Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrue2022-04-01falseManufacture of other parts and accessories for motor vehicles1413The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02277689 2022-04-01 2023-03-31 02277689 2021-04-01 2022-03-31 02277689 2023-03-31 02277689 2022-03-31 02277689 c:CompanySecretary1 2022-04-01 2023-03-31 02277689 c:Director1 2022-04-01 2023-03-31 02277689 c:Director2 2022-04-01 2023-03-31 02277689 c:Director3 2022-04-01 2023-03-31 02277689 c:Director4 2022-04-01 2023-03-31 02277689 c:RegisteredOffice 2022-04-01 2023-03-31 02277689 d:Buildings 2022-04-01 2023-03-31 02277689 d:Buildings 2023-03-31 02277689 d:Buildings 2022-03-31 02277689 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02277689 d:PlantMachinery 2022-04-01 2023-03-31 02277689 d:PlantMachinery 2023-03-31 02277689 d:PlantMachinery 2022-03-31 02277689 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02277689 d:FurnitureFittings 2022-04-01 2023-03-31 02277689 d:FurnitureFittings 2023-03-31 02277689 d:FurnitureFittings 2022-03-31 02277689 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02277689 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02277689 d:CurrentFinancialInstruments 2023-03-31 02277689 d:CurrentFinancialInstruments 2022-03-31 02277689 d:Non-currentFinancialInstruments 2023-03-31 02277689 d:Non-currentFinancialInstruments 2022-03-31 02277689 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02277689 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 02277689 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02277689 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 02277689 d:ShareCapital 2023-03-31 02277689 d:ShareCapital 2022-03-31 02277689 d:RevaluationReserve 2023-03-31 02277689 d:RevaluationReserve 2022-03-31 02277689 d:RetainedEarningsAccumulatedLosses 2023-03-31 02277689 d:RetainedEarningsAccumulatedLosses 2022-03-31 02277689 c:OrdinaryShareClass1 2022-04-01 2023-03-31 02277689 c:OrdinaryShareClass1 2023-03-31 02277689 c:OrdinaryShareClass1 2022-03-31 02277689 c:FRS102 2022-04-01 2023-03-31 02277689 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02277689 c:FullAccounts 2022-04-01 2023-03-31 02277689 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02277689 d:WithinOneYear 2023-03-31 02277689 d:WithinOneYear 2022-03-31 02277689 d:BetweenOneFiveYears 2023-03-31 02277689 d:BetweenOneFiveYears 2022-03-31 02277689 5 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 02277689












SOUTHAM COUNTRY STORES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 

SOUTHAM COUNTRY STORES LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 11


 

SOUTHAM COUNTRY STORES LIMITED
 
COMPANY INFORMATION


Directors
A Davies 
H Davies 
I Sudbury 
V Sudbury 




Company secretary
A Davies



Registered number
02277689



Registered office
16 Great Queen Street

Covent Graden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:02277689
SOUTHAM COUNTRY STORES LIMITED

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
805,663
811,864

  
805,663
811,864

Current assets
  

Stocks
  
133,019
112,093

Debtors: amounts falling due within one year
 6 
6,451
6,207

Cash at bank and in hand
  
4,601
18,811

  
144,071
137,111

Creditors: amounts falling due within one year
 7 
(254,857)
(239,650)

Net current liabilities
  
 
 
(110,786)
 
 
(102,539)

Total assets less current liabilities
  
694,877
709,325

Creditors: amounts falling due after more than one year
 8 
(145,029)
(165,370)

Provisions for liabilities
  

Deferred tax
  
(110,880)
(110,880)

Net assets
  
438,968
433,075

Page 2


 
REGISTERED NUMBER:02277689
SOUTHAM COUNTRY STORES LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Revaluation reserve
  
517,112
511,477

Profit and loss account
  
(79,144)
(79,402)

Total equity
  
438,968
433,075


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H Davies
Director

Date: 25 October 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Southam Country Stores Limited is a private company limited by shares incorporated in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.7

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 

The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Page 6

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  

Financial instruments (continued)

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.9

Share capital

Ordinary shares are classified as equity.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 7

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets
Tangible fixed assets includes land and buildings carried at market value which have been estimated by the directors on the basis of an external valuation in June 2021.


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 13).

Page 8

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2022
800,000
55,363
64,098
919,461



At 31 March 2023

800,000
55,363
64,098
919,461



Depreciation


At 1 April 2022
-
44,317
63,280
107,597


Charge for the year
8,000
5,523
678
14,201


On revalued assets
(8,000)
-
-
(8,000)



At 31 March 2023

-
49,840
63,958
113,798



Net book value



At 31 March 2023
800,000
5,523
140
805,663



At 31 March 2022
800,000
11,046
818
811,864

The freehold land and buildings were revalued in June 2021 by external valuers White Commercial on an open market basis for existing use and this valuation has been used as the basis of valuation as at 31 March 2023.




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
800,000
800,000


Page 9

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
5,130
3,956

Other debtors
1,321
2,251

6,451
6,207



7.


Creditors: amounts falling due within one year

2023
2022
£
£


Bank overdrafts
28,051
23,776

Bank loans
27,038
24,844

Trade creditors
178,513
172,681

Corporation tax
2,780
4,226

Other taxation and social security
9,543
10,685

Other creditors
5,995
501

Accruals and deferred income
2,937
2,937

254,857
239,650


Bank loans and overdrafts of £54,053 (2022: £48,620) are secured by fixed and floating charges over the assets of the company.


8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
145,029
165,370


Bank loans of £145,029 (2022: £165,370) are secured by fixed and floating charges over the assets of the company.
Bank loans include £36,879 (2022: £65,994) that are repayable by instalments after more than 5 years.

Page 10

 

SOUTHAM COUNTRY STORES LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 -1,000) Ordinary shares of £1 each
1,000
1,000



10.


Commitments under operating leases

At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
3,047
3,657

Later than 1 year and not later than 5 years
-
3,047

3,047
6,704

 
Page 11