5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,297,511 1,057,028 80,162 1,137,190 160,321 240,483 xbrli:pure xbrli:shares iso4217:GBP 07033501 2023-02-01 2024-01-31 07033501 2024-01-31 07033501 2023-01-31 07033501 2022-02-01 2023-01-31 07033501 2023-01-31 07033501 2022-01-31 07033501 core:FurnitureFittings 2023-02-01 2024-01-31 07033501 core:MotorVehicles 2023-02-01 2024-01-31 07033501 bus:Director3 2023-02-01 2024-01-31 07033501 core:NetGoodwill 2023-01-31 07033501 core:NetGoodwill 2024-01-31 07033501 core:LandBuildings 2023-01-31 07033501 core:PlantMachinery 2023-01-31 07033501 core:FurnitureFittings 2023-01-31 07033501 core:MotorVehicles 2023-01-31 07033501 core:LandBuildings 2024-01-31 07033501 core:PlantMachinery 2024-01-31 07033501 core:FurnitureFittings 2024-01-31 07033501 core:MotorVehicles 2024-01-31 07033501 core:LandBuildings 2023-02-01 2024-01-31 07033501 core:PlantMachinery 2023-02-01 2024-01-31 07033501 core:WithinOneYear 2024-01-31 07033501 core:WithinOneYear 2023-01-31 07033501 core:ShareCapital 2024-01-31 07033501 core:ShareCapital 2023-01-31 07033501 core:RetainedEarningsAccumulatedLosses 2024-01-31 07033501 core:RetainedEarningsAccumulatedLosses 2023-01-31 07033501 core:NetGoodwill 2023-02-01 2024-01-31 07033501 core:NetGoodwill 2023-01-31 07033501 core:LandBuildings 2023-01-31 07033501 core:PlantMachinery 2023-01-31 07033501 core:FurnitureFittings 2023-01-31 07033501 core:MotorVehicles 2023-01-31 07033501 bus:SmallEntities 2023-02-01 2024-01-31 07033501 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07033501 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07033501 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07033501 bus:FullAccounts 2023-02-01 2024-01-31 07033501 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 07033501 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07033501 core:FurnitureFittingsToolsEquipment 2023-01-31 07033501 core:FurnitureFittingsToolsEquipment 2024-01-31
COMPANY REGISTRATION NUMBER: 07033501
Southgate of Newmarket Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2024
Southgate of Newmarket Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
160,321
240,483
Tangible assets
6
279,518
309,930
---------
---------
439,839
550,413
Current assets
Stocks
5,230
5,389
Debtors
7
88,304
101,762
Cash at bank and in hand
636,986
596,832
---------
---------
730,520
703,983
Creditors: amounts falling due within one year
8
230,468
258,557
---------
---------
Net current assets
500,052
445,426
---------
---------
Total assets less current liabilities
939,891
995,839
Provisions
Taxation including deferred tax
23,609
28,181
---------
---------
Net assets
916,282
967,658
---------
---------
Capital and reserves
Called up share capital
300
300
Profit and loss account
915,982
967,358
---------
---------
Shareholders funds
916,282
967,658
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Southgate of Newmarket Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 25 October 2024 , and are signed on behalf of the board by:
Mrs T Fuller
Director
Company registration number: 07033501
Southgate of Newmarket Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25 Duchess Drive, Newmarket, Suffolk, CB8 8AG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts receivable for funerals performed during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
remaining net book value over 10 years from February 2016
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
5 - 10% straight line
Plant and machinery
-
15% straight line (some older assets depreciated at 15% reducing balance)
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are valued at the lower of cost, based on purchase price, and net realisable value, after making due allowance for obsolete and slow moving items.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
1,297,511
------------
Amortisation
At 1 February 2023
1,057,028
Charge for the year
80,162
------------
At 31 January 2024
1,137,190
------------
Carrying amount
At 31 January 2024
160,321
------------
At 31 January 2023
240,483
------------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
266,891
39,871
20,777
360,682
17,705
705,926
Additions
570
1,373
1,943
---------
--------
--------
---------
--------
---------
At 31 Jan 2024
266,891
39,871
21,347
360,682
19,078
707,869
---------
--------
--------
---------
--------
---------
Depreciation
At 1 Feb 2023
32,709
30,059
11,895
312,104
9,229
395,996
Charge for the year
14,823
2,762
1,342
12,145
1,283
32,355
---------
--------
--------
---------
--------
---------
At 31 Jan 2024
47,532
32,821
13,237
324,249
10,512
428,351
---------
--------
--------
---------
--------
---------
Carrying amount
At 31 Jan 2024
219,359
7,050
8,110
36,433
8,566
279,518
---------
--------
--------
---------
--------
---------
At 31 Jan 2023
234,182
9,812
8,882
48,578
8,476
309,930
---------
--------
--------
---------
--------
---------
Land and buildings represent the capital expenditure relating to the property occupied by the company, the property is owned by the directors.
7. Debtors
2024
2023
£
£
Trade debtors
46,271
83,361
Other debtors
42,033
18,401
--------
---------
88,304
101,762
--------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,927
6,417
Social security and other taxes
136,532
106,559
Other creditors
92,009
145,581
---------
---------
230,468
258,557
---------
---------
9. Directors' advances, credits and guarantees
During the current and previous year the company operated current accounts on behalf of the directors. These amounts were repayable on demand and interest was charged on the outstanding overdrawn balances on a daily basis calculated at the HMRC official beneficial loan rate. Joint account on behalf of two directors
2024 2023
£ £
Advances made 2,314
Amounts repaid 2,314
Sole account on behalf of one director
2024 2023
£ £
Advances made 59,205 39,554
Amounts repaid 30,421 27,179
Balance due to company at year end 41,159 12,375