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COMPANY REGISTRATION NUMBER: 4315006
Southlands Service Centre Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Southlands Service Centre Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
217,104
217,317
Current assets
Cash at bank and in hand
174,403
123,251
Creditors: amounts falling due within one year
6
54,364
79,100
----------
----------
Net current assets
120,039
44,151
----------
----------
Total assets less current liabilities
337,143
261,468
----------
----------
Net assets
337,143
261,468
----------
----------
Capital and reserves
Called up share capital
200
200
Profit and loss account
336,943
261,268
----------
----------
Shareholders funds
337,143
261,468
----------
----------
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 income statement has not been delivered.
For the 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 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 .
Southlands Service Centre Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
P R Ward
Director
Company registration number: 4315006
Southlands Service Centre Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private limited company, limited by shares. The registered office address is Fulford Lodge, 1 Heslington Lane, Fulford, York, YO10 4HW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.
(b) Revenue recognition
Income from rent received is recognised in accordance with terms and conditions of the relevant lease agreement.
(c) Current & deferred 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.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss.
(e) 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:
Equipment
-
20% reducing balance
(f) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(g) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost/Valuation
At 1 April 2022 and 31 March 2023
216,250
2,606
218,856
----------
-------
----------
Depreciation
At 1 April 2022
1,539
1,539
Charge for the year
213
213
----------
-------
----------
At 31 March 2023
1,752
1,752
----------
-------
----------
Carrying amount
At 31 March 2023
216,250
854
217,104
----------
-------
----------
At 31 March 2022
216,250
1,067
217,317
----------
-------
----------
The investment properties were valued in March 2023 by the directors who have experience in the location and category of the investment properties being valued.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
19,469
18,912
Other creditors
34,895
60,188
--------
--------
54,364
79,100
--------
--------
7. Related party transactions
During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £0 (2022 - £ 26,000 ).