General Information
South Coast Ventures Limited is a private company, limited by shares, registered in England and Wales, registration number 06041117, registration address 97 East Gomeldon Road, East Gomeldon, Salisbury, Wiltshire, SP4 6LZ.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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)
Going concern basis
The financial statements have been prepared on a going concern basis on the understanding that the the parents of the director Mrs L Maher, Mr A J Allen and Mrs M E Allen will not withdraw their loan to the company in such a way as would prejudice it's financial future.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company during the year, exclusive of value added tax.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
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.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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.
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.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
25% Reducing Balance
|
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2019 : 2).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Total |
| |
£ |
|
£ |
| At 01 January 2020 |
4,000 |
|
4,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 December 2020 |
4,000 |
|
4,000 |
| Depreciation |
| At 01 January 2020 |
2,031 |
|
2,031 |
| Charge for year |
492 |
|
492 |
| On disposals |
- |
|
- |
| At 31 December 2020 |
2,523 |
|
2,523 |
| Net book values |
| Closing balance as at 31 December 2020 |
1,477 |
|
1,477 |
| Opening balance as at 01 January 2020 |
1,969 |
|
1,969 |
|
| 4. |
Stocks
|
2020
£ |
|
2019
£ |
| Stocks |
4,000 |
|
4,000 |
|
4,000 |
|
4,000 |
|
| 5. |
Debtors: amounts falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Debtors |
5,593 |
|
2,658 |
| Prepayments |
88 |
|
85 |
| Other Debtors |
568 |
|
716 |
|
6,249 |
|
3,459 |
|
| 6. |
Creditors: amount falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Creditors |
9,205 |
|
786 |
| PAYE & Social Security |
185 |
|
304 |
| Other Creditors and Accruals |
3,821 |
|
3,326 |
| Directors Loan - Mr W and Mrs L Maher |
288 |
|
- |
| VAT |
1,685 |
|
2,669 |
|
15,184 |
|
7,085 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2020
£ |
|
2019
£ |
| Loan Account - Mr A J & Mrs M E Allen |
27,000 |
|
27,000 |
|
27,000 |
|
27,000 |
|
| 8. |
Share Capital
Allotted, called up and fully paid
|
2020
£ |
|
2019
£ |
|
100
Class A shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
3
|
