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Southlea Service Station Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

Registration number: 05685679

 

Southlea Service Station Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Southlea Service Station Ltd

Company Information

Directors

S Wrench-Buck

EA Wrench-Buck

Company secretary

EA Wrench-Buck

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Chartered Accountants
18 Newport Street
Tiverton
Devon
EX16 6NL

 

Southlea Service Station Ltd

(Registration number: 05685679)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

65

Current assets

 

Debtors

5

137,866

137,835

Cash at bank and in hand

 

114

1,856

 

137,980

139,691

Creditors: Amounts falling due within one year

6

(22,703)

(13,219)

Net current assets

 

115,277

126,472

Total assets less current liabilities

 

115,277

126,537

Creditors: Amounts falling due after more than one year

6

(18,979)

(28,962)

Provisions for liabilities

-

(13)

Net assets

 

96,298

97,562

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

96,297

97,561

Shareholders' funds

 

96,298

97,562

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.

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary 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 10 September 2024 and signed on its behalf by:
 

 

Southlea Service Station Ltd

(Registration number: 05685679)
Balance Sheet as at 31 December 2023

.........................................
S Wrench-Buck
Director

 

Southlea Service Station Ltd

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

1

General information

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

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

The principal place of business is:
Southlea Business Park
Bish Mill
South Molton
Devon
EX36 3QU

These financial statements were authorised for issue by the Board on 10 September 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.

Tax

The tax expense for the period comprises 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.

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.

 

Southlea Service Station Ltd

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

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:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance method

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.

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.

 

Southlea Service Station Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Southlea Service Station Ltd

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

1,599

1,599

Disposals

(1,599)

(1,599)

At 31 December 2023

-

-

Depreciation

At 1 January 2023

1,534

1,534

Charge for the year

16

16

Eliminated on disposal

(1,550)

(1,550)

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

65

65

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

137,866

137,835

   

137,866

137,835

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,187

10,205

Trade creditors

 

15

14

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

9

12,500

3,000

Other creditors

 

1

-

 

22,703

13,219

Creditors: amounts falling due after more than one year

 

Southlea Service Station Ltd

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

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

18,979

28,962

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,979

28,962

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,187

10,205

9

Related party transactions

Summary of transactions with parent

Devon 4x4 Centre Limited
 During the year the parent company charged a fee to the company for management services.
 

Summary of transactions with entities with joint control or significant interest

Group companies
 During the year the company purchased goods from other group companies.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Devon 4x4 Centre Limited, incorporated in England.