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Registered number: 05922231
Southeast Automotive Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Savvy Tax and Accountancy Services Limited
13-17 High Beech Road
Loughton
Essex
IG10 4BN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05922231
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 100 100
Tangible Assets 5 93,892 93,512
93,992 93,612
CURRENT ASSETS
Stocks 6 128,425 305,500
Debtors 7 396,537 327,903
Cash at bank and in hand 55,132 36,264
580,094 669,667
Creditors: Amounts Falling Due Within One Year 8 (646,943 ) (800,702 )
NET CURRENT ASSETS (LIABILITIES) (66,849 ) (131,035 )
TOTAL ASSETS LESS CURRENT LIABILITIES 27,143 (37,423 )
Creditors: Amounts Falling Due After More Than One Year 9 (10,440 ) (20,027 )
NET ASSETS/(LIABILITIES) 16,703 (57,450 )
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 16,603 (57,550 )
SHAREHOLDERS' FUNDS 16,703 (57,450)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Harris
Director
Mr Peter Finch
Director
08/11/2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Southeast Automotive Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05922231 . The registered office is Unit 16-17, Stirling Industrial Estate, Rainham Road South, Dagenham, RM10 8TX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold - No charge for amortisiation
Plant & Machinery - 15 % P.A. Reducing balance
Motor Vehicles - 25 % P.A. Reducing balance
Fixtures & Fittings - 15 % P.A. Reducing balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 8 8
Sales, marketing and distribution 16 12
24 20
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 100
As at 31 March 2024 100
Net Book Value
As at 31 March 2024 100
As at 1 April 2023 100
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 100 167,338 79,674 36,333 283,445
Additions - 7,760 11,455 1,171 20,386
Disposals - - (14,523 ) - (14,523 )
As at 31 March 2024 100 175,098 76,606 37,504 289,308
Depreciation
As at 1 April 2023 - 105,445 65,211 19,277 189,933
Provided during the period - 10,448 6,364 2,734 19,546
Disposals - - (14,063 ) - (14,063 )
As at 31 March 2024 - 115,893 57,512 22,011 195,416
Net Book Value
As at 31 March 2024 100 59,205 19,094 15,493 93,892
As at 1 April 2023 100 61,893 14,463 17,056 93,512
Page 5
Page 6
6. Stocks
2024 2023
£ £
Stock 128,425 305,500
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 209,219 142,119
Amounts recoverable on contracts - (12,234 )
Prepayments and accrued income 1,503 1,503
Other debtors 10,213 10,213
Other debtors (2) - 345
Corporation tax recoverable assets 39,070 44,379
Directors' loan accounts 101,758 112,822
Amounts owed by other participating interests 34,774 14,774
396,537 313,921
Due after more than one year
Corporation tax recoverable assets - 13,982
396,537 327,903
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,328 12,338
Trade creditors 235,707 205,426
Bank loans and overdrafts 79,124 107,891
Corporation tax 75,281 43,233
Other taxes and social security 18,700 17,401
VAT 209,500 204,463
Net wages 1,265 1,265
Other creditors (16,868 ) (22,139 )
Other creditors (1) 300 300
Pension 3,256 1,834
Funding Circle Loan - 128,690
Seneca - 100,000
Accruals and deferred income 28,350 -
646,943 800,702
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,440 20,027
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 12,328 12,338
Later than one year and not later than five years 10,440 20,027
22,768 32,365
22,768 32,365
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Peter Harris 50,695 - 6,194 - 44,501
Mr Peter Finch 62,127 - 4,870 - 57,257
The above loan is unsecured, interest free and repayable on demand.
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