2023-04-012024-03-312024-03-31false08871948SOUTH STREET CAPITAL (UK) 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SOUTH STREET CAPITAL (UK) LIMITED

Registered Number
08871948
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

SOUTH STREET CAPITAL (UK) LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

HARRISON-TOPHAM, James Richard Jarratt
HOLMAN, Keith Alan
MACROW, Helen Ann
THESIGER, Anthony Martin
VAUGHAN, Steven Mark

Company Secretary

ANDERSON, William Derek

Registered Address

York House
Thornfield Business Park
Northallerton
DL6 2XQ

Registered Number

08871948 (England and Wales)
SOUTH STREET CAPITAL (UK) LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments330,77676
30,77676
Current assets
Debtors4331,584312,469
Cash at bank and on hand543,970450,898
875,554763,367
Creditors amounts falling due within one year5(129,055)(124,885)
Net current assets (liabilities)746,499638,482
Total assets less current liabilities777,275638,558
Net assets777,275638,558
Capital and reserves
Called up share capital100100
Profit and loss account777,175638,458
Shareholders' funds777,275638,558
The financial statements were approved and authorised for issue by the Board of Directors on 27 September 2024, and are signed on its behalf by:
HARRISON-TOPHAM, James Richard Jarratt
Director
Registered Company No. 08871948
SOUTH STREET CAPITAL (UK) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Interest income
Interest income is recognised using the effective interest rate method.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Trade and other 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.
Trade and other 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year65
3.Fixed asset investments
On 28 August 2015, the company bought the whole of the issued share capital of South Street Capital (Services) Ltd for £1. The registered address of the company is York House, Thornfield Business Park, Northallerton, DL6 2XQ. At 31 March 2024, South Street Capital (Services) Ltd had capital and reserves of £1,723 (2023: £2,544). The loss for South Street Capital (Services) for the year to 31 March 2024 was £819 (2023: profit £726). On 18 May 2022, the company bought 75% of the issued share capital of South Street Capital (Projects) Ltd for £75. The registered address of the company is York House, Thornfield Business Park, Northallerton, DL6 2XQ. At 31 March 2024, South Street Capital (Projects) Ltd had capital and reserves of (£1,655) (2023: (£6,864)). The profit for South Street Capital (Projects) Ltd for the year ended 31 March 2024 was £5,209 (2023: (£6,964)). On 22 December 2023, the company purchased one share in South Street Capital (Holdings) Ltd for £30,700. The registered address of the company is York House, Thornfield Business Park, Northallerton, DL6 2XQ. At 31 March 2024, South Street Capital (Holdings) Ltd had capital and reserves of £5,396 (2023: £201). The profit for South Street Capital (Holdings) for the year to 31 March 2024 was £5,195 (2023: profit £19,416).

Investments in groups1

Total

££
Cost or valuation
At 01 April 237676
Additions30,70030,700
At 31 March 2430,77630,776
Net book value
At 31 March 2430,77630,776
At 31 March 237676

Notes

1Investments in group undertakings and participating interests
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables30,86413,763
Amounts owed by group undertakings21,84738,463
Other debtors1001,052
Prepayments and accrued income278,773259,191
Total331,584312,469
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables16,73819,056
Amounts owed to related parties8,118-
Taxation and social security85,39952,372
Other creditors-37,697
Accrued liabilities and deferred income18,80015,760
Total129,055124,885
6.Related party transactions
During the year, the company was charged a management fee of £877,350 (2023: £776,000) by South Street Capital (Services) Ltd. As at 31 March 2024, the company was owed £21,847 (2023: £31,858) by South Street Capital (Services) Ltd and owes South Street Capital (Holdings) Ltd £8,118 (2023: (£1,027)). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
7.Controlling party
There is no ultimate controlling party.