Silverfin false false 31/12/2023 01/01/2023 31/12/2023 J Green 14/09/2022 R Parkinson 14/09/2022 27 August 2024 The principal activity of the Company during the financial year was the provision of plastering and drylining services. 08215235 2023-12-31 08215235 bus:Director1 2023-12-31 08215235 bus:Director2 2023-12-31 08215235 2022-12-31 08215235 core:CurrentFinancialInstruments 2023-12-31 08215235 core:CurrentFinancialInstruments 2022-12-31 08215235 core:Non-currentFinancialInstruments 2023-12-31 08215235 core:Non-currentFinancialInstruments 2022-12-31 08215235 core:ShareCapital 2023-12-31 08215235 core:ShareCapital 2022-12-31 08215235 core:RetainedEarningsAccumulatedLosses 2023-12-31 08215235 core:RetainedEarningsAccumulatedLosses 2022-12-31 08215235 core:Goodwill 2022-12-31 08215235 core:Goodwill 2023-12-31 08215235 core:PlantMachinery 2022-12-31 08215235 core:Vehicles 2022-12-31 08215235 core:OfficeEquipment 2022-12-31 08215235 core:PlantMachinery 2023-12-31 08215235 core:Vehicles 2023-12-31 08215235 core:OfficeEquipment 2023-12-31 08215235 core:WithinOneYear 2023-12-31 08215235 core:WithinOneYear 2022-12-31 08215235 core:BetweenOneFiveYears 2023-12-31 08215235 core:BetweenOneFiveYears 2022-12-31 08215235 2023-01-01 2023-12-31 08215235 bus:FilletedAccounts 2023-01-01 2023-12-31 08215235 bus:SmallEntities 2023-01-01 2023-12-31 08215235 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08215235 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08215235 bus:Director1 2023-01-01 2023-12-31 08215235 bus:Director2 2023-01-01 2023-12-31 08215235 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 08215235 core:PlantMachinery 2023-01-01 2023-12-31 08215235 core:Vehicles 2023-01-01 2023-12-31 08215235 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 08215235 2022-01-01 2022-12-31 08215235 core:OfficeEquipment 2023-01-01 2023-12-31 08215235 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 08215235 (England and Wales)

SOUTHERN DRYWALL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SOUTHERN DRYWALL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SOUTHERN DRYWALL LIMITED

BALANCE SHEET

As at 31 December 2023
SOUTHERN DRYWALL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 3,761 460
3,761 460
Current assets
Debtors 5 302,179 316,452
Cash at bank and in hand 341,633 213,294
643,812 529,746
Creditors: amounts falling due within one year 6 ( 294,409) ( 254,634)
Net current assets 349,403 275,112
Total assets less current liabilities 353,164 275,572
Creditors: amounts falling due after more than one year 7 ( 72,000) ( 126,000)
Net assets 281,164 149,572
Capital and reserves
Called-up share capital 100 100
Profit and loss account 281,064 149,472
Total shareholders' funds 281,164 149,572

For the financial 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.

Directors' responsibilities:

The financial statements of Southern Drywall Limited (registered number: 08215235) were approved and authorised for issue by the Board of Directors on 27 August 2024. They were signed on its behalf by:

J Green
Director
R Parkinson
Director
SOUTHERN DRYWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SOUTHERN DRYWALL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southern Drywall Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, Dorset, BH15 2PW, United Kingdom. The principal place of business is 19 Guest Avenue, Poole, Dorset, BH12 1JA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 20,000 20,000
At 31 December 2023 20,000 20,000
Accumulated amortisation
At 01 January 2023 20,000 20,000
At 31 December 2023 20,000 20,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2023 1,261 1,200 2,288 4,749
Additions 0 1,995 1,823 3,818
At 31 December 2023 1,261 3,195 4,111 8,567
Accumulated depreciation
At 01 January 2023 943 1,058 2,288 4,289
Charge for the financial year 48 368 101 517
At 31 December 2023 991 1,426 2,389 4,806
Net book value
At 31 December 2023 270 1,769 1,722 3,761
At 31 December 2022 318 142 0 460

5. Debtors

2023 2022
£ £
Trade debtors 40,934 92,538
Amounts owed by Group undertakings 89,112 178,189
Other debtors 172,133 45,725
302,179 316,452

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 54,000 54,000
Trade creditors 77,460 34,383
Taxation and social security 55,917 32,166
Other creditors 107,032 134,085
294,409 254,634

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 72,000 126,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 3,587 9,735

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 3,587 6,148
between one and five years 0 3,587
3,587 9,735

9. Related party transactions

Other related party transactions

2023 2022
£ £
Key management 123,150 23,797

Interest has been charged in line with HMRC's official rate.