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REGISTERED NUMBER: 06668501 (England and Wales)








STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SOUTH COAST BUILDING SUPPLIES
LTD.

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Statement of Directors' Responsibilities 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


SOUTH COAST BUILDING SUPPLIES
LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr G D Ellis
Mr T M Payne





SECRETARY: Mrs M Ellis





REGISTERED OFFICE: 5 Nuffield Road
Poole
Dorset
BH17 0SS





REGISTERED NUMBER: 06668501 (England and Wales)





AUDITORS: Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The business outlook is neutral, there is a contraction in the general construction market with RMI more heavily effected, however we feel market activity will improve in the second half of 2024. The Directors continue to look for opportunities for further depots within 20 miles of current operating base.

Further development of business processes will also be undertaken to ensure the business operates from a solid and efficient platform and continually evaluating product holding to ensure customer offer is in line with demand.

PRINCIPAL RISKS AND UNCERTAINTIES
The company aims to pay its suppliers in accordance with their terms of business. Working capital is provided by invoice discounting which provides adequate funds to fulfil the businesses growth targets.

Price stability continues to be closely managed by the business with a mixed picture into 2024. With inflation dropping most product groups have had benign price increases however deflation across some heavyside products, especially bricks have meant we have to manage stocks closer than we historically have.years.

ON BEHALF OF THE BOARD:





Mr G D Ellis - Director


24 July 2024

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of builders merchants.

DIVIDENDS
Interim dividends have been paid on Ordinary shares totalling £106,000 (2022 - £110,800) in the period.

Interim dividends totalling £109,070 (2022 - £107,880) have been paid in the period on Ordinary A shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr G D Ellis
Mr T M Payne

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Carter & Coley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr G D Ellis - Director


24 July 2024

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST BUILDING SUPPLIES
LTD.


Opinion
We have audited the financial statements of South Coast Building Supplies Ltd. (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST BUILDING SUPPLIES
LTD.


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST BUILDING SUPPLIES
LTD.


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

In planning our audit tests we considered the laws and regulations that are most closely associated with the business which would include Health and Safety legislation.

Our audit tests will also consider the susceptibility to fraud arising from petty pilferage from the stores and yards and the misuse of credit cards in the warehouses.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SOUTH COAST BUILDING SUPPLIES
LTD.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew A Clark FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

24 July 2024

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 22,638,628 30,170,748

Cost of sales 16,955,668 24,281,668
GROSS PROFIT 5,682,960 5,889,080

Administrative expenses 4,848,746 4,893,516
834,214 995,564

Other operating income 134,967 91,367
OPERATING PROFIT 4 969,181 1,086,931

Exceptional item 5 248,338 441,061
720,843 645,870

Interest receivable and similar income 46,025 27,985
766,868 673,855

Interest payable and similar expenses 6 59,958 8,843
PROFIT BEFORE TAXATION 706,910 665,012

Tax on profit 7 209,979 148,351
PROFIT FOR THE FINANCIAL
YEAR

496,931

516,661

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

496,931

516,661

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,308,866 1,332,942
Investments 11 100,000 -
1,408,866 1,332,942

CURRENT ASSETS
Stocks 12 2,899,902 3,404,132
Debtors 13 6,901,278 7,693,569
Cash at bank 53,677 136,859
9,854,857 11,234,560
CREDITORS
Amounts falling due within one year 14 4,638,054 6,396,181
NET CURRENT ASSETS 5,216,803 4,838,379
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,625,669

6,171,321

CREDITORS
Amounts falling due after more than one
year

15

(280,782

)

(132,915

)

PROVISIONS FOR LIABILITIES 19 (151,405 ) (126,785 )
NET ASSETS 6,193,482 5,911,621

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 20 150,004 150,004
Retained earnings 21 6,043,478 5,761,617
SHAREHOLDERS' FUNDS 6,193,482 5,911,621


The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:





Mr G D Ellis - Director


SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 150,004 5,463,636 5,613,640

Changes in equity
Dividends - (218,680 ) (218,680 )
Total comprehensive income - 516,661 516,661
Balance at 31 December 2022 150,004 5,761,617 5,911,621

Changes in equity
Dividends - (215,070 ) (215,070 )
Total comprehensive income - 496,931 496,931
Balance at 31 December 2023 150,004 6,043,478 6,193,482

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 601,726 (697,739 )
Interest paid (51,744 ) (2,775 )
Interest element of hire purchase
payments paid

(8,214

)

(6,068

)
Tax paid (233,391 ) (498,590 )
Net cash from operating activities 308,377 (1,205,172 )

Cash flows from investing activities
Purchase of tangible fixed assets (413,695 ) (75,211 )
Purchase of fixed asset investments (100,000 ) -
Sale of tangible fixed assets - 10,250
Interest received 46,025 27,985
Net cash from investing activities (467,670 ) (36,976 )

Cash flows from financing activities
New loans in year 398,574 1,391,271
Capital repayments in year (94,205 ) (40,915 )
Amount introduced by directors 25,450 -
Amount withdrawn by directors (38,638 ) (669,591 )
Equity dividends paid (215,070 ) (218,680 )
Net cash from financing activities 76,111 462,085

Decrease in cash and cash equivalents (83,182 ) (780,063 )
Cash and cash equivalents at
beginning of year

2

136,859

916,922

Cash and cash equivalents at end of
year

2

53,677

136,859

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 706,910 665,012
Depreciation charges 436,466 448,035
Loss/(profit) on disposal of fixed assets 1,305 (7,559 )
Finance costs 59,958 8,843
Finance income (46,025 ) (27,985 )
1,158,614 1,086,346
Decrease/(increase) in stocks 504,230 (526,278 )
Decrease/(increase) in trade and other debtors 1,026,198 (2,029,817 )
(Decrease)/increase in trade and other creditors (2,087,316 ) 772,010
Cash generated from operations 601,726 (697,739 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 53,677 136,859
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 136,859 916,922


SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 136,859 (83,182 ) 53,677
136,859 (83,182 ) 53,677
Debt
Finance leases (196,922 ) (208,228 ) (405,150 )
Debts falling due within 1 year (1,391,271 ) (96,141 ) (1,487,412 )
(1,588,193 ) (304,369 ) (1,892,562 )
Total (1,451,334 ) (387,551 ) (1,838,885 )

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

South Coast Building Supplies Ltd. 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 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.

Turnover
Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable and is stated net of VAT.

Revenue from the sale of building materials is recognised when the Company has transferred to the buyer the significant risks and rewards of the ownership of the goods and the revenue can be measured reliably.

Goodwill
Goodwill was amortised over a period of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of two years.

Tangible fixed assets
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.
Short leasehold - in accordance with the term of the lease
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less selling costs. Costs are calculated using the average cost method.

When stocks are sold, the carrying value of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks and all stock losses are recognised as an expense in the period in which the write-down or expense occurs.

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Investments are stated at cost less provision for impairment.

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,444,706 2,478,616
Social security costs 233,870 246,785
Other pension costs 50,915 48,853
2,729,491 2,774,254

The average number of employees during the year was as follows:
2023 2022

Average employees 87 87

The directors have identified seven staff members as key employees. The total remuneration for these staff including salary, national insurance and pensions total £410,775 (2022 - £412,996).

2023 2022
£    £   
Directors' remuneration 31,283 29,053

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 224,768 233,059
Other operating leases 315,200 313,102
Depreciation - owned assets 329,919 315,033
Depreciation - assets on hire purchase contracts 106,547 62,068
Loss/(profit) on disposal of fixed assets 1,305 (7,559 )
Computer software amortisation - 70,934
Auditors' remuneration 23,000 22,000
Auditors' remuneration for non audit work 3,605 2,208
Foreign exchange differences - 17,553

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional item (248,338 ) (441,061 )

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


The company has made a provision for doubtful debts of £248,338 (2022 - £441,061) in respect of loans made to other companies. The provision arises where the debt exceeds the expected recoverable amount.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 51,744 -
Interest on late tax - 2,775
Hire purchase 8,214 6,068
59,958 8,843

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 185,359 193,497

Deferred tax 24,620 (45,146 )
Tax on profit 209,979 148,351

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 706,910 665,012
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2022 - 19%)

176,728

126,352

Effects of:
Expenses not deductible for tax purposes 5,662 2,885
Income not taxable for tax purposes (4,093 ) -
Depreciation in excess of capital allowances 17,521 64,260
Due to changes in tax rates (10,459 ) -
Deferred tax movement 24,620 (45,146 )
Total tax charge 209,979 148,351

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim div share - ordinary 106,000 110,800
Ordinary A shares of £1 each
Interim div share - ordinary A 109,070 107,880
215,070 218,680

9. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 15,000 189,978 204,978
AMORTISATION
At 1 January 2023
and 31 December 2023 15,000 189,978 204,978
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 2,309,642 63,877 1,277,450 80,466 3,731,435
Additions 93,091 129,887 190,717 - 413,695
Disposals - - (8,000 ) - (8,000 )
At 31 December 2023 2,402,733 193,764 1,460,167 80,466 4,137,130
DEPRECIATION
At 1 January 2023 1,307,741 50,215 963,934 76,603 2,398,493
Charge for year 289,504 17,367 125,732 3,863 436,466
Eliminated on disposal - - (6,695 ) - (6,695 )
At 31 December 2023 1,597,245 67,582 1,082,971 80,466 2,828,264
NET BOOK VALUE
At 31 December 2023 805,488 126,182 377,196 - 1,308,866
At 31 December 2022 1,001,901 13,662 313,516 3,863 1,332,942

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 43,881 - 330,910 374,791
Additions - 129,887 187,175 317,062
At 31 December 2023 43,881 129,887 518,085 691,853
DEPRECIATION
At 1 January 2023 8,776 - 161,405 170,181
Charge for year 4,388 12,989 89,170 106,547
At 31 December 2023 13,164 12,989 250,575 276,728
NET BOOK VALUE
At 31 December 2023 30,717 116,898 267,510 415,125
At 31 December 2022 35,105 - 169,505 204,610

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
Additions 100,000
At 31 December 2023 100,000
NET BOOK VALUE
At 31 December 2023 100,000

Fixed asset investments represent unquoted shares and the directors are of the opinion that cost represents fair value at the balance sheet date.

12. STOCKS
2023 2022
£    £   
Stocks 2,899,902 3,404,132

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,729,270 3,037,251
Other debtors 370,921 607,176
Amounts owed by connected
companies 1,162,069 1,068,758
Directors' current accounts 682,620 669,432
Prepayments and accrued income 28,115 119,131
4,972,995 5,501,748

Amounts falling due after more than one year:
Other debtors 70,846 -
Amounts owed by connected
companies 1,636,718 2,191,821
Tax 220,719 -
1,928,283 2,191,821

Aggregate amounts 6,901,278 7,693,569

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 1,487,412 1,391,271
Hire purchase contracts (see note 17) 124,368 64,007
Trade creditors 1,832,829 3,883,715
Corporation tax 584,771 412,084
Social security and other taxes 52,098 55,201
VAT 179,494 195,544
Other creditors 198,772 98,323
Accruals and deferred income 178,310 296,036
4,638,054 6,396,181

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 17) 280,782 132,915

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,487,412 1,391,271

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 124,368 64,007
Between one and five years 280,782 132,915
405,150 196,922

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 338,446 496,399
Between one and five years 817,773 1,010,346
In more than five years 120,000 240,000
1,276,219 1,746,745

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,487,412 1,391,271
Hire purchase contracts 405,150 196,922
1,892,562 1,588,193

The hire purchase creditors are secured on fixed assets acquired under hire purchase agreements.

The bank loan, in the form of a debt factoring account, is secured against all assets of the company.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 151,405 126,785

Deferred
tax
£   
Balance at 1 January 2023 126,785
Provided during year 24,620
Balance at 31 December 2023 151,405

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150,000 Ordinary £1 150,000 150,000
4 Ordinary A £1 4 4
150,004 150,004

21. RESERVES
Retained
earnings
£   

At 1 January 2023 5,761,617
Profit for the year 496,931
Dividends (215,070 )
At 31 December 2023 6,043,478

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr T M Payne
Balance outstanding at start of year 15,450 -
Amounts advanced - 15,450
Amounts repaid (15,450 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 15,450

Mr G D Ellis
Balance outstanding at start of year 653,982 -
Amounts advanced 38,638 653,982
Amounts repaid (10,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 682,620 653,982

SOUTH COAST BUILDING SUPPLIES
LTD. (REGISTERED NUMBER: 06668501)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


23. RELATED PARTY DISCLOSURES

Transactions with directors and their immediate family

At the balance sheet date the company had received loans from the directors and their immediate family members of £14,560 (2022 - £5,210) which are included within creditors falling due within one year. This balance is interest free and repayable on demand.

At the balance sheet date the company had loaned £nil (2022 - £6,563) to a member of a directors immediate family. This balance is included within debtors falling due within one year and is repayable on demand.

During the year the directors purchased goods totalling £3,397 (2022 - £6,352). At the balance sheet date the amount due included within trade debtors was £311 (2022 - £nil).

The directors' advances identified in note 22 are subject to interest at a commercial rate.

Transactions with companies under common control

At the balance sheet date the amount due from companies under common control included in debtors was £1,162,069 (2022 - £1,068,758). These are non interest bearing loans on which no terms of repayment have been agreed.

During the current period South Coast Building Supplies Ltd has rented land from a company under common control at a cost of £240,000 (2022 - £240,000).

During the year South Coast Building Supplies Ltd made sales to companies under common control amounting to £1,600 (2022 - £7,791). At the balance sheet date the amount due included within trade debtors was £920 (2022 - £nil).

Transactions with companies in which the directors and their associates have an interest

During the year South Coast Building Supplies Ltd made sales to companies in which the directors and their associates have interests amounting to £651,537 (2022 - £5,114,255). At the balance sheet date the amount due included within trade debtors was £14,406 (2022 - £10,040).

During the year South Coast Building Supplies Ltd made purchases from companies in which the directors and their associates have interests amounting to £401,467 (2022 - £5,061,915). At the balance sheet date the amount due included within trade creditors was £25,401 (2022 - £nil).

During the year non interest bearing loans with no agreed terms of repayment have been issued to companies in which the directors and their associates have an interest. At the balance sheet date these loans amount to £2,133,086 (2022 - £2,441,821). These are included within debtors.