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REGISTERED NUMBER: 08284223 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

422 South Limited

422 South Limited (Registered number: 08284223)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


422 South Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr C W Howarth
Mr D W Corfield
Ms E A Elkington





REGISTERED OFFICE: Redland House
157 Redland Road
Redland
Bristol
BS6 6YE





REGISTERED NUMBER: 08284223 (England and Wales)





ACCOUNTANTS: Wormald & Partners
Chartered Accountants (ICAEW)
Redland House
157 Redland Road
Redland
Bristol
BS6 6YE

422 South Limited (Registered number: 08284223)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,859 10,173

CURRENT ASSETS
Stocks 27,099 106,595
Debtors 5 319,757 155,167
Cash at bank 901,291 789,031
1,248,147 1,050,793
CREDITORS
Amounts falling due within one year 6 428,243 420,809
NET CURRENT ASSETS 819,904 629,984
TOTAL ASSETS LESS CURRENT
LIABILITIES

848,763

640,157

CAPITAL AND RESERVES
Called up share capital 7 10,000 10,000
Retained earnings 8 838,763 630,157
SHAREHOLDERS' FUNDS 848,763 640,157

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 13 September 2024 and were signed on its behalf by:




Mr C W Howarth - Director Mr D W Corfield - Director




Ms E A Elkington - Director


422 South Limited (Registered number: 08284223)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

422 South Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - straight line over useful life
Fixtures and fittings - 15% on reducing balance basis

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

422 South Limited (Registered number: 08284223)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 159,615 9,805 169,420
Additions 30,890 - 30,890
At 31 December 2023 190,505 9,805 200,310
DEPRECIATION
At 1 January 2023 153,248 5,999 159,247
Charge for year 11,633 571 12,204
At 31 December 2023 164,881 6,570 171,451
NET BOOK VALUE
At 31 December 2023 25,624 3,235 28,859
At 31 December 2022 6,367 3,806 10,173

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
Valuation in 2012 14,474 - 14,474
Cost 176,031 9,805 185,836
190,505 9,805 200,310

If plant and machinery had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 176,031 145,141

Plant and machinery were valued on a market value basis on 1 December 2012 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 268,742 88,491
Other debtors 1,411 1,119
Deferred tax asset 36,442 36,081
Prepayments 13,162 29,476
319,757 155,167

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 36,455 51,098
Tax 49,811 17,824
Social security and other taxes 92,374 92,311
Other creditors 2,403 3,136
Deferred income 60,310 46,711
Accrued expenses 186,890 209,729
428,243 420,809

422 South Limited (Registered number: 08284223)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary Shares £1 10,000 10,000

8. RESERVES
Retained
earnings
£   

At 1 January 2023 630,157
Profit for the year 208,606
At 31 December 2023 838,763

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Ms E A Elkington
Balance outstanding at start of year - 2,000
Amounts repaid - (2,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -