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Registration number: 10884015

Southeast Statictrader Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Southeast Statictrader Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Southeast Statictrader Ltd

Company Information

Director

H Whiteside

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
39 High Street
Battle
East Sussex
TN33 0EE

 

Southeast Statictrader Ltd

(Registration number: 10884015)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

59,624

92,948

Current assets

 

Stocks

6

388,440

325,492

Debtors

7

76,161

366,704

Cash at bank and in hand

 

32,744

13,381

 

497,345

705,577

Creditors: Amounts falling due within one year

8

(398,319)

(387,079)

Net current assets

 

99,026

318,498

Total assets less current liabilities

 

158,650

411,446

Creditors: Amounts falling due after more than one year

8

(18,691)

(33,068)

Net assets

 

139,959

378,378

Capital and reserves

 

Called up share capital

1

1

Retained earnings

139,958

378,377

Shareholders' funds

 

139,959

378,378

For the financial year ending 31 July 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 her 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 April 2024
 

.........................................
H Whiteside
Director

 

Southeast Statictrader Ltd

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

1

General information

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

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
England

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.

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

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.

 

Southeast Statictrader Ltd

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

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.

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 and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

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 at the transaction price, 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.

 

Southeast Statictrader Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 at the transaction price.

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.

 

Southeast Statictrader Ltd

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

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.

 

Southeast Statictrader Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 12).

 

Southeast Statictrader Ltd

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

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

18,458

30,235

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

14,693

110,168

27,481

152,342

Additions

1,500

13,700

-

15,200

Disposals

(5,692)

(20,107)

(22,930)

(48,729)

At 31 July 2023

10,501

103,761

4,551

118,813

Depreciation

At 1 August 2022

5,942

41,262

12,190

59,394

Charge for the year

1,458

16,521

479

18,458

Eliminated on disposal

(2,973)

(5,658)

(10,032)

(18,663)

At 31 July 2023

4,427

52,125

2,637

59,189

Carrying amount

At 31 July 2023

6,074

51,636

1,914

59,624

At 31 July 2022

8,751

68,906

15,291

92,948

6

Stocks

2023
£

2022
£

Other inventories

388,440

325,492

7

Debtors

2023
£

2022
£

Trade debtors

55,532

272,574

Taxation and social security

12,734

12,149

Prepayments

6,575

-

Other debtors

1,320

81,981

76,161

366,704

 

Southeast Statictrader Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans, overdrafts, finance lease and hire purchase liabilities

9

14,377

26,826

Trade creditors

 

371,060

310,089

Taxation and social security

 

6,853

27,414

Accruals and deferred income

 

5,000

9,450

Other creditors

 

704

8,913

Director loan account

 

325

4,387

 

398,319

387,079

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

18,691

33,068

 

Southeast Statictrader Ltd

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,336

28,336

Hire purchase contracts

355

4,732

18,691

33,068

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

12,449

Hire purchase contracts

4,377

4,377

14,377

26,826

10

Related party transactions

Summary of transactions with other related parties


Super Spaces Group Ltd
Southeast Statictrader Ltd has loaned Super Spaces Group Ltd in the year ended 31.07.21 £24,671.
Southeast Statictrader Ltd has loaned Super Spaces Group Ltd in the year ended 31.07.22 £14,260 less repaid £7,500,
therefore the loan balance at 31.07.22 = £31,431.
Southeast Statictrader Ltd has loaned Super Spaces Group Ltd in the year ended 31.07.23 £20,740 less repaid £39,250
therefore the loan balance at 31.07.23 = £12,921
Mrs Hayley Whiteside is the director of Southeast Statictrader Ltd, her husband is Mr Byron Whiteside and he is a director in Super Spaces Group Ltd.
Super Spaces Group Ltd was dissolved on 11.07.23 therefore the loan balance of £12,921 has been written off.

Railway Ltd
Southeast Statictrader Ltd has loaned Railway Ltd in the year ended 31.07.21 £54,072.
Southeast Statictrader Ltd has loaned Railway Ltd in the year ended 31.07.22 £6,477 less repaid £10,000.
therefore the loan balance at 31.07.22 = £50,549.
Southeast Statictrader Ltd has loaned Railway Ltd in the year ended 31.07.23 £487
therefore the loan balance at 31.07.23 = £51,035.
Mrs Hayley Whiteside is the director of Southeast Statictrader Ltd, her husband is Mr Byron Whiteside and he is a director in Railway Ltd.
Railway Ltd was dissolved on 28.02.23 therefore the loan balance of £51,035 has been written off.

The loans total £63,956 has been written off.