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COMPANY REGISTRATION NUMBER: 13064259
Southbourne Rose Ltd
Filleted Unaudited Financial Statements
31 March 2023
Southbourne Rose Ltd
Balance Sheet
31 March 2023
2023
2022
Note
£
£
Fixed assets
Investments
4
183,024
499,406
Current assets
Debtors
5
325,552
62,286
Cash at bank and in hand
13,395
124,243
---------
---------
338,947
186,529
Creditors: amounts falling due within one year
6
90,565
129,509
---------
---------
Net current assets
248,382
57,020
---------
---------
Total assets less current liabilities
431,406
556,426
---------
---------
Net assets
431,406
556,426
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
431,306
556,326
---------
---------
Shareholders funds
431,406
556,426
---------
---------
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 statement of comprehensive income (including profit and loss account) 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Southbourne Rose Ltd
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:
Mr B J Rose
Director
Company registration number: 13064259
Southbourne Rose Ltd
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Albert Square, Bowdon, Altrincham, WA14 2ND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no material judgements, estimates or assumptions
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans
£
Cost
At 1 April 2022
499,406
Disposals
( 280,000)
Revaluations
( 36,382)
---------
At 31 March 2023
183,024
---------
Impairment
At 1 April 2022 and 31 March 2023
---------
Carrying amount
At 31 March 2023
183,024
---------
At 31 March 2022
499,406
---------
5. Debtors
2023
2022
£
£
Other debtors
325,552
62,286
---------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
89,473
128,509
Other creditors
1,092
1,000
--------
---------
90,565
129,509
--------
---------
7. Director's advances, credits and guarantees
During the year, a further £245,000 was advanced to the director, so that the maximum balance outstanding was £295,286. The 31 March 2022 directors loan account balance of £50,286 was cleared by a dividend dated 31 December 2022. As at 31 March 2023 £249,263 (2022 £50,286) was owed by the director, including interest charged £4,263, of which £55,000 will be repaid before 31 December 2023, and the remainder before 31 March 2024.