Registered number
02989512
South Western Specialised Tape Limited
Filleted Accounts
31 December 2024
Adams Root Limted t/a Adams Root and Associates
Chartered Certified Accountants
Bristol
South Western Specialised Tape Limited
Registered number: 02989512
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 221,732 221,732
Tangible assets 4 124,368 112,183
346,100 333,915
Current assets
Stocks 130,399 142,261
Debtors 5 155,161 136,106
Cash at bank and in hand 2,534 131
288,094 278,498
Creditors: amounts falling due within one year 6 (504,988) (426,432)
Net current liabilities (216,894) (147,934)
Total assets less current liabilities 129,206 185,981
Creditors: amounts falling due after more than one year 7 (128,953) (183,020)
Net assets 253 2,961
Capital and reserves
Called up share capital 200 200
Profit and loss account 53 2,761
Shareholders' funds 253 2,961
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 members have 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.
H Burr
Director
Approved by the board on 20 May 2025
South Western Specialised Tape Limited
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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 10% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 277,327
At 31 December 2024 277,327
Amortisation
At 1 January 2024 55,595
At 31 December 2024 55,595
Net book value
At 31 December 2024 221,732
At 31 December 2023 221,732
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. Goodwill purchased in 2018 is not being written off as in the opinion of the directors, the current value exceeds the acquisition price.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2024 187,656 29,498 217,154
Additions 19,660 - 19,660
At 31 December 2024 207,316 29,498 236,814
Depreciation
At 1 January 2024 75,474 29,497 104,971
Charge for the year 7,475 - 7,475
At 31 December 2024 82,949 29,497 112,446
Net book value
At 31 December 2024 124,367 1 124,368
At 31 December 2023 112,182 1 112,183
5 Debtors 2024 2023
£ £
Trade debtors 152,667 126,127
Other debtors 2,494 9,979
155,161 136,106
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 248,120 262,022
Trade creditors 176,017 151,948
Taxation and social security costs 6,722 2,883
Other creditors 74,129 9,579
504,988 426,432
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 128,953 183,020
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 288,835 274,989
The bank borrowing is supported by personal guarantees from the directors.
9 Other information
South Western Specialised Tape Limited is a private company limited by shares and incorporated in England. Its registered office is:
86 Shirehampton Road
Stoke Bishop
Bristol
BS9 2DR
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