Registered number
06951971
Southbank Warehouse Limited
Filleted Accounts
3 October 2023
Southbank Warehouse Limited
Registered number: 06951971
Balance Sheet
as at 3 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 120,120 101,348
Current assets
Stocks 498,939 852,336
Debtors 4 757,755 770,958
Cash at bank and in hand 26,244 16,931
1,282,938 1,640,225
Creditors: amounts falling due within one year 5 (523,551) (675,355)
Net current assets 759,387 964,870
Total assets less current liabilities 879,507 1,066,218
Creditors: amounts falling due after more than one year 6 (129,453) (129,453)
Provisions for liabilities - (14,412)
Net assets 750,054 922,353
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 749,054 921,353
Shareholder's funds 750,054 922,353
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
J Greenslade
Director
Approved by the board on 15 August 2024
Southbank Warehouse Limited
Notes to the Accounts
for the year ended 3 October 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.
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:
Plant and machinery, etc 15% on reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 18 20
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 4 October 2022 166,468
Additions 44,440
At 3 October 2023 210,908
Depreciation
At 4 October 2022 65,120
Charge for the year 25,668
At 3 October 2023 90,788
Net book value
At 3 October 2023 120,120
At 3 October 2022 101,348
4 Debtors 2023 2022
£ £
Trade debtors 128,083 143,709
Deferred tax asset 46,104 -
Other debtors 583,568 627,249
757,755 770,958
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 214,541 227,875
Obligations under finance lease and hire purchase contracts 20,486 -
Trade creditors 173,185 226,496
Taxation and social security costs 4,729 111,416
Other creditors 110,610 109,568
523,551 675,355
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 129,453 129,453
7 Related party transactions
During the year, the company received loan repayments of £6,500 from Yorkshire Products Holdings Ltd, a company under common control. The loan did not bear interest and at the year end date, the amount still due from Yorkshire Products Holdings Ltd was £269,500 (2022: £276,000)
During the year, the company loaned £14,295 to Southbank Events Ltd, a company under common control. The loan did not bear interest and at the year end date, the amount due from Southbank Events Ltd was £19,295 (2022: £5,000).
During the year, the company loaned £20,000 to Forge Events Ltd, a company under common control. The loan did not bear interest and was still outstanding at the year end date.
8 Controlling party
The controlling party is J Greenslade.
9 Other information
Southbank Warehouse Limited is a private company limited by shares and incorporated in England. Its registered office is:
103 Arundel Street
Sheffield
S1 2NT
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