Registered number
04617694
Southpark Heating Services Limited
Filleted Accounts
31 December 2023
Southpark Heating Services Limited
Registered number: 04617694
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 100,673 94,377
Current assets
Stocks 379,853 262,387
Debtors 4 483,693 868,055
Cash at bank and in hand 472,273 221,298
1,335,819 1,351,740
Creditors: amounts falling due within one year 5 (987,679) (874,702)
Net current assets 348,140 477,038
Total assets less current liabilities 448,813 571,415
Creditors: amounts falling due after more than one year 6 (207,804) (252,916)
Net assets 241,009 318,498
Capital and reserves
Called up share capital 1,601 1,601
Profit and loss account 239,408 316,897
Shareholders' funds 241,009 318,498
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Sillitoe
Director
Approved by the board on 23 September 2024
Southpark Heating Services Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 20% reducing balance
Leasehold land and buildings over the lease term
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 18
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 24,000 68,852 117,653 210,505
Additions - 1,794 31,495 33,289
Disposals - - (7,472) (7,472)
At 31 December 2023 24,000 70,646 141,676 236,322
Depreciation
At 1 January 2023 11,000 65,490 39,638 116,128
Charge for the year 1,000 1,031 21,137 23,168
On disposals - - (3,647) (3,647)
At 31 December 2023 12,000 66,521 57,128 135,649
Net book value
At 31 December 2023 12,000 4,125 84,548 100,673
At 31 December 2022 13,000 3,362 78,015 94,377
4 Debtors 2023 2022
£ £
Trade debtors 181,907 588,281
Other debtors 301,786 279,774
483,693 868,055
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 39,924 63,920
Obligations under finance lease and hire purchase contracts 25,747 22,754
Trade creditors 600,952 586,959
Taxation and social security costs 220,599 93,163
Other creditors 100,457 107,906
987,679 874,702
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 133,680 184,654
Obligations under finance lease and hire purchase contracts 74,124 68,262
207,804 252,916
7 Other information
Southpark Heating Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2, Brooks Business Park
Hodgson Way
Wickford
Essex
SS11 8YN
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