Company Registration No. 04220019 (England and Wales)
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S J Gould
Mrs M M Gould
Secretary
Mrs M M Gould
Company number
04220019
Registered office
40-41 First Avenue
Westfield Industrial Estate
MIDSOMER NORTON
North Somerset
BA3 4BS
Accountants
TC Group
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
102,346
71,834
Current assets
Stocks
26,776
25,093
Debtors
4
191,546
112,271
Cash at bank and in hand
197,309
121,363
415,631
258,727
Creditors: amounts falling due within one year
5
(272,494)
(140,255)
Net current assets
143,137
118,472
Total assets less current liabilities
245,483
190,306
Creditors: amounts falling due after more than one year
6
(62,602)
(55,000)
Provisions for liabilities
(26,074)
(17,958)
Net assets
156,807
117,348
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
156,707
117,248
Total equity
156,807
117,348
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 9 September 2025 and are signed on its behalf by:
Mr S J Gould
Director
Company Registration No. 04220019
The notes on pages 4 to 9 form part of these financial statements
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

South Western Garage Equipment Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40-41 First Avenue, Westfield Industrial Estate, MIDSOMER NORTON, North Somerset, BA3 4BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
10% Straight Line
Motor vehicles
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SOUTH WESTERN GARAGE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is

determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable,

direct labour costs and those overheads that have been incurred in bringing the inventories to their

present location and condition. At each reporting date, stocks are assessed for impairment. If stocks

are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the

impairment loss is recognized immediately in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

SOUTH WESTERN GARAGE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

SOUTH WESTERN GARAGE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10

Share Capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or

other resources received or receivable, net of the direct costs of issuing the equity instruments. If

payment is deferred and the time value of money is material, the initial measurement is on a present

value basis.

1.11

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
8
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
35,588
86,495
122,083
Additions
916
55,552
56,468
At 31 December 2024
36,504
142,047
178,551
Depreciation and impairment
At 1 January 2024
32,476
17,773
50,249
Depreciation charged in the year
470
25,486
25,956
At 31 December 2024
32,946
43,259
76,205
Carrying amount
At 31 December 2024
3,558
98,788
102,346
At 31 December 2023
3,112
68,722
71,834
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
191,237
111,990
Prepayments and accrued income
309
281
191,546
112,271
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,332
10,077
Obligations under hire purchase agreements
23,889
10,841
Trade creditors
180,770
99,976
Corporation tax
22,682
4,697
Other taxation and social security
30,537
9,175
Other creditors
2,574
2,574
Accruals and deferred income
1,710
2,915
272,494
140,255
SOUTH WESTERN GARAGE EQUIPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,033
17,365
Other creditors
55,569
37,635
62,602
55,000
2024-12-31 2024-01-01 false false false 09 September 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity Mr S J Gould Mrs Margaret M Gould Mrs M M Gould 04220019 2024-01-01 2024-12-31 04220019 bus:Director1 2024-01-01 2024-12-31 04220019 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 04220019 bus:CompanySecretary1 2024-01-01 2024-12-31 04220019 bus:Director2 2024-01-01 2024-12-31 04220019 bus:RegisteredOffice 2024-01-01 2024-12-31 04220019 2024-12-31 04220019 2023-12-31 04220019 core:FurnitureFittings 2024-12-31 04220019 core:MotorVehicles 2024-12-31 04220019 core:FurnitureFittings 2023-12-31 04220019 core:MotorVehicles 2023-12-31 04220019 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 04220019 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 04220019 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 04220019 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 04220019 core:Non-currentFinancialInstruments 2024-12-31 04220019 core:Non-currentFinancialInstruments 2023-12-31 04220019 core:ShareCapital 2024-12-31 04220019 core:ShareCapital 2023-12-31 04220019 core:RetainedEarningsAccumulatedLosses 2024-12-31 04220019 core:RetainedEarningsAccumulatedLosses 2023-12-31 04220019 core:FurnitureFittings 2024-01-01 2024-12-31 04220019 core:MotorVehicles 2024-01-01 2024-12-31 04220019 2023-01-01 2023-12-31 04220019 core:FurnitureFittings 2023-12-31 04220019 core:MotorVehicles 2023-12-31 04220019 2023-12-31 04220019 core:CurrentFinancialInstruments 2024-12-31 04220019 core:CurrentFinancialInstruments 2023-12-31 04220019 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04220019 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04220019 bus:FRS102 2024-01-01 2024-12-31 04220019 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04220019 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP