REGISTERED NUMBER: |
Southern Counties Car Sales Limited |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
Southern Counties Car Sales Limited (Registered number: 03059694) |
Balance Sheet - continued |
31 October 2023 |
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. |
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 |
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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2022 |
and 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 | 379,398 |
Deficit for the year | ( |
) | - | ( |
) |
Transfer from/(to) another |
reserve | 16,560 | (16,560 | ) | - |
At 31 October 2023 | 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. |