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REGISTERED NUMBER: 03362888 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st March 2024

for

Southern Mobility Services Ltd

Southern Mobility Services Ltd (Registered number: 03362888)

Contents of the Financial Statements
for the Year Ended 31st March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Southern Mobility Services Ltd

Company Information
for the Year Ended 31st March 2024







DIRECTORS: M R Booth
Mrs T J Booth





REGISTERED OFFICE: Unit 9
West Ham Industrial Estate
Grafton Way
Basingstoke
Hampshire
RG22 6HY





REGISTERED NUMBER: 03362888 (England and Wales)





ACCOUNTANTS: Whiteleys
Chartered Certified Accountants
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

Southern Mobility Services Ltd (Registered number: 03362888)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 3,450 1,400
Tangible assets 6 38,979 53,253
42,429 54,653

CURRENT ASSETS
Stocks 47,447 45,947
Debtors 7 50,371 21,459
Cash at bank 228,981 251,007
326,799 318,413
CREDITORS
Amounts falling due within one year 8 49,306 37,940
NET CURRENT ASSETS 277,493 280,473
TOTAL ASSETS LESS CURRENT
LIABILITIES

319,922

335,126

CREDITORS
Amounts falling due after more than one
year

9

(16,515

)

(26,612

)

PROVISIONS FOR LIABILITIES (9,745 ) (13,313 )
NET ASSETS 293,662 295,201

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 293,562 295,101
SHAREHOLDERS' FUNDS 293,662 295,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Southern Mobility Services Ltd (Registered number: 03362888)

Balance Sheet - continued
31st March 2024


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 Board of Directors and authorised for issue on 18th September 2024 and were signed on its behalf by:





Mrs T J Booth - Director


Southern Mobility Services Ltd (Registered number: 03362888)

Notes to the Financial Statements
for the Year Ended 31st March 2024


1. STATUTORY INFORMATION

Southern Mobility Services 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Intangible assets
Computer software is stated at cost less accumulated depreciation and any accumulated impairment losses. It is amortised over its estimated life of five years using the straight-line method.

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.

Tangible fixed assets
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:

Improvements to property-10% on cost over the term of the lease
Plant and machinery-20% on cost
Fixtures and fittings-20% on cost
Motor vehicles-25% on cost
Computer equipment-33.33% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

Southern Mobility Services Ltd (Registered number: 03362888)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and selling price less cost to complete and sell.

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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.

Hire purchase and leasing commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Southern Mobility Services Ltd (Registered number: 03362888)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Southern Mobility Services Ltd (Registered number: 03362888)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st April 2023 17,069
Additions 3,000
At 31st March 2024 20,069
AMORTISATION
At 1st April 2023 15,669
Amortisation for year 950
At 31st March 2024 16,619
NET BOOK VALUE
At 31st March 2024 3,450
At 31st March 2023 1,400

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st April 2023 69,936 5,668 25,013
Additions - 358 159
At 31st March 2024 69,936 6,026 25,172
DEPRECIATION
At 1st April 2023 41,945 4,502 13,912
Charge for year 6,994 443 3,749
At 31st March 2024 48,939 4,945 17,661
NET BOOK VALUE
At 31st March 2024 20,997 1,081 7,511
At 31st March 2023 27,991 1,166 11,101

Southern Mobility Services Ltd (Registered number: 03362888)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


6. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2023 25,990 20,874 147,481
Additions - 4,340 4,857
At 31st March 2024 25,990 25,214 152,338
DEPRECIATION
At 1st April 2023 12,995 20,874 94,228
Charge for year 6,498 1,447 19,131
At 31st March 2024 19,493 22,321 113,359
NET BOOK VALUE
At 31st March 2024 6,497 2,893 38,979
At 31st March 2023 12,995 - 53,253

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 50,371 21,459

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,098 9,849
Trade creditors 2,673 1,634
Taxation and social security 26,867 18,820
Other creditors 9,668 7,637
49,306 37,940

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 16,515 26,612

Southern Mobility Services Ltd (Registered number: 03362888)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 43,492 43,492
Between one and five years 115,659 159,150
159,151 202,642