REGISTERED NUMBER: 07141937 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Somerford Equipment Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

N L Meyers

REGISTERED OFFICE:

Moss Lane

Sandbach

Sandbach

England

CW11 3WZ

REGISTERED NUMBER:

07141937 (England and Wales)

AUDITORS:

Haines Watts Liverpool Limited

Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ

FIXED ASSETS

Tangible assets

4

134,225

99,102

CURRENT ASSETS

Stocks

1,754,632

1,535,339

Debtors

5

1,664,924

2,642,506

Cash at bank and in hand

269,739

272,860

3,689,295

4,450,705

CREDITORS

Amounts falling due within one year

6

343,152

537,811

NET CURRENT ASSETS

3,346,143

3,912,894

TOTAL ASSETS LESS CURRENT LIABILITIES

3,480,368

4,011,996

PROVISIONS FOR LIABILITIES

22,314

11,089

NET ASSETS

3,458,054

4,000,907

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

3,458,052

4,000,905

SHAREHOLDERS' FUNDS

3,458,054

4,000,907

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 director and authorised for issue on 25 July 2025 and were signed by:

N L Meyers - Director

1.	STATUTORY INFORMATION

Somerford Equipment 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates

There are no key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

12.5% on cost

Fixtures and fittings

-

12.5% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

In the budget on 3 March 2021, the UK Government announced an increase in the main UK corporation tax rate from 19% to 25% with effect from 1 April 2023. The change in rate was substantively enacted on 24 May 2021. Deferred tax has been calculated at 25% (2021 - 19%) which was the tax rate substantively enacted at 30 April 2022.

Research and development

Expenditure on long term research & development activities, where research findings are applied to a plan or design for the production of new or substantially improved products and processes, is capitalised if the product or process is technically and commercially feasible and the company has sufficient resources to complete development. The expenditure capitalised includes the cost of materials, direct labour and directly related ancillary costs. Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised research & development expenditure is stated at cost less accumulated amortisation.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

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.

Creditors

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

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and directors loan accounts (being repayable on demand).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

93,903

15,674

159,893

37,941

307,411

Additions

14,696

2,600

35,942

19,227

72,465

Disposals

-

-

(23,963

)

-

(23,963

)

At 31 December 2024

108,599

18,274

171,872

57,168

355,913

DEPRECIATION

At 1 January 2024

68,243

6,765

96,800

36,501

208,309

Charge for year

5,895

1,704

25,240

4,503

37,342

Eliminated on disposal

-

-

(23,963

)

-

(23,963

)

At 31 December 2024

74,138

8,469

98,077

41,004

221,688

NET BOOK VALUE

At 31 December 2024

34,461

9,805

73,795

16,164

134,225

At 31 December 2023

25,660

8,909

63,093

1,440

99,102

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

521,321

244,295

Amounts owed by group undertakings

1,024,788

2,280,667

Other debtors

57,491

-

Prepayments

61,324

117,544

1,664,924

2,642,506

Amounts owed from group undertakings are unsecured and bare quarterly interests at an average rate of 1.2% or are interest free.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

295,314

255,614

Tax

(161,674

)

93,655

Social security and other taxes

40,199

33,421

Pensions liability

6,930

5,105

VAT

108,168

140,946

Accruals

54,215

9,070

343,152

537,811

Amounts owed to group undertakings are unsecured and bare quarterly interests at an average rate of 1.2% or are interest free.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

32,500

70,000

Between one and five years

-

35,000

32,500

105,000

8.	CALLED UP SHARE CAPITAL

Called up share capital - Represents the nominal value of shares that have been issued. The company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

9.

RESERVES

Retained earnings - Includes all current and prior period retained profits and losses.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Timothy Cherry, FCCA (Senior Statutory Auditor)

for and on behalf of Haines Watts Liverpool Limited

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The immediate parent undertaking of the company is Hitex Holdings Limited, a company incorporated in England and Wales.

On 25 October 2021 Swarco AG purchased the entire share capital of Hitex Holdings Limited. Following this, MS Management GmbH, a company incorporated in Austria became the ultimate parent company. Swarco AG is the only group of undertakings to consolidate these financial statements at 31 December 2023. The address is below;

SWARCO AG

Blattenwaldweg 8

6112 Wattens

Austria

The ultimate controlling party is the board of directors of MS Management GmbH by virtue of their shareholdings.