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Registration number: 13025315

Southern Point Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Southern Point Ltd

Contents




 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Southern Point Ltd

Company Information




 

Directors

 

Mr A P Sutherland

Mrs M S Sutherland

Registered office



 

2nd Floor
19 Southernhay West
Exeter
Devon
EX1 1PJ

Accountants

Everett King
Chartered Certified Accountants
4 Kings Court
Little King Street
BRISTOL
BS1 4HW

 

Southern Point Ltd

(Registration number: 13025315)
Balance Sheet as at 30 November 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

56,196

 

62,967

Current assets

   

 

Stocks

5

16,194

 

16,194

 

Debtors

6

7,650

 

-

 

Cash at bank and in hand

 

16,801

 

27,218

 

 

40,645

 

43,412

 

CREDITORS: Amounts falling due within one year

7

(185,626)

 

(151,927)

 

Net current liabilities

   

(144,981)

 

(108,515)

Net liabilities

   

(88,785)

 

(45,548)

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

(88,885)

 

(45,648)

 

Shareholders' deficit

   

(88,785)

 

(45,548)

For the financial year ending 30 November 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Southern Point Ltd

(Registration number: 13025315)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 13 November 2024 and signed on its behalf by:
 

.........................................
Mr A P Sutherland
Director

 

Southern Point Ltd

Notes to the Unaudited Financial Statements

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2nd Floor
19 Southernhay West
Exeter
Devon
EX1 1PJ

These financial statements were authorised for issue by the Board on 13 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Southern Point Ltd

Notes to the Unaudited Financial Statements

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Southern Point Ltd

Notes to the Unaudited Financial Statements

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 21).

 

Southern Point Ltd

Notes to the Unaudited Financial Statements

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

84,010

84,010

Additions

6,750

6,750

At 30 November 2023

90,760

90,760

Depreciation

At 1 December 2022

21,043

21,043

Charge for the year

13,521

13,521

At 30 November 2023

34,564

34,564

Carrying amount

At 30 November 2023

56,196

56,196

At 30 November 2022

62,967

62,967

5

Stocks

2023
£

2022
£

Other inventories

16,194

16,194

6

Debtors

Current

2023
£

2022
£

Prepayments

7,650

-

 

7,650

-

 

Southern Point Ltd

Notes to the Unaudited Financial Statements

7

CREDITORS

CREDITORS: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

55,872

-

Trade creditors

 

36,664

23,941

Taxation and social security

 

23,580

15,229

Accruals and deferred income

 

3,654

36,496

Other creditors

 

65,856

76,261

 

185,626

151,927

CREDITORS: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

55,872

-