Company registration number 05715070 (England and Wales)
Southpoint Consultancy Limited
Unaudited Financial Statements
For the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Southpoint Consultancy Limited
Content
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Southpoint Consultancy Limited
Balance Sheet
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,087
4,252
Current assets
Debtors
4
1,366
17,844
Cash at bank and in hand
1,078
-
0
2,444
17,844
Creditors: amounts falling due within one year
5
(677)
(11,947)
Net current assets
1,767
5,897
Total assets less current liabilities
3,854
10,149
Creditors: amounts falling due after more than one year
6
(7,185)
(10,667)
Net liabilities
(3,331)
(518)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(3,431)
(618)
Total equity
(3,331)
(518)
Southpoint Consultancy Limited
Balance Sheet (Continued)
As at 31 March 2024
31 March 2024
- 2 -

For the financial year ended 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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mr S Petterson
Director
Company registration number 05715070 (England and Wales)
Southpoint Consultancy Limited
Notes to the Financial Statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information

Southpoint Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

Southpoint Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2023 and 31 March 2024
24,566
Depreciation and impairment
At 1 April 2023
20,314
Depreciation charged in the year
2,165
At 31 March 2024
22,479
Carrying amount
At 31 March 2024
2,087
At 31 March 2023
4,252
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,366
17,844
Southpoint Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
66
Taxation and social security
677
11,881
677
11,947
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,185
10,667
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