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Registration number: 04933692

South Coast Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

South Coast Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

South Coast Systems Limited

Company Information

Director

Mr Paul E Cox

Company secretary

Mrs Helen Cox

Registered office

Unit F3 & F4
Chaucer Industrial Estate
Dittons Road
Polegate
East Sussex
BN26 6JF

Accountants

Shoreline Accountants Ltd
25 Clinton Place
Seaford
East Sussex
BN25 1NP

 

South Coast Systems Limited

(Registration number: 04933692)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

657,249

637,527

Current assets

 

Stocks

6

150,451

102,874

Debtors

7

198,223

164,278

Cash at bank and in hand

 

949,789

827,498

 

1,298,463

1,094,650

Creditors: Amounts falling due within one year

8

(358,349)

(365,278)

Net current assets

 

940,114

729,372

Total assets less current liabilities

 

1,597,363

1,366,899

Creditors: Amounts falling due after more than one year

8

(76,747)

(66,959)

Net assets

 

1,520,616

1,299,940

Capital and reserves

 

Called up share capital

9

2,835

2,835

Retained earnings

1,517,781

1,297,105

Shareholders' funds

 

1,520,616

1,299,940

For the financial year ending 31 May 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.

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary 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.

 

South Coast Systems Limited

(Registration number: 04933692)
Balance Sheet as at 31 May 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 16 February 2024
 

.........................................
Mr Paul E Cox
Director

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Unit F3 & F4
Chaucer Industrial Estate
Dittons Road
Polegate
East Sussex
BN26 6JF

The principal place of business is:
Unit F3 & F4
Chaucer Industrial Estate
Dittons Road
Polegate
East Sussex
BN26 6JF

These financial statements were authorised for issue by the director on 16 February 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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 & Machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

now fully written off

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

65,000

65,000

At 31 May 2023

65,000

65,000

Amortisation

At 1 June 2022

65,000

65,000

At 31 May 2023

65,000

65,000

Carrying amount

At 31 May 2023

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £81,033 (2022 - £63,698).
 

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

553,521

189,508

167,356

910,385

Additions

-

2,775

79,799

82,574

Disposals

-

-

(96,883)

(96,883)

At 31 May 2023

553,521

192,283

150,272

896,076

Depreciation

At 1 June 2022

-

164,137

108,721

272,858

Charge for the year

-

7,036

27,539

34,575

Eliminated on disposal

-

-

(68,606)

(68,606)

At 31 May 2023

-

171,173

67,654

238,827

Carrying amount

At 31 May 2023

553,521

21,110

82,618

657,249

At 31 May 2022

553,521

25,371

58,635

637,527

Included within the net book value of land and buildings above is £553,521 (2022 - £553,521) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

150,451

102,874

7

Debtors

Current

2023
£

2022
£

Trade debtors

182,161

150,180

Prepayments

15,062

13,098

Other debtors

1,000

1,000

 

198,223

164,278

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

244,064

249,274

Taxation and social security

103,694

99,048

Other creditors

10,591

16,956

358,349

365,278

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

76,747

66,959

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

135

135

135

135

Class E of £0.01 each

270,000

2,700

270,000

2,700

 

270,135

2,835

270,135

2,835

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

23,190

Other borrowings

76,747

43,769

76,747

66,959

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £64,130.00 (2022 - £51,645.00) per ordinary share

 

64,130

 

51,645

         

12

Related party transactions

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,712

23,712

Contributions paid to money purchase schemes

147,000

139,000

170,712

162,712