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Registered Number: 06041117
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 December 2023

for

SOUTH COAST VENTURES LIMITED

Directors Mr W P Maher
Mrs L D Maher
Registered Number 06041117
Registered Office 97 East Gomeldon Road
East Gomeldon
Salisbury
Wiltshire
SP4 6LZ
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
Secretary Mrs L D Maher
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 1,912    2,550 
1,912    2,550 
Current assets      
Stocks 4 4,000    4,000 
Debtors: amounts falling due within one year 5 8,944    30,802 
Cash at bank and in hand 7,254    8,550 
20,198    43,352 
Creditors: amount falling due within one year 6 (13,772)   (22,443)
Net current assets 6,426    20,909 
 
Total assets less current liabilities 8,338    23,459 
Creditors: amount falling due after more than one year 7 (27,000)   (27,000)
Net assets (18,662)   (3,541)
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account (18,762)   (3,641)
Shareholders' funds (18,662)   (3,541)
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 August 2024 and were signed on its behalf by:


-------------------------------
Mr W P Maher
Director
-------------------------------
Mrs L D Maher
Director
2
General Information
South Coast Ventures Limited is a private company, limited by shares, registered in England and Wales, registration number 06041117, registration address 97 East Gomeldon Road, East Gomeldon, Salisbury, Wiltshire, SP4 6LZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The financial statements have been prepared on a going concern basis on the understanding that the family members of the director Mrs L Maher, Mr A J Allen and Mrs M E Allen will not withdraw their loan to the company in such a way as would prejudice its financial future.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company during the year, exclusive of value added tax.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% 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.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Total
  £   £
At 01 January 2023 6,500    6,500 
Additions  
Disposals  
At 31 December 2023 6,500    6,500 
Depreciation
At 01 January 2023 3,950    3,950 
Charge for year 638    638 
On disposals  
At 31 December 2023 4,588    4,588 
Net book values
Closing balance as at 31 December 2023 1,912    1,912 
Opening balance as at 01 January 2023 2,550    2,550 


4.

Stocks

2023
£
  2022
£
Stocks 4,000    4,000 
4,000    4,000 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 8,381    8,927 
Prepayments 404    41 
Accrued Income   21,834 
CIS Control Account 159   
8,944    30,802 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 4,928    17,177 
PAYE & Social Security 2,435    476 
CIS Control Account   94 
Wages & Salaries Control Account 1,695    1,695 
Director: Mr W P Maher 1,695    388 
VAT 3,019    2,613 
13,772    22,443 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Loan Account - Mr A J & Mrs M E Allen 27,000    27,000 
27,000    27,000 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

9.

Related party transaction

At the year end a loan of £1,695 (2022 - £388) is owing to the director Mr W Maher by the company. The loan from Mr & Mrs Allen has no fixed repayment date and no interest is charged on the balance.
3