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Registration number: 10519456

Southgate Chichester Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Southgate Chichester Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Southgate Chichester Limited

Company Information

Director

Mr Michael Mason

Registered office

Unit 5, The Courtyard
Vinnetrow Business Park
Chichester
PO20 1QH

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Southgate Chichester Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Southgate Chichester Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Southgate Chichester Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Southgate Chichester Limited and state those matters that we have agreed to state to the Board of Directors of Southgate Chichester Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southgate Chichester Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Southgate Chichester Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Southgate Chichester Limited. You consider that Southgate Chichester Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Southgate Chichester Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

15 March 2024

 

Southgate Chichester Limited

(Registration number: 10519456)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

832,624

601,356

Tangible assets

5

279,253

124,440

Investments

6

1

1

 

1,111,878

725,797

Current assets

 

Stocks

7

1,500

1,500

Debtors

8

57,090

54,028

Cash at bank and in hand

 

58,483

46,682

 

117,073

102,210

Creditors: Amounts falling due within one year

9

(201,680)

(140,906)

Net current liabilities

 

(84,607)

(38,696)

Total assets less current liabilities

 

1,027,271

687,101

Creditors: Amounts falling due after more than one year

9

(171,008)

(52,586)

Provisions for liabilities

(61,755)

(20,512)

Net assets

 

794,508

614,003

Capital and reserves

 

Called up share capital

10

20

20

Retained earnings

794,488

613,983

Shareholders' funds

 

794,508

614,003

For the financial year ending 31 December 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 March 2024
 

.........................................
Mr Michael Mason
Director

 

Southgate Chichester Limited

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

1

General information

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

The address of its registered office is:
Unit 5, The Courtyard
Vinnetrow Business Park
Chichester
PO20 1QH

These financial statements were authorised for issue by the director on 15 March 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 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

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

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.

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.

 

Southgate Chichester Limited

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

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

Office equipment

20% 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.

Cryptocurrency

The company holds cryptocurrency which was been accounted for as an intangible asset and being held at historical cost.

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

Purchased goodwill

Straight line over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Southgate Chichester Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

 

Southgate Chichester Limited

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

4

Intangible assets

Goodwill
 £

Investment in crypto currency
£

Total
£

Cost or valuation

At 1 January 2023

11,000

601,356

612,356

Additions acquired separately

-

585,494

585,494

Disposals

-

(354,226)

(354,226)

At 31 December 2023

11,000

832,624

843,624

Amortisation

At 1 January 2023

11,000

-

11,000

At 31 December 2023

11,000

-

11,000

Carrying amount

At 31 December 2023

-

832,624

832,624

At 31 December 2022

-

601,356

601,356

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

90,121

102,693

9,383

202,197

Additions

-

10,525

194,154

204,679

Disposals

-

(8,728)

-

(8,728)

At 31 December 2023

90,121

104,490

203,537

398,148

Depreciation

At 1 January 2023

18,016

52,028

7,713

77,757

Charge for the year

6,008

15,564

26,007

47,579

Eliminated on disposal

-

(6,441)

-

(6,441)

At 31 December 2023

24,024

61,151

33,720

118,895

Carrying amount

At 31 December 2023

66,097

43,339

169,817

279,253

At 31 December 2022

72,105

50,665

1,670

124,440

Included within the net book value of land and buildings above is £66,097 (2022 - £72,105) in respect of short leasehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

 

Southgate Chichester Limited

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

Subsidiaries

£

Cost or valuation

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

HAMF Limited

England

Ordinary

100%

67%

Subsidiary undertakings

HAMF Limited

The principal activity of HAMF Limited is Medical services.

7

Stocks

2023
£

2022
£

Other inventories

1,500

1,500

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

16,168

9,340

Amounts owed by related parties

12

19,040

25,413

Prepayments

 

13,134

10,527

Other debtors

 

8,748

8,748

   

57,090

54,028

 

Southgate Chichester Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

54,757

26,721

Trade creditors

 

5,497

3,735

Taxation and social security

 

100,817

102,807

Other creditors

 

40,609

7,643

 

201,680

140,906

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

171,008

52,586

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £10 each

2

20

2

20

       

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £45,000.00 per each Ordinary shares

90,000

90,000

 

 
 

Southgate Chichester Limited

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

12

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Michael Mason

Balance owed (to)/from director

9,738

652,960

(685,133)

(22,436)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Michael Mason

Balance owed (to)/from director

144

314,221

(304,628)

9,738