Southern Construction & Surfacing Limited Filleted accounts for Companies House (small and micro)

SOUTHERN CONSTRUCTION & SURFACING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02569855

SOUTHERN CONSTRUCTION & SURFACING LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2023

SOUTHERN CONSTRUCTION & SURFACING LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		–	53,214

Current assets

Stocks		–	33,544
Debtors	6	23,987	138,540
Cash at bank and in hand		81,251	126,763
		---------	---------
		105,238	298,847

Creditors: amounts falling due within one year	7	15,112		167,152
		---------		---------
Net current assets			90,126	131,695
			--------	---------
Total assets less current liabilities			90,126	184,909

Provisions

Taxation including deferred tax	–	10,111
	--------	---------
Net assets	90,126	174,798
	--------	---------

Capital and reserves

Called up share capital	8	500	500
Profit and loss account		89,626	174,298
		--------	---------
Shareholders funds		90,126	174,798
		--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SOUTHERN CONSTRUCTION & SURFACING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 12 December 2023 , and are signed on behalf of the board by:

M T Blain

Director

Company registration number: 02569855

SOUTHERN CONSTRUCTION & SURFACING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 The Chambers, Vineyard, Abingdon-on-Thames. The trading address is Hitchcopse Farm, Cothill Road, Cothill, Abingdon-on-Thames.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The trade of the company has ceased and the directors intend to apply for the company to be formally liquidated. The going concern basis cannot be used and the financial statements have been prepared on the break-up basis.

Trade and other debtors

Trade and other debtors are stated at cost less impairment losses for bad and doubtful debts.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable for work undertaken during the year, exclusive of Value Added Tax.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation

Tax on income represents the sum of tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the note to the accounts because of items of that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using the tax rates that have been enacted or subsequently enacted by the end of the accounting period. 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 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 timing differences reverse, based on current tax rates and laws.

Related parties

For the purposes of these financial statements, a party is considered to be related to the Company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the Company in making financial and operating policy decisions, or has joint control over the Company;

(ii) the Company and the party are subject to common control;

(iii) the party is an associate of the Company or a joint venture in which the Company is a venturer;

(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.

Close family members of an individual are those family members who it may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stock and work in progress

Stock and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present condition. The amount of any write-down of stock and work in progress to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£
Cost
At 1 April 2022	166,055	95,000	7,358	268,413
Disposals	( 166,055)	( 95,000)	( 7,358)	( 268,413)
	---------	--------	-------	---------
At 31 March 2023	–	–	–	–
	---------	--------	-------	---------
Depreciation
At 1 April 2022	129,242	82,320	3,637	215,199
Disposals	( 129,242)	( 82,320)	( 3,637)	( 215,199)
	---------	--------	-------	---------
At 31 March 2023	–	–	–	–
	---------	--------	-------	---------
Carrying amount
At 31 March 2023	–	–	–	–
	---------	--------	-------	---------
At 31 March 2022	36,813	12,680	3,721	53,214
	---------	--------	-------	---------

6. Debtors

	2023	2022
	£	£
Trade debtors	11,008	95,282
Other debtors	12,979	43,258
	--------	---------
	23,987	138,540
	--------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	–	9,819
Trade creditors	3,710	75,045
Corporation tax	1,928	3,249
Social security and other taxes	2,989	12,635
Other creditors	6,485	66,404
	--------	---------
	15,112	167,152
	--------	---------

8. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	500	500	500	500
	----	----	----	----

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	–	25,595
	----	--------

10. Directors' advances, credits and guarantees

During the year, the Directors were advanced sums totalling £5,224. There was no interest charged on this loan, as the balance stayed under £10,000.