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REGISTERED NUMBER: 08835012 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SOUTHGATE & STERLING LTD

SOUTHGATE & STERLING LTD (REGISTERED NUMBER: 08835012)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOUTHGATE & STERLING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr A J Royle





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD





REGISTERED NUMBER: 08835012 (England and Wales)






SOUTHGATE & STERLING LTD (REGISTERED NUMBER: 08835012)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 38,500 52,500
Tangible assets 6 2,636 2,615
41,136 55,115

CURRENT ASSETS
Stocks 186,703 172,555
Debtors 7 163,936 158,965
350,639 331,520
CREDITORS
Amounts falling due within one year 8 310,125 313,062
NET CURRENT ASSETS 40,514 18,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

81,650

73,573

CREDITORS
Amounts falling due after more than one
year

9

(30,833

)

(35,457

)

PROVISIONS FOR LIABILITIES (325 ) (497 )
NET ASSETS 50,492 37,619

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 50,392 37,519
SHAREHOLDERS' FUNDS 50,492 37,619

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 director acknowledges his 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.

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 director and authorised for issue on 22 August 2024 and were signed by:



Mr A J Royle - Director


SOUTHGATE & STERLING LTD (REGISTERED NUMBER: 08835012)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Southgate & Sterling Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 - 25% on reducing balance
Office Equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

SOUTHGATE & STERLING LTD (REGISTERED NUMBER: 08835012)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 145,000
AMORTISATION
At 1 April 2023 92,500
Amortisation for year 14,000
At 31 March 2024 106,500
NET BOOK VALUE
At 31 March 2024 38,500
At 31 March 2023 52,500

6. TANGIBLE FIXED ASSETS
Plant and Office
machinery Equipment Totals
£    £    £   
COST
At 1 April 2023 2,242 3,513 5,755
Additions - 1,074 1,074
At 31 March 2024 2,242 4,587 6,829
DEPRECIATION
At 1 April 2023 332 2,808 3,140
Charge for year 478 575 1,053
At 31 March 2024 810 3,383 4,193
NET BOOK VALUE
At 31 March 2024 1,432 1,204 2,636
At 31 March 2023 1,910 705 2,615

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 153,774 154,433
Other debtors 10,162 4,532
163,936 158,965

SOUTHGATE & STERLING LTD (REGISTERED NUMBER: 08835012)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,448 17,929
Trade creditors 144,753 211,481
Taxation and social security 28,877 16,733
Other creditors 86,047 66,919
310,125 313,062

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 30,833 35,457

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - >5 years 10,833 15,457

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 35,833 39,624

The bank loans are secured by the Government (being part of the Coronavirus Bounce Back Loan Scheme).

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100