REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
SOUTH COAST BUILDING SUPPLIES |
LTD. |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
SOUTH COAST BUILDING SUPPLIES |
LTD. (REGISTERED NUMBER: 06668501) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
834,214 | 995,564 |
Other operating income |
OPERATING PROFIT | 4 |
Exceptional item | 5 |
720,843 | 645,870 |
Interest receivable and similar income |
766,868 | 673,855 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
SOUTH COAST BUILDING SUPPLIES |
LTD. (REGISTERED NUMBER: 06668501) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
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 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (100,000 | ) | - |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 25,450 | - |
Amount withdrawn by directors | (38,638 | ) | (669,591 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 59,958 | 8,843 |
Finance income | (46,025 | ) | (27,985 | ) |
1,158,614 | 1,086,346 |
Decrease/(increase) in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 | ( |
) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Average employees |
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 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Computer software amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
5. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Exceptional item | ( |
) | ( |
) |
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 |
Interest on late tax |
Hire purchase |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
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 |
Ordinary A shares of £1 each |
Interim div share - ordinary A |
9. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
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 |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions | - |
At 31 December 2023 | 43,881 |
DEPRECIATION |
At 1 January 2023 | 8,776 |
Charge for year | 4,388 |
At 31 December 2023 | 13,164 |
NET BOOK VALUE |
At 31 December 2023 | 30,717 |
At 31 December 2022 | 35,105 |
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 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
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 |
13. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts owed by connected |
companies | 1,162,069 | 1,068,758 |
Directors' current accounts | 682,620 | 669,432 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Amounts owed by connected |
companies | 1,636,718 | 2,191,821 |
Tax |
Aggregate amounts |
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) |
Hire purchase contracts (see note 17) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 179,494 | 195,544 |
Other creditors |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 17) |
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 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 405,150 | 196,922 |
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 |
Provided during year |
Balance at 31 December 2023 |
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: | £ | £ |
Ordinary | £1 | 150,000 | 150,000 |
Ordinary A | £1 | 4 | 4 |
150,004 | 150,004 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |