Company Registration No. 06206365 (England and Wales)
South Wales Contractors Limited
Unaudited accounts
for the year ended 30 September 2022
South Wales Contractors Limited
Unaudited accounts
Contents
South Wales Contractors Limited
Company Information
for the year ended 30 September 2022
Directors
John William Reape
Charles Brendan Bourke
Secretary
John William Reape
Company Number
06206365 (England and Wales)
Registered Office
141 OAKLANDS ROAD
BRIDGEND
GLAMORGAN
CF31 4SX
South Wales Contractors Limited
Statement of financial position
as at 30 September 2022
Tangible assets
112,264
96,358
Inventories
280,780
213,000
Cash at bank and in hand
555,699
312,827
Creditors: amounts falling due within one year
(573,421)
(476,665)
Net current assets
342,862
342,952
Total assets less current liabilities
455,126
439,310
Provisions for liabilities
Deferred tax
(21,330)
(18,308)
Net assets
433,796
421,002
Called up share capital
20
20
Profit and loss account
433,776
420,982
Shareholders' funds
433,796
421,002
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2023 and were signed on its behalf by
John William Reape
Director
Company Registration No. 06206365
South Wales Contractors Limited
Notes to the Accounts
for the year ended 30 September 2022
South Wales Contractors Limited is a private company, limited by shares, registered in England and Wales, registration number 06206365. The registered office is 141 OAKLANDS ROAD, BRIDGEND, GLAMORGAN, CF31 4SX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax and other sales taxes. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% straight line basis
Motor vehicles
25% reducing balance
Computer equipment
33% straight line basis
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
South Wales Contractors Limited
Notes to the Accounts
for the year ended 30 September 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 30 September 2022
220,000
At 30 September 2022
220,000
The Goodwill represents the value of the business of South Wales Construction acquired from the directors in June 2007 and has now been fully amortised.
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 October 2021
154,708
66,584
-
816
222,108
Additions
44,681
-
1,417
-
46,098
Disposals
(49,910)
-
-
-
(49,910)
At 30 September 2022
149,479
66,584
1,417
816
218,296
At 1 October 2021
76,734
48,389
-
627
125,750
Charge for the year
19,510
4,548
35
189
24,282
On disposals
(44,000)
-
-
-
(44,000)
At 30 September 2022
52,244
52,937
35
816
106,032
At 30 September 2022
97,235
13,647
1,382
-
112,264
At 30 September 2021
77,974
18,195
-
189
96,358
South Wales Contractors Limited
Notes to the Accounts
for the year ended 30 September 2022
Amounts falling due within one year
Trade debtors
22,815
150,117
Accrued income and prepayments
11,403
9,832
Other debtors
44,986
130,041
Amounts falling due after more than one year
Accrued income and prepayments
-
3,800
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
23,704
19,623
Taxes and social security
22,577
17,859
Other creditors
68,558
31,092
Loans from directors
424,763
383,818
8
Average number of employees
During the year the average number of employees was 4 (2021: 3).
