2021-02-012022-01-312022-01-31false02807348SOUTHERN MARINE SUPPLIES 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SOUTHERN MARINE SUPPLIES LIMITED

Registered Number
02807348
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2022

SOUTHERN MARINE SUPPLIES LIMITED
Company Information
for the year from 1 February 2021 to 31 January 2022

Directors

PAUL, Janet
PAUL, Nicholas Anthony

Registered Address

1 Gemini Court
42a Throwley Way
Sutton
SM1 4AF

Registered Number

02807348 (England and Wales)
SOUTHERN MARINE SUPPLIES LIMITED
Statement of Financial Position
31 January 2022

Notes

2022

2021

£

£

£

£

Fixed assets
Tangible assets5-1,847
Investment property6-214,519
-216,366
Current assets
Debtors-3,767
Cash at bank and on hand318,613116,598
318,613120,365
Creditors amounts falling due within one year10(103,119)(91,681)
Net current assets (liabilities)215,49428,684
Total assets less current liabilities215,494245,050
Provisions for liabilities-(12,166)
Net assets215,494232,884
Capital and reserves
Called up share capital100100
Revaluation reserve-61,367
Other reserves100100
Profit and loss account215,294171,317
Shareholders' funds8215,494232,884
The financial statements were approved and authorised for issue by the Board of Directors on 25 August 2022, and are signed on its behalf by:
PAUL, Nicholas Anthony
Director
Registered Company No. 02807348
SOUTHERN MARINE SUPPLIES LIMITED
Notes to the Financial Statements
for the year ended 31 January 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where goods are included in sales, turnover represents sales of these goods net of VAT and trade discounts and is recognised when the goods are physically delivered to the customer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment25
Investment property policy
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Employee information

20222021
Average number of employees during the year22
5.Property, plant and equipment

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 February 215,1041,2756,45812,837
Disposals(5,104)(1,275)(6,458)(12,837)
Depreciation and impairment
At 01 February 214,4111,2035,37610,990
On disposals(4,411)(1,203)(5,376)(10,990)
Net book value
At 31 January 21693721,0821,847
6.Investment property
The investment property for the villa in Spain has been sold during the year.

£
Fair value at 01 February 21214,519
Disposals(214,519)
At 31 January 22-
7.Guarantees and their terms, directors
As at the balance sheet date, the company received a loan of £80,000 (2021: £80,000) from the director. The loan is interest free and fully payable on demand.
8.Fair value reserve

£
Fair value reserve at 01 February 2161,367
Transferred in period(61,367)
At 31 January 22-
9.Debtors within one year

2022

2021

££
Trade debtors / trade receivables-1,299
Other debtors-2,468
Total-3,767
10.Creditors within one year

2022

2021

££
Trade creditors / trade payables8,4091,325
Taxation and social security13,1167,174
Other creditors81,59483,182
Total103,11991,681