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Registered number: 01829458
South Coast Industries (Portland) Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
AR Accounting
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01829458
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 266,331 252,369
Investment Properties 5 1,130,237 1,130,237
1,396,568 1,382,606
CURRENT ASSETS
Stocks 6 185,663 198,659
Debtors 7 297,043 294,408
Cash at bank and in hand 297,585 336,450
780,291 829,517
Creditors: Amounts Falling Due Within One Year 8 (460,405 ) (522,364 )
NET CURRENT ASSETS (LIABILITIES) 319,886 307,153
TOTAL ASSETS LESS CURRENT LIABILITIES 1,716,454 1,689,759
Creditors: Amounts Falling Due After More Than One Year 9 (33,058 ) (32,347 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (125 ) (125 )
Deferred Taxation (1,799 ) -
NET ASSETS 1,681,472 1,657,287
CAPITAL AND RESERVES
Called up share capital 11 24,002 24,002
Profit and Loss Account 1,657,470 1,633,285
SHAREHOLDERS' FUNDS 1,681,472 1,657,287
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Philip Jones
Director
27/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
South Coast Industries (Portland) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01829458 . The registered office is Combens Top Of The Hill, Easton Lane, Portland, Dorset, DT5 1BW.
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. 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:
Freehold Buildings depreciated straight line over 50 years
Leasehold Straight line over 50 years
Plant & Machinery 20% on a reducing balance basis
Motor Vehicles 25% on a reducing balance basis
Fixtures & Fittings 20% on a reducing balance basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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.
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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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 March 2023 82,090 144,990 8,000 119,980
Additions - - - 18,950
As at 29 February 2024 82,090 144,990 8,000 138,930
Depreciation
As at 1 March 2023 34,776 5,800 7,994 67,150
Provided during the period 1,241 2,899 1 17,945
As at 29 February 2024 36,017 8,699 7,995 85,095
Net Book Value
As at 29 February 2024 46,073 136,291 5 53,835
As at 1 March 2023 47,314 139,190 6 52,830
Fixtures & Fittings Total
£ £
Cost
As at 1 March 2023 72,579 427,639
Additions 24,134 43,084
As at 29 February 2024 96,713 470,723
...CONTINUED
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Page 5
Depreciation
As at 1 March 2023 59,550 175,270
Provided during the period 7,036 29,122
As at 29 February 2024 66,586 204,392
Net Book Value
As at 29 February 2024 30,127 266,331
As at 1 March 2023 13,029 252,369
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 29 February 2024 1,130,237
6. Stocks
2024 2023
£ £
Finished goods 185,663 198,659
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 33,128 28,969
Prepayments and accrued income 5,214 5,864
Deferred tax current asset - 1,536
VAT 1,701 1,039
40,043 37,408
Due after more than one year
Other debtors 257,000 257,000
257,000 257,000
297,043 294,408
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,465 4,131
Trade creditors 85,781 100,098
Bank loans and overdrafts 328,557 359,466
Corporation tax 13,371 44,144
Other taxes and social security 3,817 2,590
Accruals and deferred income 9,758 9,279
Director's loan account 2,147 2,147
Amounts owed to associates 10,509 509
460,405 522,364
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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 6,688 6,541
Other creditors 5,355 5,623
Amounts owed to parent undertaking 21,015 20,183
33,058 32,347
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,465 4,131
Later than one year and not later than five years 6,688 6,541
13,153 10,672
13,153 10,672
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 24,002 24,002
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