Company Registration No. 00969277 (England and Wales)
Southcombe Limited
Unaudited Financial Statements
for the year ended 31 December 2022
Southcombe Limited
Unaudited Financial Statements
Contents
Southcombe Limited
Company Information
for the year ended 31 December 2022
Directors
Mr P A Bailey
Mr A R Woodland
Mrs D Woodland
Mrs C Woodland
Mrs K Macdonald
Company Number
00969277 (England and Wales)
Registered Office
21 Mulligan Drive
The Rydons
Exeter
Devon
EX2 7SJ
Accountants
Brehon Limited
Mayfield House
Grande Rue
St Martin
Guernsey
GY4 6AA
Southcombe Limited
Statement of financial position
as at 31 December 2022
Tangible assets
1,218,424
1,195,073
Cash at bank and in hand
117,414
236,701
Creditors: amounts falling due within one year
(76,229)
(91,141)
Net current assets
164,345
273,705
Net assets
1,382,769
1,468,778
Called up share capital
10,000
10,000
Profit and loss account
1,372,769
1,458,778
Shareholders' funds
1,382,769
1,468,778
For the year ending 31 December 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 7 June 2023 and were signed on its behalf by
Mr P A Bailey
Director
Company Registration No. 00969277
Southcombe Limited
Notes to the Accounts
for the year ended 31 December 2022
Southcombe Limited is a private company, limited by shares, registered in England and Wales, registration number 00969277. The registered office is 21 Mulligan Drive, The Rydons, Exeter, Devon, EX2 7SJ.
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 represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Southcombe Limited
Notes to the Accounts
for the year ended 31 December 2022
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2022
1,148,757
34,490
279,438
4,547
1,467,232
Additions
-
-
41,092
500
41,592
At 31 December 2022
1,148,757
34,490
320,530
5,047
1,508,824
At 1 January 2022
-
22,984
246,308
2,867
272,159
Charge for the year
-
2,877
14,844
520
18,241
At 31 December 2022
-
25,861
261,152
3,387
290,400
At 31 December 2022
1,148,757
8,629
59,378
1,660
1,218,424
At 31 December 2021
1,148,757
11,506
33,130
1,680
1,195,073
Amounts falling due within one year
Trade debtors
14,853
15,243
Amounts due from group undertakings etc.
80,000
83,707
Accrued income and prepayments
24,990
26,007
6
Creditors: amounts falling due within one year
2022
2021
Obligations under finance leases and hire purchase contracts
-
780
Trade creditors
67,099
65,395
Other creditors
1,700
1,700
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000
10,000
The company has provided an unlimited guarantee for the bank borrowings of Saumarez Park Hotel Limited. No balances were outstanding as at 31 December 2020 and in the opinion of the directors no liability is likely to arise as a result of this guarantee.
Southcombe Limited
Notes to the Accounts
for the year ended 31 December 2022
9
Transactions with related parties
The Company is related to Saumarez Park Hotel Limited and Summerland Nursing Services Limited, by
virtue of having common directors.
During the year the company paid £100,000 to Saumarez Park Hotel Limited for rent.
The amounts due to related companies at 31 December 2018 are as follows:-
Summerland Nursing Services Limited - £Nil
Guernsey Care Homes (Holdings) Limited - £80,000
All transactions were on normal trading terms and at arm's length.
The ultimate holding company is Guernsey Care Homes (Holdings) Limited, a company incorporated in Guernsey.
11
Average number of employees
During the year the average number of employees was 26 (2021: 31).
