Southwest Utilities Nationwide Ltd
Registered number: 14528118
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,020 33,914
Current assets
Debtors 4 8,051 6,809
Cash at bank and in hand 6 3,545
8,057 10,354
Creditors: amounts falling due within one year 5 26,135 25,034
Net current assets 34,192 35,388
Total assets less current liabilities 68,212 69,302
Creditors: amounts falling due after more than one year 6 (23,782) (32,032)
Net assets 44,430 37,270
Capital and reserves
Called up share capital 1 1
Profit and loss account 44,429 37,269
Shareholder's funds 44,430 37,270
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Thomas Pitt
Director
Approved by the board on 21 May 2025
Southwest Utilities Nationwide Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Motor vehicles 18% reducing balance
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant & Machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2024 17,050 25,342 42,392
Additions - 10,731 10,731
At 31 December 2024 17,050 36,073 53,123
Depreciation
At 1 January 2024 3,410 5,068 8,478
Charge for the year 3,410 7,215 10,625
At 31 December 2024 6,820 12,283 19,103
Net book value
At 31 December 2024 10,230 23,790 34,020
At 31 December 2023 13,640 20,274 33,914
4 Debtors 2024 2023
£ £
Trade debtors 807 327
Other debtors 7,244 6,482
8,051 6,809
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals and deferred income < 1 Year 1,000 1,000
PAYE and NI (38,582) (32,144)
Pensions - (660)
Director's loan account 963 798
Corporation tax 11,262 12,197
Net VAT due (778) (6,225)
(26,135) (25,034)
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 23,782 32,032
7 Profit and loss account 2024
£
Profit for the year 47,160
Dividends (40,000)
At 6 December 2023 7,160
8 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid 40,000 27,000
40,000 27,000
9 Related party transactions
Included within the creditors at the year end is £963 (2023: £798) due to the company directors. During the period the company paid £81,729 of expenses on behalf of the directors and the directors introduced £81,894.
10 Controlling party
The ultimate controlling party are the directors and shareholders Mr Thomas Pitt and Mr Richard Quarney.
11 Other information
Southwest Utilities Nationwide Ltd is a private company limited by shares and incorporated in England. Its registered office is:
108 St Peter's Rise
Bristol
BS13 7NE
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