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Registration number: 10337999

South Coast Contracting & Developments Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

South Coast Contracting & Developments Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

South Coast Contracting & Developments Limited

Company Information

Directors

Mr LD Hill

Mr TM Hill

Mr MC Service

Registered office

36 St Thomas Street
Lymington
SO41 9NE

Accountants

Pyatt & Pyatt
Chartered Certified Accountants
36 St Thomas Street
Lymington
SO41 9NE

 

South Coast Contracting & Developments Limited

(Registration number: 10337999)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,695

58,772

Current assets

 

Debtors

60,833

38,398

Cash at bank and in hand

 

9,058

71,271

 

69,891

109,669

Creditors: Amounts falling due within one year

(79,571)

(118,563)

Net current liabilities

 

(9,680)

(8,894)

Total assets less current liabilities

 

3,015

49,878

Accruals and deferred income

 

(800)

(800)

Net assets

 

2,215

49,078

Capital and reserves

 

Called up share capital

5

20

20

Retained earnings

2,195

49,058

Shareholders' funds

 

2,215

49,078

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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

South Coast Contracting & Developments Limited

(Registration number: 10337999)
Abridged Balance Sheet as at 31 March 2023

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

.........................................
Mr LD Hill
Director

.........................................
Mr TM Hill
Director

.........................................
Mr MC Service
Director

     
 

South Coast Contracting & Developments Limited

Notes to the Unaudited Abridged 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 & Wales.

The address of its registered office is:
36 St Thomas Street
Lymington
SO41 9NE

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 abridged 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 abridged 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.

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.

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.

 

South Coast Contracting & Developments Limited

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

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

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

South Coast Contracting & Developments Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 6 (2022 - 7).

 

South Coast Contracting & Developments Limited

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

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,786

66,102

67,888

Additions

-

14,091

14,091

Disposals

-

(55,936)

(55,936)

At 31 March 2023

1,786

24,257

26,043

Depreciation

At 1 April 2022

1,362

7,754

9,116

Charge for the year

106

4,126

4,232

At 31 March 2023

1,468

11,880

13,348

Carrying amount

At 31 March 2023

318

12,377

12,695

At 31 March 2022

424

58,348

58,772

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

6

6

6

6

Ordinary B of £1 each

6

6

6

6

Ordinary C of £1 each

2

2

2

2

Ordinary D of £1 each

1

1

1

1

Ordinary E of £1 each

1

1

1

1

Ordinary F of £1 each

2

2

2

2

Ordinary G of £1 each

2

2

2

2

 

20

20

20

20

 

South Coast Contracting & Developments Limited

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

6

Dividends

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £5,595.50 (2022 - £5,087.46) per each Ordinary A share

33,573.00

30,524.73

Interim dividend of £5,595.50 (2022 - £5,006.58) per each Ordinary B share

33,573.00

30,039.46

Interim dividend of £6,957.26 (2022 - £8,559.29) per each Ordinary C share

13,914.53

17,118.58

Interim dividend of £39,306.74 (2022 - £44,902.70) per each Ordinary D share

39,306.74

44,902.70

Interim dividend of £0 per each Ordinary E share

-

-

Interim dividend of £7,304.43 (2022 - £8,769.03) per each Ordinary F share

14,608.86

17,538.06

Interim dividend of £0 per each Ordinary G share

-

-

 

134,976

140,124

7

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,606

8,994