Registration number:
Southern Pacific (UK) Limited
for the Year Ended 30 April 2023
Southern Pacific (UK) Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Southern Pacific (UK) Limited
Company Information
Director |
Mr Luke Power |
Registered office |
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Accountants |
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Southern Pacific (UK) Limited
(Registration number: 05335975)
Balance Sheet as at 30 April 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
(111,405) |
(52,367) |
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Shareholders' deficit |
(111,305) |
(52,267) |
For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Southern Pacific (UK) Limited
(Registration number: 05335975)
Balance Sheet as at 30 April 2023
Approved and authorised by the
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Southern Pacific (UK) Limited
Statement of Changes in Equity for the Year Ended 30 April 2023
Share capital |
Retained earnings |
Total |
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At 1 May 2022 |
|
( |
( |
Prior period adjustment |
- |
( |
( |
At 1 May 2022 (As restated) |
|
( |
( |
Loss for the year |
- |
( |
( |
At 30 April 2023 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 May 2021 |
|
( |
( |
Loss for the year |
- |
( |
( |
At 30 April 2022 (As restated) |
100 |
(52,367) |
(52,267) |
Restatement for prior period error
Whilst preparing the accounts for the year ended 30 April 2023, it was noticed that there had been errors in the timing of recognition of various expenses and stock in the prior year ended 30 April 2022.
The comparatives have been restated to incorporate the impact of those recognition errors which had a material effect on the financial statements.
The change has resulted in retained earnings at 30 April 2022 decreasing by £45,784.
Southern Pacific (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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 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.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the director and shareholder will continue to financially support the company.
Tax
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Southern Pacific (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
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.
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 |
Plant and machinery |
15% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development costs |
5 years straight line |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
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.
Southern Pacific (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Southern Pacific (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 1 May 2022 |
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At 30 April 2023 |
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Amortisation |
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At 1 May 2022 |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
- |
- |
Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
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At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Southern Pacific (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Stocks |
2023 |
(As restated) |
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Other inventories |
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Debtors |
Current |
2023 |
(As restated) |
Trade debtors |
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- |
Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Southern Pacific (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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- |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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Southern Pacific (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Related party transactions |
Transactions with the director |
2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 30 April 2023 |
Mr Luke Power |
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Interest-free loan from the Director, repayable on demand |
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( |
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- |
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Mr Trevor Howard |
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Interest-free loan from the Director, repayable on demand |
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- |
- |
(10,000) |
- |
2022 |
At 1 May 2021 |
Advances to director |
Repayments by director |
At 30 April 2022 |
Mr Luke Power |
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Interest-free loan from the Director, repayable on demand |
( |
( |
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Mr Trevor Howard |
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Interest-free loan from the Director, repayable on demand |
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- |
- |
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Summary of transactions with entities with joint control or significant interest