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Company No: 03276651 (England and Wales)

SOUTHERN CHASING LTD

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SOUTHERN CHASING LTD

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SOUTHERN CHASING LTD

BALANCE SHEET

As at 30 April 2024
SOUTHERN CHASING LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 58,801 23,720
58,801 23,720
Current assets
Stocks 4 3,950 3,950
Debtors 5 48,743 57,727
Cash at bank and in hand 259,952 124,175
312,645 185,852
Creditors: amounts falling due within one year 6 ( 105,078) ( 41,505)
Net current assets 207,567 144,347
Total assets less current liabilities 266,368 168,067
Provision for liabilities ( 14,700) ( 4,507)
Net assets 251,668 163,560
Capital and reserves
Called-up share capital 105 105
Profit and loss account 251,563 163,455
Total shareholders' funds 251,668 163,560

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Southern Chasing Ltd (registered number: 03276651) were approved and authorised for issue by the Director on 05 October 2024. They were signed on its behalf by:

D J S Hill
Director
SOUTHERN CHASING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SOUTHERN CHASING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southern Chasing Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 96,025 75,694 6,649 9,605 187,973
Additions 43,060 0 0 0 43,060
Disposals 0 ( 14,364) 0 0 ( 14,364)
At 30 April 2024 139,085 61,330 6,649 9,605 216,669
Accumulated depreciation
At 01 May 2023 83,386 68,341 5,095 7,431 164,253
Charge for the financial year 4,400 1,703 389 543 7,035
Disposals 0 ( 13,420) 0 0 ( 13,420)
At 30 April 2024 87,786 56,624 5,484 7,974 157,868
Net book value
At 30 April 2024 51,299 4,706 1,165 1,631 58,801
At 30 April 2023 12,639 7,353 1,554 2,174 23,720

4. Stocks

2024 2023
£ £
Stocks 2,000 2,000
Work in progress 1,950 1,950
3,950 3,950

5. Debtors

2024 2023
£ £
Trade debtors 40,572 45,578
Other debtors 8,171 12,149
48,743 57,727

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 60,441 12,283
Corporation tax 28,348 4,520
CIS withheld 585 0
Other taxation and social security 4,355 8,232
Other creditors 11,349 16,470
105,078 41,505