S.W.P. Hydraulics Limited - Period Ending 2019-03-31

S.W.P. Hydraulics Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 03155306

S.W.P. Hydraulics Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

S.W.P. Hydraulics Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	130,548	139,799
Current assets
Stocks		49,000	19,000
Debtors	5	786,607	630,507
Cash at bank and in hand		183,037	145,039
		1,018,644	794,546
Creditors: Amounts falling due within one year	6	(388,983)	(248,108)
Net current assets		629,661	546,438
Total assets less current liabilities		760,209	686,237
Provisions for liabilities		(18,060)	(18,060)
Net assets		742,149	668,177
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		741,149	667,177
Total equity		742,149	668,177

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

S.W.P. Hydraulics Limited

Balance Sheet

31 March 2019

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 December 2019 and signed on its behalf by:
 

......................................... Mr W McWattie Director

......................................... Mr N McWattie Director

Company Registration Number: 03155306

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

S.W.P. Hydraulics Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westcountry House
Western Wood Way
Langage Business Park
Plympton
Plymouth
PL7 5BG

These financial statements were authorised for issue by the Board on 9 December 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 3

S.W.P. Hydraulics Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	20% reducing balance
Motor vehicles	20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 4

S.W.P. Hydraulics Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2018 - 16).

Page 5

S.W.P. Hydraulics Limited

Notes to the Financial Statements

Year Ended 31 March 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2018	53,506	37,522	327,777	418,805
Additions	-	-	30,130	30,130
At 31 March 2019	53,506	37,522	357,907	448,935
Depreciation
At 1 April 2018	21,440	7,504	250,062	279,006
Charge for the year	6,414	6,004	26,963	39,381
At 31 March 2019	27,854	13,508	277,025	318,387
Carrying amount
At 31 March 2019	25,652	24,014	80,882	130,548
At 31 March 2018	32,066	30,018	77,715	139,799

5

Debtors

	Note	2019  £	2018  £
Trade debtors		289,110	345,981
Amounts due from group undertakings		194,474	277,786
Other debtors		3,023	6,740
Prepayments		300,000	-
		786,607	630,507

Page 6

S.W.P. Hydraulics Limited

Notes to the Financial Statements

Year Ended 31 March 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019  £	2018  £
Due within one year
Loans and borrowings	7	-	7,642
Trade creditors		232,150	48,491
Social security and other taxes		43,624	85,296
Other creditors		99,857	100,157
Accrued expenses		13,352	6,522
		388,983	248,108

Creditors: amounts falling due after more than one year

2019 £

2018 £

7	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year

	2019 £	2018 £
Current loans and borrowings
Finance lease liabilities	-	7,642

Page 7

S.W.P. Hydraulics Limited

Notes to the Financial Statements

Year Ended 31 March 2019

8	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

9	Parent and ultimate parent undertaking

The company's immediate parent is Mabil Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

 The ultimate controlling party is Mr W McWattie, the managing director and majority shareholder of Mabil Limited.

Page 8