11 false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 100,000 60,000 10,000 70,000 30,000 40,000 xbrli:pure xbrli:shares iso4217:GBP 10686627 2023-05-01 2024-04-30 10686627 2024-04-30 10686627 2023-04-30 10686627 2022-05-01 2023-04-30 10686627 2023-04-30 10686627 2022-04-30 10686627 core:NetGoodwill 2023-05-01 2024-04-30 10686627 core:LandBuildings core:LongLeaseholdAssets 2023-05-01 2024-04-30 10686627 core:FurnitureFittings 2023-05-01 2024-04-30 10686627 core:MotorVehicles 2023-05-01 2024-04-30 10686627 bus:Director1 2023-05-01 2024-04-30 10686627 bus:Director2 2023-05-01 2024-04-30 10686627 core:NetGoodwill 2023-04-30 10686627 core:NetGoodwill 2024-04-30 10686627 core:LandBuildings 2023-04-30 10686627 core:FurnitureFittings 2023-04-30 10686627 core:MotorVehicles 2023-04-30 10686627 core:LandBuildings 2024-04-30 10686627 core:FurnitureFittings 2024-04-30 10686627 core:MotorVehicles 2024-04-30 10686627 core:WithinOneYear 2024-04-30 10686627 core:WithinOneYear 2023-04-30 10686627 core:AfterOneYear 2024-04-30 10686627 core:AfterOneYear 2023-04-30 10686627 core:UKTax 2023-05-01 2024-04-30 10686627 core:UKTax 2022-05-01 2023-04-30 10686627 core:ShareCapital 2024-04-30 10686627 core:ShareCapital 2023-04-30 10686627 core:RetainedEarningsAccumulatedLosses 2024-04-30 10686627 core:RetainedEarningsAccumulatedLosses 2023-04-30 10686627 core:LandBuildings 2023-05-01 2024-04-30 10686627 core:NetGoodwill 2023-04-30 10686627 core:LandBuildings 2023-04-30 10686627 core:FurnitureFittings 2023-04-30 10686627 core:MotorVehicles 2023-04-30 10686627 bus:Director1 2023-04-30 10686627 bus:Director1 2024-04-30 10686627 bus:Director2 2023-04-30 10686627 bus:Director2 2024-04-30 10686627 bus:Director1 2022-04-30 10686627 bus:Director1 2023-04-30 10686627 bus:Director2 2022-04-30 10686627 bus:Director2 2023-04-30 10686627 bus:Director1 2022-05-01 2023-04-30 10686627 bus:Director2 2022-05-01 2023-04-30 10686627 bus:SmallEntities 2023-05-01 2024-04-30 10686627 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 10686627 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 10686627 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10686627 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 10686627
South Coast Appliances Limited
Filleted Unaudited Financial Statements
30 April 2024
South Coast Appliances Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
30,000
40,000
Tangible assets
7
41,574
50,690
--------
--------
71,574
90,690
Current assets
Stocks
76,500
76,500
Debtors
8
132,659
32,600
Cash at bank and in hand
111,530
99,112
---------
---------
320,689
208,212
Creditors: amounts falling due within one year
9
156,878
71,989
---------
---------
Net current assets
163,811
136,223
---------
---------
Total assets less current liabilities
235,385
226,913
Creditors: amounts falling due after more than one year
10
6,533
12,535
Provisions
3,301
3,884
---------
---------
Net assets
225,551
210,494
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
225,549
210,492
---------
---------
Shareholders funds
225,551
210,494
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
South Coast Appliances Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 10 December 2024 , and are signed on behalf of the board by:
W D Murrell Esq
Mrs A Murrell
Director
Director
Company registration number: 10686627
South Coast Appliances Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
10% straight line
Equipment, fixtures and fittings
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 8 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
11,772
5,621
Adjustments in respect of prior periods
742
--------
-------
Total current tax
12,514
5,621
--------
-------
Deferred tax:
Origination and reversal of timing differences
( 583)
( 685)
--------
-------
Tax on profit
11,931
4,936
--------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
100,000
---------
Amortisation
At 1 May 2023
60,000
Charge for the year
10,000
---------
At 30 April 2024
70,000
---------
Carrying amount
At 30 April 2024
30,000
---------
At 30 April 2023
40,000
---------
7. Tangible assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
60,500
3,336
31,845
95,681
--------
-------
--------
--------
Depreciation
At 1 May 2023
30,250
1,934
12,807
44,991
Charge for the year
6,050
210
2,856
9,116
--------
-------
--------
--------
At 30 April 2024
36,300
2,144
15,663
54,107
--------
-------
--------
--------
Carrying amount
At 30 April 2024
24,200
1,192
16,182
41,574
--------
-------
--------
--------
At 30 April 2023
30,250
1,402
19,038
50,690
--------
-------
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
17,838
17,838
Other debtors
114,821
14,762
---------
--------
132,659
32,600
---------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,965
5,965
Trade creditors
30,668
37,770
Corporation tax
18,453
6,681
Social security and other taxes
17,506
15,079
Other creditors
84,286
6,494
---------
--------
156,878
71,989
---------
--------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,533
12,535
-------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
W D Murrell Esq
( 396)
( 39,344)
( 39,740)
Mrs A Murrell
( 395)
( 39,345)
( 39,740)
----
--------
--------
( 791)
( 78,689)
( 79,480)
----
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
W D Murrell Esq
( 9,107)
8,711
( 396)
Mrs A Murrell
( 9,106)
8,711
( 395)
--------
--------
----
( 18,213)
17,422
( 791)
--------
--------
----