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REGISTERED NUMBER: 03139111 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JULY 2022

FOR

SOUTHAMPTON FINANCE LIMITED

SOUTHAMPTON FINANCE LIMITED (REGISTERED NUMBER: 03139111)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOUTHAMPTON FINANCE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JULY 2022







DIRECTOR: Mr D Evans





SECRETARY: Miss N White





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD





BUSINESS ADDRESS: Unit 10
Woodside Road
Boyatt Wood Industrial Estate
Eastleigh
Hampshire
SO50 4ET





REGISTERED NUMBER: 03139111 (England and Wales)






SOUTHAMPTON FINANCE LIMITED (REGISTERED NUMBER: 03139111)

BALANCE SHEET
30 JULY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,072,056 1,126,375

CURRENT ASSETS
Debtors 6 209,990 91,932
Cash at bank 72 176
210,062 92,108
CREDITORS
Amounts falling due within one year 7 474,693 329,133
NET CURRENT LIABILITIES (264,631 ) (237,025 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

807,425

889,350

CREDITORS
Amounts falling due after more than one
year

8

(678,266

)

(717,659

)

PROVISIONS FOR LIABILITIES (155,225 ) (164,143 )
NET (LIABILITIES)/ASSETS (26,066 ) 7,548

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings (27,066 ) 6,548
SHAREHOLDERS' FUNDS (26,066 ) 7,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 October 2023 and were signed by:





Mr D Evans - Director


SOUTHAMPTON FINANCE LIMITED (REGISTERED NUMBER: 03139111)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2022


1. STATUTORY INFORMATION

Southampton Finance Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The company relies upon the support of their fellow associated companies through the use of intercompany loans and other credit facilities. The amounts owing are repayable by demand. The fellow associated companies will not demand repayment if it would be financially detrimental to the company.

Due to this ongoing support the director believes that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future and the financial statements do not incorporate any adjustments that might be required should the going concern basis prove to be inappropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 4% straight line

All fixed assets are initially recorded at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SOUTHAMPTON FINANCE LIMITED (REGISTERED NUMBER: 03139111)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2022


3. ACCOUNTING POLICIES - continued

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 31 July 2021 1,966,685
Additions 40,639
Disposals (17,920 )
At 30 July 2022 1,989,404
DEPRECIATION
At 31 July 2021 840,310
Charge for year 77,038
At 30 July 2022 917,348
NET BOOK VALUE
At 30 July 2022 1,072,056
At 30 July 2021 1,126,375

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 209,990 91,932

Included in other debtors is £209,718 (2021: £89,075) in relation to prepayments and accrued income.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 413 413
Hire purchase contracts 33,681 39,538
Trade creditors - 1,522
Taxation and social security 31,333 49,739
Other creditors 409,266 237,921
474,693 329,133

Included within other creditors is £115,940 (2021: £32,348) in relation to accruals and deferred income.

SOUTHAMPTON FINANCE LIMITED (REGISTERED NUMBER: 03139111)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JULY 2022


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 49,373 49,786
Hire purchase contracts 612,288 645,968
Other creditors 16,605 21,905
678,266 717,659

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 49,786 50,199
Other loans 21,905 27,205
Hire purchase contracts 645,969 685,506
717,660 762,910

The company's assets are used as security on debts in Covers And Linings Limited, a company under common control.

Bank loans include £49,786 (2021: £50,199) borrowed under the Coronavirus Bounce Back Loan Scheme and the UK Government has provided the lender with a guarantee of 100% of the capital of the loan.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 30 July 2022 and the period ended 30 July 2021:

2022 2021
£    £   
Mr D Evans
Balance outstanding at start of year - 60,563
Amounts advanced - 33,433
Amounts repaid - (93,996 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

This loan was unsecured with interest charged at HMRC approved rates and was repaid prior to the year end.