South Western Specialised Tape Limited - Filleted accounts

South Western Specialised Tape Limited - Filleted accounts

SOUTH WESTERN SPECIALISED TAPE LIMITED - Company Information

Print Friendly Version

Registered number
02989512
South Western Specialised Tape Limited
Filleted Accounts
31 December 2018
ARA (Bristol) 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 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 256,732 2
Tangible assets 4 50,969 14,902
307,701 14,904
Current assets
Stocks 63,442 24,236
Debtors 5 185,119 111,969
Cash at bank and in hand 17,122 67,352
265,683 203,557
Creditors: amounts falling due within one year 6 (353,555) (215,231)
Net current liabilities (87,872) (11,674)
Total assets less current liabilities 219,829 3,230
Creditors: amounts falling due after more than one year 7 (195,757) -
Net assets 24,072 3,230
Capital and reserves
Called up share capital 200 200
Profit and loss account 23,872 3,030
Shareholders' funds 24,072 3,230
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 26 September 2019
South Western Specialised Tape Limited
Notes to the Accounts
for the year ended 31 December 2018
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 2018 2017
Number Number
Average number of persons employed by the company 7 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2018 17,597
Additions 259,730
At 31 December 2018 277,327
Amortisation
At 1 January 2018 17,595
Provided during the year 3,000
At 31 December 2018 20,595
Net book value
At 31 December 2018 256,732
At 31 December 2017 2
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years. Goodwill purchased during this year 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 2018 43,363 29,498 72,861
Additions 46,014 - 46,014
At 31 December 2018 89,377 29,498 118,875
Depreciation
At 1 January 2018 33,377 24,582 57,959
Charge for the year 8,100 1,847 9,947
At 31 December 2018 41,477 26,429 67,906
Net book value
At 31 December 2018 47,900 3,069 50,969
At 31 December 2017 9,986 4,916 14,902
5 Debtors 2018 2017
£ £
Trade debtors 185,119 70,601
Other debtors - 41,368
185,119 111,969
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 52,384 -
Trade creditors 153,298 90,045
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 42,319
Taxation and social security costs 52,798 16,012
Other creditors 95,075 66,855
353,555 215,231
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 195,757 -
8 Loans 2018 2017
£ £
Creditors include:
Secured bank loans 248,141 -
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
South Western Specialised Tape Limited 02989512 false 2018-01-01 2018-12-31 2018-12-31 VT Final Accounts July 2019 H Burr No description of principal activity 02989512 2017-01-01 2017-12-31 02989512 core:WithinOneYear 2017-12-31 02989512 core:AfterOneYear 2017-12-31 02989512 core:ShareCapital 2017-12-31 02989512 core:RetainedEarningsAccumulatedLosses 2017-12-31 02989512 2018-01-01 2018-12-31 02989512 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 02989512 bus:AuditExemptWithAccountantsReport 2018-01-01 2018-12-31 02989512 bus:Director40 2018-01-01 2018-12-31 02989512 core:Goodwill 2018-01-01 2018-12-31 02989512 core:PlantMachinery 2018-01-01 2018-12-31 02989512 core:Vehicles 2018-01-01 2018-12-31 02989512 countries:England 2018-01-01 2018-12-31 02989512 bus:FRS102 2018-01-01 2018-12-31 02989512 bus:FullAccounts 2018-01-01 2018-12-31 02989512 2018-12-31 02989512 core:WithinOneYear 2018-12-31 02989512 core:AfterOneYear 2018-12-31 02989512 core:ShareCapital 2018-12-31 02989512 core:RetainedEarningsAccumulatedLosses 2018-12-31 02989512 core:Goodwill 2018-12-31 02989512 core:PlantMachinery 2018-12-31 02989512 core:Vehicles 2018-12-31 02989512 2017-12-31 02989512 core:Goodwill 2017-12-31 02989512 core:PlantMachinery 2017-12-31 02989512 core:Vehicles 2017-12-31 iso4217:GBP xbrli:pure