Southern Pacific (UK) Limited 05335975 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is is the sale of cool boxes Digita Accounts Production Advanced 6.30.9574.0 true true 05335975 2022-05-01 2023-04-30 05335975 2023-04-30 05335975 bus:Director2 1 2023-04-30 05335975 bus:Director7 1 2023-04-30 05335975 bus:OrdinaryShareClass1 2023-04-30 05335975 core:RetainedEarningsAccumulatedLosses 2023-04-30 05335975 core:ShareCapital 2023-04-30 05335975 core:CurrentFinancialInstruments 2023-04-30 05335975 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 05335975 core:Non-currentFinancialInstruments 2023-04-30 05335975 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 05335975 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 05335975 core:OtherPropertyPlantEquipment 2023-04-30 05335975 bus:SmallEntities 2022-05-01 2023-04-30 05335975 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 05335975 bus:FullAccounts 2022-05-01 2023-04-30 05335975 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 05335975 bus:RegisteredOffice 2022-05-01 2023-04-30 05335975 bus:Director2 2022-05-01 2023-04-30 05335975 bus:Director2 1 2022-05-01 2023-04-30 05335975 bus:Director7 2022-05-01 2023-04-30 05335975 bus:Director7 1 2022-05-01 2023-04-30 05335975 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 05335975 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 05335975 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05335975 core:ShareCapital 2022-05-01 2023-04-30 05335975 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-01 2023-04-30 05335975 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 05335975 core:PlantMachinery 2022-05-01 2023-04-30 05335975 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-05-01 2023-04-30 05335975 countries:EnglandWales 2022-05-01 2023-04-30 05335975 2022-04-30 05335975 bus:Director2 1 2022-04-30 05335975 bus:Director7 1 2022-04-30 05335975 core:RetainedEarningsAccumulatedLosses 2022-04-30 05335975 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2022-04-30 05335975 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-04-30 05335975 core:ShareCapital 2022-04-30 05335975 core:ShareCapital core:PriorPeriodIncreaseDecrease 2022-04-30 05335975 core:ShareCapital core:RestatedAmount 2022-04-30 05335975 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 05335975 core:OtherPropertyPlantEquipment 2022-04-30 05335975 core:PriorPeriodIncreaseDecrease 2022-04-30 05335975 core:RestatedAmount 2022-04-30 05335975 2021-05-01 2022-04-30 05335975 2022-04-30 05335975 bus:Director2 1 2022-04-30 05335975 bus:Director7 1 2022-04-30 05335975 bus:OrdinaryShareClass1 2022-04-30 05335975 core:CurrentFinancialInstruments 2022-04-30 05335975 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 05335975 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2022-04-30 05335975 core:CurrentFinancialInstruments core:RestatedAmount 2022-04-30 05335975 core:Non-currentFinancialInstruments 2022-04-30 05335975 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 05335975 core:OtherPropertyPlantEquipment 2022-04-30 05335975 core:RestatedAmount 2022-04-30 05335975 bus:Director2 1 2021-05-01 2022-04-30 05335975 bus:Director7 1 2021-05-01 2022-04-30 05335975 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 05335975 core:ShareCapital 2021-05-01 2022-04-30 05335975 2021-04-30 05335975 bus:Director2 1 2021-04-30 05335975 bus:Director7 1 2021-04-30 05335975 core:RetainedEarningsAccumulatedLosses 2021-04-30 05335975 core:ShareCapital 2021-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05335975

Southern Pacific (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Southern Pacific (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Southern Pacific (UK) Limited

Company Information

Director

Mr Luke Power

Registered office

3B International
Stanley Way
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1SS

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Southern Pacific (UK) Limited

(Registration number: 05335975)
Balance Sheet as at 30 April 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

8,714

4,120

Current assets

 

Stocks

6

87,239

150,871

Debtors

7

4,694

11,391

Cash at bank and in hand

 

21,501

2,293

 

113,434

164,555

Creditors: Amounts falling due within one year

8

(126,499)

(187,311)

Net current liabilities

 

(13,065)

(22,756)

Total assets less current liabilities

 

(4,351)

(18,636)

Creditors: Amounts falling due after more than one year

8

(106,954)

(32,848)

Provisions for liabilities

-

(783)

Net liabilities

 

(111,305)

(52,267)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(111,405)

(52,367)

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:

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 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 director on 27 November 2023
 

.........................................
Mr Luke Power
Director

 

Southern Pacific (UK) Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

100

(6,583)

(6,483)

Prior period adjustment

-

(45,784)

(45,784)

At 1 May 2022 (As restated)

100

(52,367)

(52,267)

Loss for the year

-

(59,038)

(59,038)

At 30 April 2023

100

(111,405)

(111,305)

Share capital
£

Retained earnings
£

Total
£

At 1 May 2021

100

(23,751)

(23,651)

Loss for the year

-

(28,616)

(28,616)

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3B International
Stanley Way
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1SS

These financial statements were authorised for issue by the director on 27 November 2023.

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 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 May 2022

18,097

18,097

At 30 April 2023

18,097

18,097

Amortisation

At 1 May 2022

18,097

18,097

At 30 April 2023

18,097

18,097

Carrying amount

At 30 April 2023

-

-

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

12,049

12,049

Additions

6,133

6,133

At 30 April 2023

18,182

18,182

Depreciation

At 1 May 2022

7,929

7,929

Charge for the year

1,539

1,539

At 30 April 2023

9,468

9,468

Carrying amount

At 30 April 2023

8,714

8,714

At 30 April 2022

4,120

4,120

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Stocks

2023
£

(As restated)

2022
£

Other inventories

87,239

150,871

7

Debtors

Current

2023
£

(As restated)

2022
£

Trade debtors

480

-

Prepayments

-

606

Other debtors

4,214

10,785

 

4,694

11,391

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

10

42,167

56,769

Trade creditors

 

55,164

45,595

Taxation and social security

 

3,779

17,131

Accruals and deferred income

 

2,260

2,295

Other creditors

 

23,129

65,521

 

126,499

187,311

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

106,954

32,848

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,772

32,848

Other borrowings

74,182

-

106,954

32,848

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,007

9,022

Bank overdrafts

-

139

Other borrowings

39,160

47,608

42,167

56,769

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

11

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

Interest-free loan from the Director, repayable on demand

5,088

(44,625)

45,152

-

5,615

           
         

Mr Trevor Howard

Interest-free loan from the Director, repayable on demand

10,000

-

-

(10,000)

-

           
         

 

2022

At 1 May 2021
£

Advances to director
£

Repayments by director
£

At 30 April 2022
£

Mr Luke Power

Interest-free loan from the Director, repayable on demand

(2,415)

(43,529)

51,032

5,088

         
       

Mr Trevor Howard

Interest-free loan from the Director, repayable on demand

10,000

-

-

10,000

         
       

 

Summary of transactions with entities with joint control or significant interest

3B International Limited
 During the year, the company paid 3B International Limited £67,589 (2022: £70,881) for the provision of logisitcal and administration support during the year.