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REGISTERED NUMBER: 06469165 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

South Moor Limited

South Moor Limited (Registered number: 06469165)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10


South Moor Limited

COMPANY INFORMATION
for the year ended 31 March 2023







Directors: S Putt
Miss L Croft
W McMullan
J G Mcintosh





Registered office: Derby Road
Kingsbridge
Devon
TQ7 1JL





Registered number: 06469165 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

South Moor Limited (Registered number: 06469165)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 326,873 349,036
Tangible assets 5 1,456,003 1,311,129
1,782,876 1,660,165

Current assets
Stocks 173,143 148,701
Debtors 6 707,020 504,766
Cash at bank and in hand 606,871 411,389
1,487,034 1,064,856
Creditors
Amounts falling due within one year 7 987,910 795,811
Net current assets 499,124 269,045
Total assets less current liabilities 2,282,000 1,929,210

Creditors
Amounts falling due after more than
one year

8

(628,592

)

(647,233

)

Provisions for liabilities 10 (150,000 ) (122,985 )
Net assets 1,503,408 1,158,992

Capital and reserves
Called up share capital 11 1,280 1,280
Share premium 201,900 201,900
Revaluation reserve 12 122,019 122,019
Capital redemption reserve 570 570
Retained earnings 1,177,639 833,223
Shareholders' funds 1,503,408 1,158,992

South Moor Limited (Registered number: 06469165)

BALANCE SHEET - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:




S Putt - Director Miss L Croft - Director




W McMullan - Director J G Mcintosh - Director


South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

South Moor 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable in respect of veterinary goods and services, net of value added tax. All income is recognised at the point of delivery of the service or supply of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years. The directors carry out an annual impairment review.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property - over period of lease on completion of works
Freehold property - not depreciated - see below

Fixtures, equipment and plant
- between 6.66% straight line and 20% on reducing
balance
Motor vehicles - 25% on reducing balance

No depreciation is charged on freehold land and buildings as a result of the directors adopting a policy of revaluation that will be kept up to date in accordance with the requirements of FRS102 S1A.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Employer contributions payable to the employee pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Grants
Grants in respect of capital expenditure are treated using the accrual method. Grants are presented as deferred income and amortised over the relevant asset's useful economic life.Grants in respect of revenue are credited to profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 87 (2022 - 84 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2022 537,000
Grants 4,689
At 31 March 2023 541,689
Amortisation
At 1 April 2022 187,964
Charge for year 26,852
At 31 March 2023 214,816
Net book value
At 31 March 2023 326,873
At 31 March 2022 349,036

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Long equipment Motor
property leasehold and plant vehicles Totals
£    £    £    £    £   
Cost or valuation
At 1 April 2022 655,337 - 1,037,827 204,768 1,897,932
Additions - 73,507 108,971 95,362 277,840
Disposals - - - (39,945 ) (39,945 )
At 31 March 2023 655,337 73,507 1,146,798 260,185 2,135,827
Depreciation
At 1 April 2022 - - 518,728 68,075 586,803
Charge for year - - 94,711 19,548 114,259
Eliminated on disposal - - - (21,238 ) (21,238 )
At 31 March 2023 - - 613,439 66,385 679,824
Net book value
At 31 March 2023 655,337 73,507 533,359 193,800 1,456,003
At 31 March 2022 655,337 - 519,099 136,693 1,311,129

Cost or valuation at 31 March 2023 is represented by:

Fixtures,
Freehold Long equipment Motor
property leasehold and plant vehicles Totals
£    £    £    £    £   
Valuation in 2014 600,000 - - - 600,000
Valuation in 2022 55,337 - - - 55,337
Valuation in 2023 - 73,507 1,146,798 260,185 1,480,490
655,337 73,507 1,146,798 260,185 2,135,827

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

5. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 568,827 495,320

Value of land in freehold land and buildings 150,000 150,000

A freehold land and building was valued on an open market basis on 27 October 2014 by Irvine Nott LLP .

The directors are of the opinion this has not materially changed since that date.

Included above are assets with a net book value of £102,809 (2022 - £61,542) held under finance leases and hire purchases contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 481,908 349,923
Other debtors 225,112 154,843
707,020 504,766

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 75,900 113,500
Finance leases 42,828 34,182
Trade creditors 276,847 187,558
Taxation and social security 409,940 319,474
Other creditors 182,395 141,097
987,910 795,811

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 517,525 590,326
Finance leases 90,924 21,525
Other creditors 20,143 35,382
628,592 647,233

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 390,000 415,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 593,425 703,826
Finance leases 133,752 55,707
727,177 759,533

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 150,000 122,985

Deferred
tax
£   
Balance at 1 April 2022
As previously reported 32,985
Prior year adjustment 90,000
As restated 122,985
Charge to Profit & Loss Account during year 27,015
Balance at 31 March 2023 150,000

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred tax represents tax due on accelerated capital allowances only. There is no liability to tax on revalued assets based on the valuations at the end of the financial year.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
880 Ordinary £1 880 880
100 C ordinary £1 100 100
100 D ordinary £1 100 100
100 E Ordinary £1 100 100
100 F Ordinary £1 100 100
1,280 1,280

12. RESERVES
Revaluatio
reserve
£   
At 1 April 2022
and 31 March 2023 122,019

13. RELATED PARTY TRANSACTIONS

At the balance sheet date the company was (owed)/ owed the following amounts to/(by) related parties:

Name Relationship £   
S Putt and Mrs H Putt Director and shareholder 67,432
L Croft Director and shareholder 17,197
W McMullan Director and shareholder 21,969
J McIntosh Director and shareholder 13,197

South Moor Endsleigh Limited
Company controlled by the
directors


(45,862

)

South Moor Equine Limited
Company controlled by the
directors


(87,129

)

14. ULTIMATE CONTROLLING PARTY

The company was ultimately controlled by the directors throughout the year.