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Company Registration No. 00969277 (England and Wales)
Southcombe Limited Unaudited Financial Statements for the year ended 31 December 2023
Southcombe Limited Unaudited Financial Statements Contents
Page
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Southcombe Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,392,675 
1,218,424 
Current assets
Inventories
3,450 
3,317 
Debtors
125,575 
119,843 
Cash at bank and in hand
201,267 
117,414 
330,292 
240,574 
Creditors: amounts falling due within one year
(325,761)
(76,229)
Net current assets
4,531 
164,345 
Net assets
1,397,206 
1,382,769 
Capital and reserves
Called up share capital
10,000 
10,000 
Profit and loss account
1,387,206 
1,372,769 
Shareholders' funds
1,397,206 
1,382,769 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2024 and were signed on its behalf by
Mr P A Bailey Director Company Registration No. 00969277
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Southcombe Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Southcombe Limited is a private company, limited by shares, registered in England and Wales, registration number 00969277. The registered office is 21 Mulligan Drive, The Rydons, Exeter, Devon, EX2 7SJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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Southcombe Limited Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Land & buildings 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
1,148,757 
34,490 
320,530 
5,047 
1,508,824 
Additions
180,000 
211 
13,560 
- 
193,771 
Disposals
- 
(16,495)
- 
- 
(16,495)
At 31 December 2023
1,328,757 
18,206 
334,090 
5,047 
1,686,100 
Depreciation
At 1 January 2023
- 
25,861 
261,152 
3,387 
290,400 
Charge for the year
- 
1,476 
14,588 
520 
16,584 
On disposals
- 
(13,559)
- 
- 
(13,559)
At 31 December 2023
- 
13,778 
275,740 
3,907 
293,425 
Net book value
At 31 December 2023
1,328,757 
4,428 
58,350 
1,140 
1,392,675 
At 31 December 2022
1,148,757 
8,629 
59,378 
1,660 
1,218,424 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
18,416 
14,853 
Amounts due from group undertakings etc.
80,000 
80,000 
Accrued income and prepayments
27,159 
24,990 
125,575 
119,843 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
74,061 
67,099 
Amounts owed to group undertakings and other participating interests
250,000 
- 
Other creditors
1,700 
1,700 
Accruals
- 
7,430 
325,761 
76,229 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000 
10,000 
8
Contingent liabilities
The company has provided an unlimited guarantee for the bank borrowings of Saumarez Park Hotel Limited. No balances were outstanding as at 31 December 2020 and in the opinion of the directors no liability is likely to arise as a result of this guarantee.
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Southcombe Limited Notes to the Accounts for the year ended 31 December 2023
9
Transactions with related parties
The Company is related to Saumarez Park Hotel Limited and Summerland Nursing Services Limited, Guernsey Nursing Homes Limited and Peline Property & Investment Company Limited. During the year the company paid £100,000 to Saumarez Park Hotel Limited for rent. The amounts due to related companies at 31 December 2023 are as follows:- Guernsey Care Homes (Holdings) Limited - £80,000 All transactions were on normal trading terms and at arm's length.
10
Controlling party
The ultimate holding company is Guernsey Care Homes (Holdings) Limited, a company incorporated in Guernsey.
11
Average number of employees
During the year the average number of employees was 29 (2022: 26).
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