Registered number
05121179
Swinton Discount Warehouse Limited
Filleted Accounts
31 December 2024
Swinton Discount Warehouse Limited
Registered number: 05121179
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 105,850 81,557
Current assets
Stocks 9,682 9,777
Debtors 5 127,051 134,328
Cash at bank and in hand 905,423 842,500
1,042,156 986,605
Creditors: amounts falling due within one year 6 (48,583) (53,680)
Net current assets 993,573 932,925
Total assets less current liabilities 1,099,423 1,014,482
Provisions for liabilities (10,032) (5,416)
Net assets 1,089,391 1,009,066
Capital and reserves
Called up share capital 102 102
Profit and loss account 1,089,289 1,008,964
Shareholders' funds 1,089,391 1,009,066
The director is 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 director acknowledges his 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.
Mr Raymond Taylor
Director
Approved by the board on 1 September 2025
Swinton Discount Warehouse 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.
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 15% 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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 4 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 30,000
At 31 December 2024 30,000
Amortisation
At 1 January 2024 30,000
At 31 December 2024 30,000
Net book value
At 31 December 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 53,050 57,466 60,598 171,114
Additions - 1,521 37,390 38,911
Disposals - - (21,755) (21,755)
At 31 December 2024 53,050 58,987 76,233 188,270
Depreciation
At 1 January 2024 - 52,036 37,521 89,557
Charge for the year - 1,043 6,353 7,396
On disposals - - (14,533) (14,533)
At 31 December 2024 - 53,079 29,341 82,420
Net book value
At 31 December 2024 53,050 5,908 46,892 105,850
At 31 December 2023 53,050 5,430 23,077 81,557
5 Debtors 2024 2023
£ £
Trade debtors 900 105
Other debtors 126,151 134,223
127,051 134,328
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,106 5,546
Taxation and social security costs 40,977 41,734
Other creditors 5,500 6,400
48,583 53,680
7 Related party transactions 2024 2023
Directors' Loan Account £ £
The director is a related party to the company
At 31st December, the company owed the related party the following
interest-free, unsecured loans which are repayable upon demand:
Amount due to/(from) the related party (106,563) (113,990)
8 Controlling party
Mr R Taylor and Mrs C Taylor are the ultimate controlling parties by virtue of their 100% ownership of the issued share capital of the company.
9 Other information
Swinton Discount Warehouse Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Chorley Road
Swinton
Manchester
M27 4AA
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