023-11-01 2024-10-31 09222720 bus:FullAccounts 2023-11-01 2024-10-31 09222720 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 09222720 bus:RegisteredOffice 2023-11-01 2024-10-31 09222720 bus:Director4 2023-11-01 2024-10-31 09222720 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09222720 core:UKTax 2023-11-01 2024-10-31 09222720 countries:EnglandWales 2023-11-01 2024-10-31 09222720 2022-11-01 2023-10-31 09222720 2023-10-31 09222720 core:RetainedEarningsAccumulatedLosses 2023-10-31 09222720 core:ShareCapital 2023-10-31 09222720 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 09222720 core:UKTax 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Company registration number: 09222720

South West Heritage Trust Trading Limited

Filleted Annual Report and Financial Statements

for the Year Ended 31 October 2024

 

South West Heritage Trust Trading Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

South West Heritage Trust Trading Limited

(Registration number: 09222720)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Current assets

 

Stocks

5

20,059

20,940

Debtors

6

43,079

29,832

Cash at bank and in hand

 

353,157

216,151

 

416,295

266,923

Creditors: Amounts falling due within one year

7

(265,129)

(158,527)

Net assets

 

151,166

108,396

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

151,165

108,395

Total equity

 

151,166

108,396

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 


M J R Motum
Director

   
 

South West Heritage Trust Trading Limited

Notes to the Financial Statements
for the Year Ended 31 October 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:
Somerset Heritage Centre
Brunel Way
Taunton
Somerset
TA2 6SF

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.

These financial statements are presented in Sterling (£).

Turnover 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.

 

South West Heritage Trust Trading Limited

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

Expenditure

Resources expended are recognised on the accruals basis and match the period to which the expenditure was incurred.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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.

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.

 

South West Heritage Trust Trading Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

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

Gift aid distributions

The company makes payments to its parent charity under gift aid and they are recognised upon physical payment as a distribution of funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 11 (2023 - 111).

4

Taxation

Tax charged/(credited) in the profit and loss account:

2024
 £

2023
 £

Current taxation

UK corporation tax

37,791

24,265

Deferred taxation

Arising from origination and reversal of timing differences

(37,791)

(24,265)

Tax expense/(receipt) in the profit and loss account

-

-

 

South West Heritage Trust Trading Limited

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

5

Stocks

2024
£

2023
£

Other stocks

20,059

20,940

6

Debtors

Current

2024
£

2023
£

Trade debtors

16,741

14,044

Prepayments

24,476

15,636

Other debtors

1,862

152

 

43,079

29,832

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,881

8,570

Amounts owed to group undertakings

243,541

134,073

Taxation and social security

12,664

13,496

Accruals and deferred income

4,344

2,388

Other creditors

699

-

265,129

158,527

8

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 May 2025 was Michelle Ferris BSc (Hons) FCA DChA, who signed for and on behalf of Albert Goodman LLP.