Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true2023-06-01falseSale of used cars and light motor vehicles22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08068660 2023-06-01 2024-05-31 08068660 2022-06-01 2023-05-31 08068660 2024-05-31 08068660 2023-05-31 08068660 c:Director1 2023-06-01 2024-05-31 08068660 c:Director2 2023-06-01 2024-05-31 08068660 d:Buildings 2023-06-01 2024-05-31 08068660 d:Buildings 2024-05-31 08068660 d:Buildings 2023-05-31 08068660 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08068660 d:Buildings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08068660 d:PlantMachinery 2023-06-01 2024-05-31 08068660 d:PlantMachinery 2024-05-31 08068660 d:PlantMachinery 2023-05-31 08068660 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08068660 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08068660 d:MotorVehicles 2023-06-01 2024-05-31 08068660 d:MotorVehicles 2024-05-31 08068660 d:MotorVehicles 2023-05-31 08068660 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08068660 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08068660 d:FurnitureFittings 2023-06-01 2024-05-31 08068660 d:FurnitureFittings 2024-05-31 08068660 d:FurnitureFittings 2023-05-31 08068660 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08068660 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08068660 d:OfficeEquipment 2023-06-01 2024-05-31 08068660 d:OfficeEquipment 2024-05-31 08068660 d:OfficeEquipment 2023-05-31 08068660 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08068660 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08068660 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08068660 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08068660 d:CurrentFinancialInstruments 2024-05-31 08068660 d:CurrentFinancialInstruments 2023-05-31 08068660 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08068660 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08068660 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 08068660 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08068660 d:ShareCapital 2024-05-31 08068660 d:ShareCapital 2023-05-31 08068660 d:RetainedEarningsAccumulatedLosses 2024-05-31 08068660 d:RetainedEarningsAccumulatedLosses 2023-05-31 08068660 c:OrdinaryShareClass1 2023-06-01 2024-05-31 08068660 c:OrdinaryShareClass1 2024-05-31 08068660 c:FRS102 2023-06-01 2024-05-31 08068660 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 08068660 c:FullAccounts 2023-06-01 2024-05-31 08068660 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08068660 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 08068660 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-05-31 08068660 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 08068660 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08068660










SOUTH NORFOLK TRADING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SOUTH NORFOLK TRADING LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 7


 
SOUTH NORFOLK TRADING LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUTH NORFOLK TRADING LTD
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of South Norfolk Trading Ltd for the year ended 31 May 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of directors of South Norfolk Trading Ltd, as a body, in accordance with the terms of our engagement letter dated 2 November 2023Our work has been undertaken solely to prepare for your approval the financial statements of South Norfolk Trading Ltd and state those matters that we have agreed to state to the Board of directors of South Norfolk Trading Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Norfolk Trading Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that South Norfolk Trading Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of South Norfolk Trading Ltd. You consider that South Norfolk Trading Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of South Norfolk Trading Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
15 October 2024
Page 1

 
SOUTH NORFOLK TRADING LTD
REGISTERED NUMBER: 08068660

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
28,298
33,835

  
28,298
33,835

Current assets
  

Stocks
  
394,385
333,330

Debtors: amounts falling due within one year
 5 
539
543

Cash at bank and in hand
  
48,331
46,952

  
443,255
380,825

Creditors: amounts falling due within one year
 6 
(120,909)
(96,047)

Net current assets
  
 
 
322,346
 
 
284,778

Total assets less current liabilities
  
350,644
318,613

Creditors: amounts falling due after more than one year
  
(23,691)
(35,223)

Provisions for liabilities
  

Deferred tax
  
(4,940)
(2,418)

  
 
 
(4,940)
 
 
(2,418)

Net assets
  
322,013
280,972


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
321,913
280,872

  
322,013
280,972


Page 2

 
SOUTH NORFOLK TRADING LTD
REGISTERED NUMBER: 08068660
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 October 2024.




................................................
Mr R Sturrock
................................................
Mrs A Sturrock
Director
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

The Company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The principle place of trade is Diss. 
The company's principal activity is that of selling and buying of motor vehicles. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
 
Deferred tax balances are recognised in respect of timing differences that have originated but 
not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or 
substantively enacted by the balance sheet date. 

Page 4

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements
-
Not depreciated
Plant and machinery
-
15%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
15%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. 


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Property improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
8,048
-
46,985
2,597
2,960
60,590


Additions
-
325
-
-
802
1,127


Disposals
-
-
-
-
(715)
(715)



At 31 May 2024

8,048
325
46,985
2,597
3,047
61,002



Depreciation


At 1 June 2023
-
-
23,536
1,098
2,121
26,755


Charge for the year on owned assets
-
49
1,364
225
196
1,834


Charge for the year on financed assets
-
-
4,498
-
-
4,498


Disposals
-
-
-
-
(383)
(383)



At 31 May 2024

-
49
29,398
1,323
1,934
32,704



Net book value



At 31 May 2024
8,048
276
17,587
1,274
1,113
28,298



At 31 May 2023
8,048
-
23,449
1,499
839
33,835

Page 6

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Prepayments and accrued income
539
543

539
543



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,206
9,959

Payments received on account
1,000
-

Other taxation and social security
53,489
21,647

Obligations under finance lease and hire purchase contracts
1,273
1,273

Other creditors
53,777
60,452

Accruals and deferred income
1,164
2,716

120,909
96,047


The finance lease and hire purchase contracts are secured on the assets.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



8.


Related party transactions

As at 31st May 2024, the company owed £51,770 (2023 - £59,186) to the directors. This loan is included in other creditors due within one year in note 6 to the financial statements. The loan is repayable on demand and no interest was charged.
The company rented the property during the year for £11,104 (2023: £10,500) which is owned by the directors' joint SIPP. The rent was paid at market value.

 
Page 7