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Sage Accounts Production 23.0 - FRS102_2021
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2024-03-31
Company registration number:
05292893
Southbower Limited
Unaudited filleted abridged financial statements
for the year ended
31 March 2024
Southbower Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Southbower Limited
Directors and other information
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Directors |
Mr J A Slee |
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Mr P W Slee |
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Mr O C Slee |
(Appointed 6 December 2023) |
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Mr D Slee |
(Appointed 6 December 2023) |
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Secretary |
Mr JA Slee |
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Company number |
05292893 |
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Registered office |
Southdown Farm |
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Higher Clovelly |
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Bideford |
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Devon |
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EX39 5SA |
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Accountants |
Giffords LLP |
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Office 8 The Barns |
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Caddsdown Industrial Park |
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Bideford |
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Devon |
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EX39 3BT |
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Southbower Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Southbower Limited
Year ended 31 March 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 Southbower Limited for the year ended 31 March 2024 which comprise the abridged statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Southbower Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Southbower Limited and state those matters that we have agreed to state to the board of directors of Southbower Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southbower Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Southbower Limited 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 Southbower Limited. You consider that Southbower Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Southbower Limited. 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.
Giffords LLP
Chartered Accountants
Office 8 The Barns
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
21 November 2024
Southbower Limited
Abridged statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
|
5 |
315,519 |
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337,790 |
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________ |
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________ |
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315,519 |
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337,790 |
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Current assets |
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Stocks |
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614,283 |
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603,447 |
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Debtors |
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147,673 |
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196,945 |
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________ |
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________ |
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761,956 |
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800,392 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
141,978) |
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(
165,415) |
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________ |
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________ |
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Net current assets |
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619,978 |
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634,977 |
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________ |
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________ |
Total assets less current liabilities |
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935,497 |
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972,767 |
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Creditors: amounts falling due |
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after more than one year |
|
7 |
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(
82,979) |
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(
122,889) |
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Provisions for liabilities |
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(
78,880) |
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(
84,444) |
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________ |
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________ |
Net assets |
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773,638 |
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765,434 |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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1,000 |
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1,000 |
Profit and loss account |
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772,638 |
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764,434 |
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________ |
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________ |
Shareholders funds |
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773,638 |
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765,434 |
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________ |
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________ |
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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.
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.
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.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2024
, and are signed on behalf of the board by:
Mr J A Slee
Mr P W Slee
Director
Director
Company registration number:
05292893
Southbower Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Southdown Farm, Higher Clovelly, Bideford, Devon, EX39 5SA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
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Plant and machinery |
- |
12 years |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Biological Assets
Biological assets are included applying the cost model at cost less accumulated depreciation and any accumulated impairment losses, within stocks.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2023:
4
).
5.
Tangible assets
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£ |
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Cost |
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At 1 April 2023 |
526,337 |
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Additions |
22,595 |
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________ |
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At 31 March 2024 |
548,932 |
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________ |
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Depreciation |
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At 1 April 2023 |
188,547 |
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Charge for the year |
44,866 |
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________ |
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At 31 March 2024 |
233,413 |
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________ |
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Carrying amount |
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At 31 March 2024 |
315,519 |
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________ |
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At 31 March 2023 |
337,790 |
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________ |
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6.
Creditors: amounts falling due within one year
The company's bank loans and overdrafts are secured on company assets by fixed and floating charges. The hire purchase liabilities are secured on the assets to which they relate.
7.
Creditors: amounts falling due after more than one year
The company's bank loans and overdrafts are secured on company assets by fixed and floating charges. The hire purchase liabilities are secured on the assets to which they relate.
8.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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2024 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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|
Mr J A &
Mr P W Slee |
496 |
786,761 |
(
792,771) |
(
5,514) |
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________ |
________ |
________ |
________ |
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2023 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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|
£ |
£ |
£ |
£ |
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|
Mr J A &
Mr P W Slee |
68,478 |
1,060,994 |
(
1,128,976) |
496 |
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________ |
________ |
________ |
________ |
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The directors had a loan with the company during the year. The rate of interest charged on this loan was 2.5% per annum.
9.
Related party transactions
The directors are partners in 'WJ Slee and Sons' and during the year of trading, the company purchased goods and services valued at £730,377 (2023: £785,997) from 'WJ Slee and Sons' of which nothing was owed as at 31 March 2024 (2023: Nil). All transactions between
Southbower Limited
and WJ Slee and Sons took place on arms length and the directors consider this to be on an arms length basis using open market values.