IRIS Accounts Production v23.4.0.336 03059694 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh030596942022-10-31030596942023-10-31030596942022-11-012023-10-31030596942021-10-31030596942021-11-012022-10-31030596942022-10-3103059694ns15:EnglandWales2022-11-012023-10-3103059694ns14:PoundSterling2022-11-012023-10-3103059694ns10:Director12022-11-012023-10-3103059694ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3103059694ns10:SmallEntities2022-11-012023-10-3103059694ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3103059694ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3103059694ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3103059694ns10:FullAccounts2022-11-012023-10-3103059694ns10:OrdinaryShareClass12022-11-012023-10-3103059694ns10:Director22022-11-012023-10-3103059694ns10:RegisteredOffice2022-11-012023-10-3103059694ns5:CurrentFinancialInstruments2023-10-3103059694ns5:CurrentFinancialInstruments2022-10-3103059694ns5:ShareCapital2023-10-3103059694ns5:ShareCapital2022-10-3103059694ns5:FurtherSpecificReserve3ComponentTotalEquity2023-10-3103059694ns5:FurtherSpecificReserve3ComponentTotalEquity2022-10-3103059694ns5:RetainedEarningsAccumulatedLosses2023-10-3103059694ns5:RetainedEarningsAccumulatedLosses2022-10-3103059694ns5:PlantMachinery2022-11-012023-10-3103059694ns5:FurnitureFittings2022-11-012023-10-3103059694ns5:ComputerEquipment2022-11-012023-10-3103059694ns5:PlantMachinery2022-10-3103059694ns5:FurnitureFittings2022-10-3103059694ns5:ComputerEquipment2022-10-3103059694ns5:PlantMachinery2023-10-3103059694ns5:FurnitureFittings2023-10-3103059694ns5:ComputerEquipment2023-10-3103059694ns5:PlantMachinery2022-10-3103059694ns5:FurnitureFittings2022-10-3103059694ns5:ComputerEquipment2022-10-3103059694ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103059694ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3103059694ns10:OrdinaryShareClass12023-10-3103059694ns5:RetainedEarningsAccumulatedLosses2022-10-3103059694ns5:FurtherSpecificReserve3ComponentTotalEquity2022-10-3103059694ns5:RetainedEarningsAccumulatedLosses2022-11-012023-10-31
REGISTERED NUMBER: 03059694 (England and Wales)















Southern Counties Car Sales Limited

Unaudited Financial Statements for the Year Ended 31 October 2023






Southern Counties Car Sales Limited (Registered number: 03059694)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Southern Counties Car Sales Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr M T Baker
Mrs S A Baker





REGISTERED OFFICE: Wilson House
48 Brooklyn Road
Seaford
East Sussex
BN25 2DX





REGISTERED NUMBER: 03059694 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Wilson House
48 Brooklyn Road
Seaford
East Sussex
BN25 2DX

Southern Counties Car Sales Limited (Registered number: 03059694)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77 91
Investment property 5 500,000 500,000
500,077 500,091

CURRENT ASSETS
Debtors 6 3,097 1,340
Cash at bank 1,816 2,997
4,913 4,337
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

7

72,148

71,572
NET CURRENT LIABILITIES (67,235 ) (67,235 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

432,842

432,856

PROVISIONS FOR LIABILITIES 69,020 52,458
NET ASSETS 363,822 380,398

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Fair value reserve 9 306,143 322,703
Retained earnings 9 56,679 56,695
SHAREHOLDERS' FUNDS 363,822 380,398

Southern Counties Car Sales Limited (Registered number: 03059694)

Balance Sheet - continued
31 October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by:





Mr M T Baker - Director


Southern Counties Car Sales Limited (Registered number: 03059694)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Southern Counties Car Sales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the fair value of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Southern Counties Car Sales Limited (Registered number: 03059694)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Revenue recognition
Rental income is recognised on a receivable basis in accordance with the tenancy agreements.

Going concern
The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern.

At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2022
and 31 October 2023 847 2,699 908 4,454
DEPRECIATION
At 1 November 2022 823 2,632 908 4,363
Charge for year 4 10 - 14
At 31 October 2023 827 2,642 908 4,377
NET BOOK VALUE
At 31 October 2023 20 57 - 77
At 31 October 2022 24 67 - 91

Southern Counties Car Sales Limited (Registered number: 03059694)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 500,000
NET BOOK VALUE
At 31 October 2023 500,000
At 31 October 2022 500,000

The investment property was valued on a fair value basis on 31 October 2023 by the directors.

If the investment property had not been revalued it would have been included at a historical cost of £124,856 (2022 - £124,856).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,772 128
Other debtors 1,325 1,212
3,097 1,340

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,027 -
Taxation and social security - 2,260
Other creditors 71,121 69,312
72,148 71,572

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

Southern Counties Car Sales Limited (Registered number: 03059694)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 November 2022 56,695 322,703 379,398
Deficit for the year (16,576 ) - (16,576 )
Transfer from/(to) another
reserve 16,560 (16,560 ) -
At 31 October 2023 56,679 306,143 362,822

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the directors the aggregate sum of £61,128 (2022:£60,504).The loan is interest free, unsecured and repayable on demand.