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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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South West Removals & Storage Ltd |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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FOR |
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South West Removals & Storage Ltd |
South West Removals & Storage Ltd (Registered number: 08911806) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2019 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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South West Removals & Storage Ltd |
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COMPANY INFORMATION |
for the year ended 31 March 2019 |
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Directors: |
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Registered office: |
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Business address: |
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Registered number: |
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Accountants: |
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129 North Hill |
Plymouth |
Devon |
PL4 8JY |
South West Removals & Storage Ltd (Registered number: 08911806) |
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BALANCE SHEET |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 7 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than
one year |
8 |
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( |
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Provisions for liabilities | 10 | ( |
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Net assets/(liabilities) |
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Capital and reserves |
Called up share capital | 11 |
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Retained earnings |
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Shareholders' funds |
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( |
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South West Removals & Storage Ltd (Registered number: 08911806) |
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BALANCE SHEET - continued |
31 March 2019 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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South West Removals & Storage Ltd (Registered number: 08911806) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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South West Removals & Storage Limited is a private company, limited by shares, registered |
in England and Wales. The company's registered number, business address and registered |
office address can be found on the company information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable in respect of services provided, net of value added |
tax. Turnover for removal services is recognised upon completion of the move. Rental of |
storage space is recognised in the period to which the rental income relates, adjusting for |
amounts in advance or arrears at the balance sheet date. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment |
losses. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life. |
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Property | - Straight line over 50 years |
Equipment | - 15% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Land | - No depreciation |
Leased vehicles | - Straight line over primary lease period |
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Government grants |
Government grants towards the purchase of fixed assets are recorded as deferred income in |
creditors. This deferred income is taken to income over the same period, and on the same |
basis, as the cost of the relevant asset is depreciated. In the case of the property grant |
received in the year ended 31 March 2015, this is on a straight line basis over 50 years. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & |
Loss Account, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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South West Removals & Storage Ltd (Registered number: 08911806) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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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. |
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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. |
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Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), |
less any impairment losses for bad and doubtful debts. Loans and other financial assets are |
initially recognised at transaction price including any transaction costs and subsequently |
measured at amortised cost determined using the effective interest method, less any |
impairment losses for bad and doubtful debts. |
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Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). |
Loans and other financial liabilities are initially recognised at transaction price net of any |
transaction costs and subsequently measured at amortised cost determined using the |
effective interest method. |
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Provisions |
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an |
obligation at the reporting date as a result of a past event, it is probable that economic |
benefit will be transferred to settle the obligation and the amount of the obligation can be |
estimated reliably. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
Cost |
At 1 April 2018 |
and 31 March 2019 |
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Amortisation |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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Net book value |
At 31 March 2019 |
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At 31 March 2018 |
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South West Removals & Storage Ltd (Registered number: 08911806) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Motor |
Property | Equipment | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2018 |
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Additions |
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Disposals | ( |
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At 31 March 2019 |
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Depreciation |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2019 |
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Net book value |
At 31 March 2019 |
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At 31 March 2018 |
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Included in cost of land and buildings is land of £100,000 (2018 - £50,000) which is not |
depreciated. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Finance leases |
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Taxation and social security |
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Other creditors |
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South West Removals & Storage Ltd (Registered number: 08911806) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Finance leases |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 303,600 | 80,000 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Finance leases | 9,089 | 11,526 |
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The bank borrowing is secured by way of a fixed charge over the company property and the |
finance leases are secured against the relevant assets. |
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10. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 20,200 | 9,400 |
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Deferred |
tax |
£ |
Balance at 1 April 2018 |
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Provided during year |
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Balance at 31 March 2019 |
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South West Removals & Storage Ltd (Registered number: 08911806) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2019 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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12. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed the following amount to related parties who are |
both directors and shareholders of the company: |
£ |
Mr J and Mrs K Day | 102,596 |
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Interest of £3,900 (2018 - £3,900) was paid on the above amount by the company. |