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REGISTERED NUMBER: 06469165 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2023 TO 30 JUNE 2024

FOR

South Moor Limited

South Moor Limited (Registered number: 06469165)






CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 April 2023 to 30 June 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10


South Moor Limited

COMPANY INFORMATION
for the period 1 April 2023 to 30 June 2024







Directors: Mrs L Willmott-Croft
W McMullan
J G Mcintosh
B C Watson
Miss H R M Dix
Miss R I Orchard-Mitchell
S D Gosling





Registered office: Derby Road
Kingsbridge
Devon
TQ7 1JL





Registered number: 06469165 (England and Wales)





Accountants: Websters
129 North Hill
Plymouth
Devon
PL4 8JY

South Moor Limited (Registered number: 06469165)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 288,619 326,873
Tangible assets 5 2,027,599 1,456,003
Investments 6 10,000 -
2,326,218 1,782,876

Current assets
Stocks 205,839 173,143
Debtors 7 1,071,774 707,020
Cash at bank and in hand 473,373 606,871
1,750,986 1,487,034
Creditors
Amounts falling due within one year 8 1,262,002 987,910
Net current assets 488,984 499,124
Total assets less current liabilities 2,815,202 2,282,000

Creditors
Amounts falling due after more than one
year

9

(939,027

)

(628,592

)

Provisions for liabilities 11 (180,000 ) (150,000 )
Net assets 1,696,175 1,503,408

Capital and reserves
Called up share capital 12 1,280 1,280
Share premium 201,900 201,900
Revaluation reserve 13 121,282 122,019
Capital redemption reserve 570 570
Retained earnings 1,371,143 1,177,639
Shareholders' funds 1,696,175 1,503,408

South Moor Limited (Registered number: 06469165)

BALANCE SHEET - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2025 and were signed on its behalf by:




W McMullan - Director



J G Mcintosh - Director


South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 April 2023 to 30 June 2024

1. STATUTORY INFORMATION

South Moor Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable in respect of veterinary goods and services, net of value added tax. All income is recognised at the point of delivery of the service or supply of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised evenly over its estimated useful life of twenty years. The directors carry out an annual impairment review.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property - over estimated useful life of 20 years
Freehold property - not depreciated - see below

Fixtures, equipment and plant
- between 6.66% straight line and 20% on reducing
balance
Motor vehicles - 25% on reducing balance

No depreciation is charged on freehold land and buildings as a result of the directors adopting a policy of revaluation that will be kept up to date in accordance with the requirements of FRS102 S1A.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.


South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 30 June 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Employer contributions payable to the employee pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 30 June 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

Grants
Grants in respect of capital expenditure are treated using the accrual method. Grants are presented as deferred income and amortised over the relevant asset's useful economic life.Grants in respect of revenue are credited to profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 105 (2023 - 87 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2023
and 30 June 2024 537,000
Amortisation
At 1 April 2023 214,816
Charge for period 33,565
At 30 June 2024 248,381
Net book value
At 30 June 2024 288,619
At 31 March 2023 322,184

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 30 June 2024

5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold Long equipment Motor
property leasehold and plant vehicles Totals
£    £    £    £    £   
Cost or valuation
At 1 April 2023 655,337 73,507 1,146,798 260,185 2,135,827
Additions 5,400 578,225 228,593 - 812,218
Revaluations (737 ) - - - (737 )
At 30 June 2024 660,000 651,732 1,375,391 260,185 2,947,308
Depreciation
At 1 April 2023 - - 613,439 66,385 679,824
Charge for period - 16,293 165,206 58,386 239,885
At 30 June 2024 - 16,293 778,645 124,771 919,709
Net book value
At 30 June 2024 660,000 635,439 596,746 135,414 2,027,599
At 31 March 2023 655,337 73,507 533,359 193,800 1,456,003

Freehold land and building was valued on an open market basis on 27th October 2014 by Irvine Nott LLP as £600,000; and again on 9th January 2023 as £660,000.

Included above are assets with a net book value of £249,256 (2023 - £102,809) held under finance leases and hire purchases contracts.

6. FIXED ASSET INVESTMENTS
Other
investment
£   
Cost
Additions 10,000
At 30 June 2024 10,000
Net book value
At 30 June 2024 10,000

The above represents the cost of unlisted shares.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 550,405 481,908
Other debtors 521,369 225,112
1,071,774 707,020

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 30 June 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 78,557 75,900
Finance leases 86,799 42,828
Trade creditors 343,696 276,847
Taxation and social security 551,452 409,940
Other creditors 201,498 182,395
1,262,002 987,910

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 783,426 517,525
Finance leases 142,412 90,924
Other creditors 13,189 20,143
939,027 628,592

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 390,000 390,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 861,983 593,425
Finance leases 229,211 133,752
1,091,194 727,177

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 180,000 150,000

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 30 June 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 150,000
Provided during period 30,000
Balance at 30 June 2024 180,000

Deferred tax represents tax due on accelerated capital allowances only. There is no liability to tax on revalued assets based on the valuations at the end of the financial year.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
880 Ordinary £1 880 880
100 C ordinary £1 100 100
100 D ordinary £1 100 100
100 E Ordinary £1 100 100
100 F Ordinary £1 100 100
1,280 1,280

13. RESERVES
Revaluatio
reserve
£   
At 1 April 2023 122,019
Movement in year (737 )

At 30 June 2024 121,282

South Moor Limited (Registered number: 06469165)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 April 2023 to 30 June 2024

14. RELATED PARTY TRANSACTIONS

At the balance sheet date the company was (owed)/ owed the following amounts to/(by) related parties:

Name Relationship £   
S Putt and Mrs H Putt Director and shareholder (86,465 )
L Croft Director and shareholder 35,278
W McMullan Director and shareholder 24,640
J McIntosh Director and shareholder 37,887
South Moor Endsleigh Limited Company controlled by the directors (45,862 )
South Moor Equine Limited Company controlled by the directors (87,129 )
South Moor Holdings Limited Company controlled by the directors (9,886 )

All Loans are interest free. S Putt and Mrs H Putt repaid their loan in July 2024. All other loans have no set date for repayment.

15. ULTIMATE CONTROLLING PARTY

The company was ultimately controlled by the directors throughout the year.