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Registration number: 09302354

Southern Ductwork Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Southern Ductwork Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Southern Ductwork Services Limited

(Registration number: 09302354)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

91,364

118,599

Current assets

 

Debtors

5

129,867

237,253

Creditors: Amounts falling due within one year

6

(185,248)

(187,218)

Net current (liabilities)/assets

 

(55,381)

50,035

Total assets less current liabilities

 

35,983

168,634

Creditors: Amounts falling due after more than one year

6

(21,517)

(28,633)

Provisions for liabilities

(12,384)

(18,660)

Net assets

 

2,082

121,341

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,982

121,241

Shareholders' funds

 

2,082

121,341

 

Southern Ductwork Services Limited

(Registration number: 09302354)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr PS Harrison
Director

 

Southern Ductwork Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of ductwork installation services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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 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.

 

Southern Ductwork Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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

Office equipment

25% Reducing balance basis

Motor vehicles

25% Reducing balance basis

Plant and machinery

25% Reducing balance basis

Leasehold improvements

10% Straight line basis

Debtors

Trade debtors are amounts due from customers for ductwork installation services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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 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.

 

Southern Ductwork Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Southern Ductwork Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

29,451

22,430

22,454

227,353

301,688

Additions

-

-

711

1,100

1,811

Disposals

-

-

-

(13,938)

(13,938)

At 30 November 2023

29,451

22,430

23,165

214,515

289,561

Depreciation

At 1 December 2022

6,634

18,711

15,731

142,013

183,089

Charge for the year

2,282

929

1,478

20,328

25,017

Eliminated on disposal

-

-

-

(9,909)

(9,909)

At 30 November 2023

8,916

19,640

17,209

152,432

198,197

Carrying amount

At 30 November 2023

20,535

2,790

5,956

62,083

91,364

At 30 November 2022

22,817

3,719

6,723

85,340

118,599

Included within the net book value of land and buildings above is £20,535 (2022 - £22,817) in respect of long leasehold land and buildings.
 

 

Southern Ductwork Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

95,868

178,675

Other debtors

33,999

58,578

 

129,867

237,253

 

Southern Ductwork Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

16,868

42,297

Trade creditors

 

68,935

51,867

Taxation and social security

 

83,922

77,840

Other creditors

 

15,523

15,214

 

185,248

187,218

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

21,517

28,633

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,052

9,799

Bank overdrafts

4,834

25,756

Hire purchase contracts

1,982

6,742

16,868

42,297

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,380

28,633

Hire purchase contracts

3,137

-

21,517

28,633

 

Southern Ductwork Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Mr PS Harrison

Directors loan account

47,318

1,764

(22,261)

26,821

Mrs CE Harrison

Directors loan account

3,851

16,037

(22,261)

(2,373)

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr PS Harrison

Directors loan account

16,775

46,289

(15,746)

47,318

Mrs CE Harrison

Directors loan account

8,371

11,226

(15,746)

3,851