SOUTHERN COUNTIES FINANCE LIMITED

Company Registration Number:
03406451 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2023

Period of accounts

Start date: 01 October 2022

End date: 30 September 2023

SOUTHERN COUNTIES FINANCE LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2023

Balance sheet
Notes

SOUTHERN COUNTIES FINANCE LIMITED

Balance sheet

As at 30 September 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 69,814 20,362
Total fixed assets: 69,814 20,362
Current assets
Debtors:   1,830,743 1,876,341
Cash at bank and in hand: 0 5,799
Total current assets: 1,830,743 1,882,140
Creditors: amounts falling due within one year:   (733,209) (701,094)
Net current assets (liabilities): 1,097,534 1,181,046
Total assets less current liabilities: 1,167,348 1,201,408
Creditors: amounts falling due after more than one year:   (221,948) (300,588)
Total net assets (liabilities): 945,400 900,820
Capital and reserves
Called up share capital: 10,000 10,000
Profit and loss account: 935,400 890,820
Shareholders funds: 945,400 900,820

The notes form part of these financial statements

SOUTHERN COUNTIES FINANCE LIMITED

Balance sheet statements

For the year ending 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 February 2024
and signed on behalf of the board by:

Name: T A Morley
Status: Director

The notes form part of these financial statements

SOUTHERN COUNTIES FINANCE LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents interest and commissions receivable from arranging finance lease contracts and hire purchase contracts, excluding value added tax. Statement of Standard Accounting Practice 21 requires that amounts receivable under hire purchase contracts are calculated such that the interest is allocated on a basis that gives a constant periodic rate of return on the company's net cash investment. Interest on repayments not yet due is deducted from the outstanding balances on the contracts to reflect the capital sum due at the balance sheet date. The company's accounting policy is to credit interest receivable under hire purchase contracts on a straight line basis over the period of the contracts. The company also accounts for interest payable on the financial instruments used to finance the hire purchase contracts on a straight line basis rather than allocating the finance cost on a basis to reflect a constant periodic rate of charge on the remaining balance outstanding. These departures from standard accounting practice are, in the opinion of the director, necessary in order for the financial statements to give a true and fair view. In his opinion the policy adopted by the company more fairly reflects the return that is made on the contracts and does not anticipate profits that may not be earned in the future. The difference between the two methods of allocating interest is shown as a creditor in the balance sheet as deferred income. If the company had not adopted the alternative accounting policy then turnover for the year would have increased by £33,781 (2022: increased by £2,774) and interest charges would have decreased by £5,638 (2022: increased by £5,638). The total amount included in deferred income at the year end was £132,918 (2022: £93,976).

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. Leasehold improvements - 15% on reducing balance. Fixtures and fittings - 15% on reducing balance. Motor vehicles - 25% on reducing balance. Computer equipment - 33% on reducing balance.

Other accounting policies

TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.PensionsThe company operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account. The assets of the scheme are held separately to those of the company in an independently administered fund.

SOUTHERN COUNTIES FINANCE LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

2. Employees

2023 2022
Average number of employees during the period 3 3

SOUTHERN COUNTIES FINANCE LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

3. Tangible Assets

Total
Cost £
At 01 October 2022 94,743
Additions 71,842
Disposals (69,031)
At 30 September 2023 97,554
Depreciation
At 01 October 2022 74,381
Charge for year 22,390
On disposals (69,031)
At 30 September 2023 27,740
Net book value
At 30 September 2023 69,814
At 30 September 2022 20,362