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REGISTERED NUMBER: 04370535 (England and Wales)












Financial Statements

for the Year Ended 31 March 2024

for

BUCKWELLS OF SOUTHSEA LIMITED

BUCKWELLS OF SOUTHSEA LIMITED (REGISTERED NUMBER: 04370535)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BUCKWELLS OF SOUTHSEA LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: T Bridle
Mrs M Dyer





SECRETARY:





REGISTERED OFFICE: 70 Osborne Road
Southsea
Portsmouth
Hampshire
PO5 3LU





REGISTERED NUMBER: 04370535 (England and Wales)





ACCOUNTANTS: Loveless & Co Accountants Ltd
Unit 19b
The Wren Centre
Westbourne Road
Emsworth
Hampshire
PO10 7SU

BUCKWELLS OF SOUTHSEA LIMITED (REGISTERED NUMBER: 04370535)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 144,000 -
Tangible assets 5 9,844 10,937
153,844 10,937

CURRENT ASSETS
Stocks 9,074 11,048
Debtors 6 8,020 8,993
Cash at bank and in hand 102,890 147,340
119,984 167,381
CREDITORS
Amounts falling due within one year 7 184,687 75,763
NET CURRENT (LIABILITIES)/ASSETS (64,703 ) 91,618
TOTAL ASSETS LESS CURRENT
LIABILITIES

89,141

102,555

CREDITORS
Amounts falling due after more than one
year

8

(50,304

)

(21,667

)

PROVISIONS FOR LIABILITIES (2,949 ) (2,949 )
NET ASSETS 35,888 77,939

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 35,688 77,739
SHAREHOLDERS' FUNDS 35,888 77,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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

BUCKWELLS OF SOUTHSEA LIMITED (REGISTERED NUMBER: 04370535)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2024 and were signed on its behalf by:





J C Buckwell - Director


BUCKWELLS OF SOUTHSEA LIMITED (REGISTERED NUMBER: 04370535)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

BUCKWELLS OF SOUTHSEA LIMITED (REGISTERED NUMBER: 04370535)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 150,000
Additions 160,000
At 31 March 2024 310,000
AMORTISATION
At 1 April 2023 150,000
Charge for year 16,000
At 31 March 2024 166,000
NET BOOK VALUE
At 31 March 2024 144,000
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 51,602
DEPRECIATION
At 1 April 2023 40,665
Charge for year 1,093
At 31 March 2024 41,758
NET BOOK VALUE
At 31 March 2024 9,844
At 31 March 2023 10,937

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,537 5,957
Other debtors 1,483 3,036
8,020 8,993

BUCKWELLS OF SOUTHSEA LIMITED (REGISTERED NUMBER: 04370535)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,476 10,000
Trade creditors 32,676 38,217
Taxation and social security 33,702 20,046
Other creditors 98,833 7,500
184,687 75,763

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 50,304 21,667

9. ULTIMATE CONTROLLING PARTY

The controlling party is Buckwells Freehold Ltd.