REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2023 TO 30 JUNE 2024 |
FOR |
South Moor Limited |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Accountants: |
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 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Share premium |
Revaluation reserve | 13 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
South Moor Limited (Registered number: 06469165) |
BALANCE SHEET - continued |
30 June 2024 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
Cost |
At 1 April 2023 |
and 30 June 2024 |
Amortisation |
At 1 April 2023 |
Charge for period |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 31 March 2023 |
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 |
Additions |
Revaluations | ( |
) | ( |
) |
At 30 June 2024 |
Depreciation |
At 1 April 2023 |
Charge for period |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 31 March 2023 |
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 |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
The above represents the cost of unlisted shares. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Finance leases |
Other creditors |
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 |
Finance leases | 229,211 | 133,752 |
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 |
Provided during period |
Balance at 30 June 2024 |
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: | £ | £ |
Ordinary | £1 | 880 | 880 |
C ordinary | £1 | 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 |
Movement in year | (737 | ) |
At 30 June 2024 |
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. |