Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312025-05-15The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.452023-09-01falseRepair of machinery & Renting and leasing of trucks and other heavy vehicles46truetruefalse 04281914 2023-09-01 2024-08-31 04281914 2022-09-01 2023-08-31 04281914 2024-08-31 04281914 2023-08-31 04281914 2022-09-01 04281914 c:Director1 2023-09-01 2024-08-31 04281914 d:Buildings d:LongLeaseholdAssets 2023-09-01 2024-08-31 04281914 d:Buildings d:LongLeaseholdAssets 2024-08-31 04281914 d:Buildings d:LongLeaseholdAssets 2023-08-31 04281914 d:PlantMachinery 2023-09-01 2024-08-31 04281914 d:PlantMachinery 2024-08-31 04281914 d:PlantMachinery 2023-08-31 04281914 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04281914 d:MotorVehicles 2023-09-01 2024-08-31 04281914 d:MotorVehicles 2024-08-31 04281914 d:MotorVehicles 2023-08-31 04281914 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04281914 d:ComputerEquipment 2023-09-01 2024-08-31 04281914 d:ComputerEquipment 2024-08-31 04281914 d:ComputerEquipment 2023-08-31 04281914 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04281914 d:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 04281914 d:OtherPropertyPlantEquipment 2024-08-31 04281914 d:OtherPropertyPlantEquipment 2023-08-31 04281914 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04281914 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 04281914 d:CurrentFinancialInstruments 2024-08-31 04281914 d:CurrentFinancialInstruments 2023-08-31 04281914 d:Non-currentFinancialInstruments 2024-08-31 04281914 d:Non-currentFinancialInstruments 2023-08-31 04281914 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 04281914 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04281914 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 04281914 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 04281914 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 04281914 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 04281914 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 04281914 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 04281914 d:ShareCapital 2023-09-01 2024-08-31 04281914 d:ShareCapital 2024-08-31 04281914 d:ShareCapital 2022-09-01 2023-08-31 04281914 d:ShareCapital 2023-08-31 04281914 d:ShareCapital 2022-09-01 04281914 d:CapitalRedemptionReserve 2023-09-01 2024-08-31 04281914 d:CapitalRedemptionReserve 2024-08-31 04281914 d:CapitalRedemptionReserve 2022-09-01 2023-08-31 04281914 d:CapitalRedemptionReserve 2023-08-31 04281914 d:CapitalRedemptionReserve 2022-09-01 04281914 d:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 04281914 d:RetainedEarningsAccumulatedLosses 2024-08-31 04281914 d:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 04281914 d:RetainedEarningsAccumulatedLosses 2023-08-31 04281914 d:RetainedEarningsAccumulatedLosses 2022-09-01 04281914 c:FRS102 2023-09-01 2024-08-31 04281914 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 04281914 c:FullAccounts 2023-09-01 2024-08-31 04281914 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04281914 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 04281914 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 04281914 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 04281914 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 04281914 2 2023-09-01 2024-08-31 04281914 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 04281914










SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
REGISTERED NUMBER: 04281914

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,509,240
5,426,691

  
5,509,240
5,426,691

Current assets
  

Stocks
  
171,054
210,106

Debtors: amounts falling due within one year
 5 
3,975,437
3,179,928

Cash at bank and in hand
  
26,384
403,134

  
4,172,875
3,793,168

Creditors: amounts falling due within one year
 6 
(1,775,621)
(1,761,819)

Net current assets
  
 
 
2,397,254
 
 
2,031,349

Total assets less current liabilities
  
7,906,494
7,458,040

Creditors: amounts falling due after more than one year
 7 
(336,086)
(436,392)

Provisions for liabilities
  

Deferred tax
  
(1,084,372)
(1,012,656)

  
 
 
(1,084,372)
 
 
(1,012,656)

Net assets
  
6,486,036
6,008,992


Capital and reserves
  

Called up share capital 
  
50,090
50,090

Capital redemption reserve
  
30,010
30,010

Profit and loss account
  
6,405,936
5,928,892

  
6,486,036
6,008,992


Page 1

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
REGISTERED NUMBER: 04281914
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




John Bernard Colston
Director

Date: 15 May 2025

The notes on pages 5 to 15 form part of these financial statements.

Page 2

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2023
50,090
30,010
5,928,892
6,008,992


Comprehensive income for the year

Profit for the year

-
-
1,127,044
1,127,044


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,127,044
1,127,044


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(650,000)
(650,000)


Total transactions with owners
-
-
(650,000)
(650,000)


At 31 August 2024
50,090
30,010
6,405,936
6,486,036


The notes on pages 5 to 15 form part of these financial statements.

Page 3

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 September 2022
50,090
30,010
4,803,739
4,883,839


Comprehensive income for the year

Profit for the year

-
-
1,125,153
1,125,153


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,125,153
1,125,153


Total transactions with owners
-
-
-
-


At 31 August 2023
50,090
30,010
5,928,892
6,008,992


The notes on pages 5 to 15 form part of these financial statements.

Page 4

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

South Wales Industrial Equipment Limited is a private company, limited by shares, registered in England and Wales.
The company's registered office address is as below:
Unit 23 Mardon Estate
Port Talbot
SA12 7AX

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors have considered the current financial position and have also assessed the financial future of the business. The directors have concluded that it is appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the directors have considered the company's financial position.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to meet its financial obligations as they fall due. Accordingly, the directors continues to adopt the going concern basis in preparing the annual report and accounts.

Page 5

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 7

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
At varying rates on cost
Plant and machinery
-
20%
On cost
Motor vehicles
-
25%
On cost
Computer equipment
-
33%
On cost
Other fixed assets
-
At varying rates on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 9

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 46 (2023 - 45).

Page 10

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Other fixed assets

£
£
£
£
£



Cost or valuation


At 1 September 2023
255,387
87,407
503,889
101,756
10,960,610


Additions
-
6,787
33,193
6,175
1,352,430


Disposals
-
-
(13,245)
-
(407,766)



At 31 August 2024

255,387
94,194
523,837
107,931
11,905,274



Depreciation


At 1 September 2023
174,513
78,579
300,680
91,834
5,836,752


Charge for the year on owned assets
5,752
2,817
83,317
6,720
1,110,500


Disposals
-
-
(13,244)
-
(300,837)



At 31 August 2024

180,265
81,396
370,753
98,554
6,646,415



Net book value



At 31 August 2024
75,122
12,798
153,084
9,377
5,258,859



At 31 August 2023
80,875
8,829
203,209
9,923
5,123,858
Page 11

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 September 2023
11,909,049


Additions
1,398,585


Disposals
(421,011)



At 31 August 2024

12,886,623



Depreciation


At 1 September 2023
6,482,358


Charge for the year on owned assets
1,209,106


Disposals
(314,081)



At 31 August 2024

7,377,383



Net book value



At 31 August 2024
5,509,240



At 31 August 2023
5,426,694

The net book value of tangible fixed assets includes £1,983,764 (2023- £1,504,322) in respect of assets held under hire purchase contracts.


5.


Debtors

2024
2023
£
£


Trade debtors
1,746,626
1,613,490

Amounts owed by group undertakings
2,188,951
1,408,555

Other debtors
-
4,220

Prepayments and accrued income
39,860
153,663

3,975,437
3,179,928


Page 12

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
170,645
-

Other loans
45,596
43,698

Trade creditors
500,429
600,233

Corporation tax
142,988
227,310

Other taxation and social security
281,141
248,920

Obligations under finance lease and hire purchase contracts
375,056
399,967

Other creditors
11,061
10,481

Accruals and deferred income
248,705
231,210

1,775,621
1,761,819



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
15,542
61,138

Net obligations under finance leases and hire purchase contracts
320,544
375,254

336,086
436,392


Page 13

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
45,596
43,698


45,596
43,698

Amounts falling due 1-2 years

Other loans
15,542
45,596


15,542
45,596

Amounts falling due 2-5 years

Other loans
-
15,542


-
15,542


61,138
104,836



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
375,056
399,966

Between 1-5 years
320,544
375,255

695,600
775,221

Page 14

 
SOUTH WALES INDUSTRIAL EQUIPMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.

Other Financial Commitments

The company has forward commitments to repurchase forklift trucks in the periods:- 

2024
2023
        £
        £
2024

-

272,943
 
2025

130,550

130,550
 
2026

129,536

110,579
 
2027

122,889

73,098
 
2028

122,156

98,555
 
2029

108,501

92,671
 
2030

40,000

-
 

653,632

778,396
 

The directors believe that the repurchase costs will be lower than the anticipated market value at the date of the buyback.


11.


Secured Debts

The following secured debts are included within creditors:

2024
2023
£
£
Hire purchase contracts

695,599

775,221
 


 
695,599

775,221
 

Obligations under hire purchase contracts are secured on the assets to which they relate. Obligations under invoice finance are secured by a fixed and floating charge on the assets of the company.
From 24 January 2020 the company's bankers hold an Assignment of Rights as security for all present and future debts owed to the bank.


12.


Related Party Disclosures

The company paid £63,500 (2023:- £63,000) in respect of rent for the property to SWIE Limited SSAS.






 
Page 15