REGISTERED NUMBER: 04378085 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

SOUTH WEST STEEL SUPPLIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C J Patch

K H Patch

M P Derrick

T Derrick

I M Webb

SECRETARY:

C J Patch

REGISTERED OFFICE:

Bristol Road

Portishead

Bristol

BS20 6QG

REGISTERED NUMBER:

04378085 (England and Wales)

ACCOUNTANTS:

Gravita

Chartered Accountants

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

137,754

183,675

CURRENT ASSETS

Stocks

5

388,796

467,832

Debtors

6

838,759

678,717

Cash at bank and in hand

777,220

823,748

2,004,775

1,970,297

CREDITORS

Amounts falling due within one year

7

(1,280,215

)

(1,141,233

)

NET CURRENT ASSETS

724,560

829,064

TOTAL ASSETS LESS CURRENT LIABILITIES

862,314

1,012,739

CREDITORS

Amounts falling due after more than one year

8

(17,839

)

(49,623

)

PROVISIONS FOR LIABILITIES

(33,625

)

(44,963

)

NET ASSETS

810,850

918,153

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

809,850

917,153

SHAREHOLDERS' FUNDS

810,850

918,153

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

C J Patch - Director

K H Patch - Director

M P Derrick - Director

1.	COMPANY INFORMATION

South West Steel Supplies 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.

The principal activity of the company in the year under review was that of steel stockholders and provider of specialist welding equipment and industrial power tools.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 £.

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that as a whole, the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the goods are physically delivered to the customers.

Tangible fixed assets

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

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

- 25% on reducing balance

Fixtures, fittings and equipment

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents 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.

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 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.

Financial assets

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

and

Motor

machinery

equipment

Vehicles

Totals

£

£

£

£

COST

At 1 April 2024

and 31 March 2025

377,297

91,082

104,710

573,089

DEPRECIATION

At 1 April 2024

275,430

49,350

64,634

389,414

Charge for year

25,467

10,435

10,019

45,921

At 31 March 2025

300,897

59,785

74,653

435,335

NET BOOK VALUE

At 31 March 2025

76,400

31,297

30,057

137,754

At 31 March 2024

101,867

41,732

40,076

183,675

5.

STOCKS

2025

2024

£

£

Raw materials

388,796

467,832

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

750,179

583,319

Amounts owed by related undertakings

22,570

9,746

Prepayments and accrued income

66,010

85,652

838,759

678,717

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

36,632

44,379

Trade creditors

1,049,202

926,350

Amounts owed by related undertakings

115,245

115,245

Social security and other taxes

11,955

12,458

VAT

39,300

21,436

Other creditors

17,369

12,478

Directors' current accounts

3,690

3,077

Accruals and deferred income

6,822

5,810

1,280,215

1,141,233

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

17,839

49,263

Hire purchase contracts totalling £54,471 (2024 - £93,642) are secured on the assets to which they relate.

9.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £470,313 (2024 - £242,264).

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

800

Ordinary

£1

800

800

100

A Ordinary

£1

100

100

100

B Ordinary

£1

100

100

1,000

1,000