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Registration number: 10358459

South Central Engineering Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2021 to 31 May 2022

 

South Central Engineering Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

South Central Engineering Limited

(Registration number: 10358459)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

2,580

2,997

Current assets

 

Debtors

5

16,542

7,421

Cash at bank and in hand

 

174,995

153,994

 

191,537

161,415

Creditors: Amounts falling due within one year

6

(118,816)

(106,680)

Net current assets

 

72,721

54,735

Total assets less current liabilities

 

75,301

57,732

Provisions for liabilities

(490)

(569)

Net assets

 

74,811

57,163

Capital and reserves

 

Called up share capital

100

100

Retained earnings

74,711

57,063

Shareholders' funds

 

74,811

57,163

 

South Central Engineering Limited

(Registration number: 10358459)
Balance Sheet as at 31 May 2022

For the financial period ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 July 2022
 

.........................................
Mr R Weston
Director

 

South Central Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

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:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

South Central Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

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

25 % reducing balance

25% reducing balance

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2021 - 1).

 

South Central Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2021

1,240

1,035

7,640

9,915

At 31 May 2022

1,240

1,035

7,640

9,915

Depreciation

At 1 October 2021

846

397

5,675

6,918

Charge for the period

66

24

327

417

At 31 May 2022

912

421

6,002

7,335

Carrying amount

At 31 May 2022

328

614

1,638

2,580

At 30 September 2021

394

638

1,965

2,997

 

South Central Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2021 to 31 May 2022

5

Debtors

Current

2022
£

2021
£

Trade debtors

15,128

5,921

Prepayments

922

446

Other debtors

492

1,054

 

16,542

7,421

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

14,855

10,206

Other creditors

103,961

96,474

118,816

106,680

7

Related party transactions

Other transactions with the director

At the period end date , the company owed key management personnel £101,718 (2021-£95,229).