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Southern Sales & Services Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Walji & Co Private Clients Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03103458
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,723 9,563
11,723 9,563
CURRENT ASSETS
Stocks 5 274,531 271,194
Debtors 6 101,702 120,031
Cash at bank and in hand 31 2,513
376,264 393,738
Creditors: Amounts Falling Due Within One Year 7 (187,059 ) (229,194 )
NET CURRENT ASSETS (LIABILITIES) 189,205 164,544
TOTAL ASSETS LESS CURRENT LIABILITIES 200,928 174,107
Creditors: Amounts Falling Due After More Than One Year 8 (15,185 ) (25,185 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (441 ) -
NET ASSETS 185,302 148,922
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 184,302 147,922
SHAREHOLDERS' FUNDS 185,302 148,922
Page 1
Page 2
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A E Dowell
Director
03/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Southern Sales & Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03103458 . The registered office is Prospect House, 50 Leigh Road, Eastleigh, Hampshire, SO50 9DT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% - reducing balance
Motor Vehicles 25% - reducing balance
Fixtures & Fittings 15% - reducing balance
Computer Equipment 33% - reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 40,518 58,975 14,641 38,177 152,311
Additions 4,100 - 1,150 107 5,357
As at 31 December 2023 44,618 58,975 15,791 38,284 157,668
Depreciation
As at 1 January 2023 35,917 58,387 12,750 35,694 142,748
Provided during the period 1,740 147 456 854 3,197
As at 31 December 2023 37,657 58,534 13,206 36,548 145,945
Net Book Value
As at 31 December 2023 6,961 441 2,585 1,736 11,723
As at 1 January 2023 4,601 588 1,891 2,483 9,563
5. Stocks
2023 2022
£ £
Materials 274,531 271,194
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 89,256 116,241
Prepayments and accrued income 10,779 2,123
Other debtors 1,667 1,667
101,702 120,031
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 116,124 144,300
Bank loans and overdrafts 10,648 10,648
Corporation tax 12,022 6,953
Other taxes and social security 767 798
VAT 7,910 7,397
Other creditors 242 282
SSS Ltd loan 36,318 55,648
Accruals and deferred income 3,028 3,028
Directors' loan accounts - 140
187,059 229,194
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 15,185 25,185
9. Secured Creditors
The Company previously had a Factoring Account with Bibby Financial Services Ltd who by way of a First Legal Mortgage dated 9th May 2018 had a fixed and floating charge over the assets of the Company. This charge was satisfied on 6th February 2020.

10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Related Party Transactions
SSS LtdMr A and Mrs P Dowell are the shareholders and directors of SSS LtdSSS Ltd provided an interest free loan of £36,318.14. The loan is repayable on demand.

SSS Ltd

Mr A and Mrs P Dowell are the shareholders and directors of SSS Ltd

SSS Ltd provided an interest free loan of £36,318.14. The loan is repayable on demand.

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