Registration number:
Southam Services (Lincs) Limited
for the Year Ended 31 March 2024
Southam Services (Lincs) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Southam Services (Lincs) Limited
(Registration number: 11104428)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
411,493 |
362,933 |
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Shareholders' funds |
411,593 |
363,033 |
For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The Director acknowledges his 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
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Southam Services (Lincs) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The Company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
The principal place of business is:
Southam Barns
Brocklesby Road
Ulceby
DN39 6SU
These financial statements were authorised for issue by the
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 financial statements have been prepared for the individual entity and are presented in sterling and rounded to the nearest pound.
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents revenue due from the normal activities of the business to the extent that the company obtains a right to consideration in exchange for its performance of those activities, exclusive of value added tax.
Revenue recognised is measured by reference to the amounts likely to be chargeable to customers. The excess of turnover not invoiced over payments on account is reported as amounts recoverable on contracts within debtors.
Contract revenue recognition
In the case of long term contracts, where the outcome of individual contracts can be estimated reliably and it is probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. The stage of completion is measured by reference to the proportion of work done relative to the total value of work under the contract. provision is made for all known or expected losses on individual contracts in the year in which such losses are foreseen.
Southam Services (Lincs) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Fixtures and fittings |
15% and 33% Straight line |
Plant and machinery |
15% Straight line |
Motor vehicles |
25% Straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
Staff numbers |
The average number of persons employed by the Company (including the Director) during the year, was
Southam Services (Lincs) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investments |
2024 |
2023 |
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Other investments |
2,144 |
- |
Fixed asset investments |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 March 2024 |
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Southam Services (Lincs) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
- |
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Related party transactions |
Transactions with the Director |
2024 |
At 1 April 2023 |
Advances to Director |
Repayments by Director |
At 31 March 2024 |
G P Simons |
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Interest free loan provided to the director |
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( |
- |
2023 |
At 1 April 2022 |
Advances to Director |
At 31 March 2023 |
G P Simons |
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Interest free loan provided to the director |
- |
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Director's remuneration
The Director's remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Dividends paid to directors total 2024: £35,500 (2023: £36,555).