Company Registration No. 06206365 (England and Wales)
South Wales Contractors Limited
Unaudited accounts
for the year ended 30 September 2021
South Wales Contractors Limited
Unaudited accounts
Contents
South Wales Contractors Limited
Company Information
for the year ended 30 September 2021
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
Accountants
The Wright Advice Ltd
2 Llanedeyrn Road
Cardiff
CF23 9DX
South Wales Contractors Limited
Statement of financial position
as at 30 September 2021
Tangible assets
96,358
93,273
Inventories
213,000
257,893
Cash at bank and in hand
311,557
401,130
Creditors: amounts falling due within one year
(459,177)
(745,380)
Net current assets
369,239
330,287
Total assets less current liabilities
465,597
423,560
Provisions for liabilities
Deferred tax
(17,721)
(17,721)
Net assets
447,876
405,839
Called up share capital
20
20
Profit and loss account
447,856
405,819
Shareholders' funds
447,876
405,839
For the year ending 30 September 2021 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 12 December 2021 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 2021
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 2021
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 2021
220,000
At 30 September 2021
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
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2020
124,840
79,833
816
205,489
Additions
29,868
-
-
29,868
Disposals
-
(13,249)
-
(13,249)
At 30 September 2021
154,708
66,584
816
222,108
At 1 October 2020
56,633
55,225
358
112,216
Charge for the year
20,101
6,065
269
26,435
On disposals
-
(12,901)
-
(12,901)
At 30 September 2021
76,734
48,389
627
125,750
At 30 September 2021
77,974
18,195
189
96,358
At 30 September 2020
68,207
24,608
458
93,273
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
150,117
161,415
Accrued income and prepayments
9,832
6,795
Other debtors
130,041
239,635
Debtors: amounts falling due after more than one year
Accrued income and prepayments
5,070
-
South Wales Contractors Limited
Notes to the Accounts
for the year ended 30 September 2021
7
Investments held as current assets
2021
2020
Unlisted investments
8,799
8,799
At the period end the compnay's share of the net assets of Monk Close LLP were Stocks £8,519 (2019 £8,677); Debtors £344 (2019 £988); Bank £32 (2019 £324) less Creditors £66 (2019 £11).
The interest in Dean Street Productions No. 16 LLP devalued to £1 previously has been eliminated as the LLP is in liquidation.
8
Creditors: amounts falling due within one year
2021
2020
Trade creditors
19,623
87,301
Taxes and social security
369
42,219
Other creditors
31,092
28,492
Loans from directors
383,820
537,643
9
Average number of employees
During the year the average number of employees was 0 (2020: 5).
