Southern United Limited 00477349 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is label manufacturers. Digita Accounts Production Advanced 6.30.9574.0 true true true 00477349 2022-04-01 2023-03-31 00477349 2023-03-31 00477349 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-31 00477349 core:CurrentFinancialInstruments 2023-03-31 00477349 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00477349 core:FurnitureFittingsToolsEquipment 2023-03-31 00477349 core:OtherPropertyPlantEquipment 2023-03-31 00477349 bus:SmallEntities 2022-04-01 2023-03-31 00477349 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00477349 bus:FullAccounts 2022-04-01 2023-03-31 00477349 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00477349 bus:RegisteredOffice 2022-04-01 2023-03-31 00477349 bus:Director3 2022-04-01 2023-03-31 00477349 bus:Director6 2022-04-01 2023-03-31 00477349 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-04-01 2023-03-31 00477349 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00477349 core:FurnitureFittings 2022-04-01 2023-03-31 00477349 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 00477349 core:OfficeEquipment 2022-04-01 2023-03-31 00477349 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 00477349 core:PlantMachinery 2022-04-01 2023-03-31 00477349 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-01 2023-03-31 00477349 core:ParentEntities 2022-04-01 2023-03-31 00477349 1 2022-04-01 2023-03-31 00477349 countries:EnglandWales 2022-04-01 2023-03-31 00477349 2022-03-31 00477349 core:FurnitureFittingsToolsEquipment 2022-03-31 00477349 core:OtherPropertyPlantEquipment 2022-03-31 00477349 2021-04-01 2022-03-31 00477349 2022-03-31 00477349 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-03-31 00477349 core:CurrentFinancialInstruments 2022-03-31 00477349 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 00477349 core:FurnitureFittingsToolsEquipment 2022-03-31 00477349 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00477349

Southern United Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Southern United Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Southern United Limited

Company Information

Directors

RA Wright

AD Wright

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Southern United Limited

(Registration number: 00477349)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,718

4,279

Current assets

 

Stocks

6

2,853

2,832

Debtors

7

144,281

121,944

Cash at bank and in hand

 

326,179

278,530

 

473,313

403,306

Creditors: Amounts falling due within one year

8

(235,411)

(160,336)

Net current assets

 

237,902

242,970

Net assets

 

246,620

247,249

Capital and reserves

 

Called up share capital

11

2,000

2,000

Retained earnings

244,620

245,249

Shareholders' funds

 

246,620

247,249

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Southern United Limited

(Registration number: 00477349)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:



 

.........................................

AD Wright

Director

 

Southern United Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Maria House
35 Millers Road
Brighton
BN1 5NP

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Southern United Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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.

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

Plant and machinery

25% Straight line

Fixtures and fittings

25% Straight line

Office equipment

33% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Southern United Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 25).

4

Taxation charge

The tax for the period is attributable to:

2023
£

2022
£

Current Tax

UK corporation tax

45,005

41,701

Total current tax charge

45,005

41,701

Total tax charge for period

45,005

41,701

 

Southern United Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

11,036

225,954

236,990

Additions

10,235

-

10,235

At 31 March 2023

21,271

225,954

247,225

Depreciation

At 1 April 2022

8,813

223,898

232,711

Charge for the year

4,768

1,028

5,796

At 31 March 2023

13,581

224,926

238,507

Carrying amount

At 31 March 2023

7,690

1,028

8,718

At 31 March 2022

2,223

2,056

4,279

6

Stocks

2023
£

2022
£

Other inventories

2,853

2,832

7

Debtors

Current

2023
£

2022
£

Trade debtors

141,949

120,206

Prepayments

2,332

1,738

 

144,281

121,944

8

Creditors

Creditors: amounts falling due within one year

 

Southern United Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

24,140

18,637

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

138,488

39,614

Taxation and social security

 

63,582

93,513

Accruals and deferred income

 

5,068

5,244

Other creditors

 

4,133

3,328

 

235,411

160,336

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £100.00 (2022 - £70.00) per ordinary share

 

200,000

 

140,000

         

10

Related party transactions

Summary of transactions with parent

Sunited Ltd
 Included in expenses are licence fees payable amounting to £61,861 (2022 - £48,065), and rent payable of £30,000 (2022 - £30,000) to Sunited Ltd during the year.

Loan due to Sunited Ltd at the year end amounted to £138,488 (2022 - £33,576)

 

Summary of transactions with entities with joint control or significant interest

A D Wright Limited
 Loan due to A D Wright Limited at year end amounted to £Nil (2022 - £6,038)
 

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2,000

2,000

2,000

2,000

         
 

Southern United Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

12

Parent and ultimate parent undertaking

The company's immediate parent is Sunited Ltd, incorporated in England and Wales.

 The ultimate parent is A D Wright Ltd, incorporated in England and Wales.