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Registration number: 10598582

Southeast Martial Arts Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Southeast Martial Arts Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Southeast Martial Arts Ltd

Company Information

Directors

Mr George Asargiotakis

Ms Claire Asargiotakis

Company secretary

Mr George Asargiotakis

Registered office

Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

Accountants

Carter Nicholls Ltd
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS

 

Southeast Martial Arts Ltd

(Registration number: 10598582)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

112,658

91,964

Current assets

 

Stocks

5

2,000

1,500

Debtors

6

363,136

302,854

Cash at bank and in hand

 

55,799

77,029

 

420,935

381,383

Creditors: Amounts falling due within one year

7

(100,542)

(97,241)

Net current assets

 

320,393

284,142

Total assets less current liabilities

 

433,051

376,106

Creditors: Amounts falling due after more than one year

7

(69,585)

(87,294)

Provisions for liabilities

(24,034)

(20,212)

Net assets

 

339,432

268,600

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

338,432

267,600

Shareholders' funds

 

339,432

268,600

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

 

Southeast Martial Arts Ltd

(Registration number: 10598582)
Balance Sheet as at 29 February 2024

.........................................
Mr George Asargiotakis
Company secretary and director

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Victoria House
Stanbridge Park
Staplefield Lane
Staplefield
West Sussex
RH17 6AS
United Kingdom

These financial statements were authorised for issue by the Board on 28 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 16).

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

97,651

24,188

121,839

Additions

45,990

9,055

55,045

Disposals

(13,384)

-

(13,384)

At 29 February 2024

130,257

33,243

163,500

Depreciation

At 1 March 2023

19,608

10,267

29,875

Charge for the year

23,367

3,263

26,630

Eliminated on disposal

(5,663)

-

(5,663)

At 29 February 2024

37,312

13,530

50,842

Carrying amount

At 29 February 2024

92,945

19,713

112,658

At 28 February 2023

78,043

13,921

91,964

5

Stocks

2024
£

2023
£

Other inventories

2,000

1,500

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,809

797

Amounts owed by related parties

11

361,327

301,557

Prepayments

 

-

500

   

363,136

302,854

7

Creditors

Creditors: amounts falling due within one year

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

12,431

13,447

Trade creditors

 

14,676

16,162

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,823

422

Taxation and social security

 

60,598

62,482

Accruals and deferred income

 

2,515

2,430

Other creditors

 

8,499

2,298

 

100,542

97,241

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

69,585

87,294

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Bank borrowings

Bank Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 9 July 2026. The carrying amount at year end is £36,163 (2023 - £41,376).

HP is denominated in £ with a nominal interest rate of 8%, and the final instalment is due on 30 September 2024. The carrying amount at year end is £45,853 (2023 - £59,365).

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £90.00 (2023 - £166.50) per each Ordinary

90,000

166,500

 

 

11

Related party transactions

 

Southeast Martial Arts Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,092

22,793

Loans to related parties

2024

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

150,001

151,556

301,557

Advanced

59,770

-

59,770

At end of period

209,771

151,556

361,327

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

Advanced

150,001

151,556

301,557

At end of period

150,001

151,556

301,557

12

Parent and ultimate parent undertaking

The company's immediate parent is Southeast Group Limited, incorporated in England & Wales.