5 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 15 1,297,511 976,866 80,162 1,057,028 240,483 320,645 xbrli:pure xbrli:shares iso4217:GBP 07033501 2022-02-01 2023-01-31 07033501 2023-01-31 07033501 2022-01-31 07033501 2021-02-01 2022-01-31 07033501 2022-01-31 07033501 core:FurnitureFittings 2022-02-01 2023-01-31 07033501 core:MotorVehicles 2022-02-01 2023-01-31 07033501 bus:Director3 2022-02-01 2023-01-31 07033501 core:NetGoodwill 2022-01-31 07033501 core:NetGoodwill 2023-01-31 07033501 core:LandBuildings 2022-01-31 07033501 core:PlantMachinery 2022-01-31 07033501 core:FurnitureFittings 2022-01-31 07033501 core:MotorVehicles 2022-01-31 07033501 core:LandBuildings 2023-01-31 07033501 core:PlantMachinery 2023-01-31 07033501 core:FurnitureFittings 2023-01-31 07033501 core:MotorVehicles 2023-01-31 07033501 core:LandBuildings 2022-02-01 2023-01-31 07033501 core:PlantMachinery 2022-02-01 2023-01-31 07033501 core:WithinOneYear 2023-01-31 07033501 core:WithinOneYear 2022-01-31 07033501 core:ShareCapital 2023-01-31 07033501 core:ShareCapital 2022-01-31 07033501 core:RetainedEarningsAccumulatedLosses 2023-01-31 07033501 core:RetainedEarningsAccumulatedLosses 2022-01-31 07033501 core:NetGoodwill 2022-02-01 2023-01-31 07033501 core:NetGoodwill 2022-01-31 07033501 core:LandBuildings 2022-01-31 07033501 core:PlantMachinery 2022-01-31 07033501 core:FurnitureFittings 2022-01-31 07033501 core:MotorVehicles 2022-01-31 07033501 bus:SmallEntities 2022-02-01 2023-01-31 07033501 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 07033501 bus:FullAccounts 2022-02-01 2023-01-31 07033501 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 07033501 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 07033501 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 07033501 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 07033501 core:FurnitureFittingsToolsEquipment 2022-01-31 07033501 core:FurnitureFittingsToolsEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: 07033501
Southgate of Newmarket Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2023
Southgate of Newmarket Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
240,483
320,645
Tangible assets
6
309,930
326,065
---------
---------
550,413
646,710
Current assets
Stocks
5,389
6,844
Debtors
7
101,762
56,019
Cash at bank and in hand
596,832
554,660
---------
---------
703,983
617,523
Creditors: amounts falling due within one year
8
258,557
238,227
---------
---------
Net current assets
445,426
379,296
---------
------------
Total assets less current liabilities
995,839
1,026,006
Provisions
Taxation including deferred tax
28,181
32,658
---------
------------
Net assets
967,658
993,348
---------
------------
Capital and reserves
Called up share capital
300
300
Profit and loss account
967,358
993,048
---------
---------
Shareholders funds
967,658
993,348
---------
---------
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 January 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 .
Southgate of Newmarket Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:
Mrs T Fuller
Director
Company registration number: 07033501
Southgate of Newmarket Limited
Notes to the Financial Statements
Year ended 31 January 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 25 Duchess Drive, Newmarket, Suffolk, CB8 8AG, England.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for funerals performed during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
remaining net book value over 10 years from February 2016
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Land and buildings
-
5 - 10% straight line
Plant and machinery
-
15% straight line (some older assets depreciated at 15% reducing balance)
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are valued at the lower of cost, based on purchase price, and net realisable value, after making due allowance for obsolete and slow moving items.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
1,297,511
------------
Amortisation
At 1 February 2022
976,866
Charge for the year
80,162
------------
At 31 January 2023
1,057,028
------------
Carrying amount
At 31 January 2023
240,483
------------
At 31 January 2022
320,645
------------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2022
266,891
39,871
20,777
348,252
14,661
690,452
Additions
13,930
3,044
16,974
Disposals
( 1,500)
( 1,500)
---------
--------
--------
---------
--------
---------
At 31 Jan 2023
266,891
39,871
20,777
360,682
17,705
705,926
---------
--------
--------
---------
--------
---------
Depreciation
At 1 Feb 2022
17,885
27,236
10,328
300,846
8,092
364,387
Charge for the year
14,824
2,823
1,567
12,722
1,137
33,073
Disposals
( 1,464)
( 1,464)
---------
--------
--------
---------
--------
---------
At 31 Jan 2023
32,709
30,059
11,895
312,104
9,229
395,996
---------
--------
--------
---------
--------
---------
Carrying amount
At 31 Jan 2023
234,182
9,812
8,882
48,578
8,476
309,930
---------
--------
--------
---------
--------
---------
At 31 Jan 2022
249,006
12,635
10,449
47,406
6,569
326,065
---------
--------
--------
---------
--------
---------
Land and buildings represent the capital expenditure relating to the property occupied by the company, the property is owned by the directors.
7. Debtors
2023
2022
£
£
Trade debtors
83,361
38,740
Other debtors
18,401
17,279
---------
--------
101,762
56,019
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,417
Social security and other taxes
106,559
95,759
Other creditors
145,581
142,468
---------
---------
258,557
238,227
---------
---------
9. Directors' advances, credits and guarantees
During the current and previous year the company operated current accounts on behalf of the directors. These amounts were repayable on demand and interest was charged on the outstanding overdrawn balances on a monthly average basis calculated at the HMRC official beneficial loan rate. Joint account on behalf of two directors
2023 2022
£ £
Advances made 2,314 76,197
Amounts repaid 2,314 76,197
Sole account on behalf of one director
2023 2022
£ £
Advances made 39,554 62,766
Amounts repaid 27,179 105,763
Balance due to company at year end 12,375