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Registration number: 04933692

South Coast Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

South Coast Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

South Coast Systems Limited

Company Information

Director

Mr Paul E Cox

Company secretary

Mrs Helen Cox

Registered office

Unit F3 & F4
Chaucer Industrial Estate
Dittons Road
Polegate
East Sussex
BN26 6JF

Accountants

Shoreline Accountants Ltd
25 Clinton Place
Seaford
East Sussex
BN25 1NP

 

South Coast Systems Limited

(Registration number: 04933692)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

832,355

657,249

Current assets

 

Stocks

6

131,954

150,451

Debtors

7

242,582

198,223

Cash at bank and in hand

 

1,111,008

949,789

 

1,485,544

1,298,463

Creditors: Amounts falling due within one year

8

(409,169)

(358,349)

Net current assets

 

1,076,375

940,114

Total assets less current liabilities

 

1,908,730

1,597,363

Creditors: Amounts falling due after more than one year

8

(78,983)

(76,747)

Net assets

 

1,829,747

1,520,616

Capital and reserves

 

Called up share capital

9

2,835

2,835

Retained earnings

1,826,912

1,517,781

Shareholders' funds

 

1,829,747

1,520,616

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 January 2025
 

 

South Coast Systems Limited

(Registration number: 04933692)
Balance Sheet as at 31 May 2024

.........................................
Mr Paul E Cox
Director

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Unit F3 & F4
Chaucer Industrial Estate
Dittons Road
Polegate
East Sussex
BN26 6JF

The principal place of business is:
Unit F3 & F4
Chaucer Industrial Estate
Dittons Road
Polegate
East Sussex
BN26 6JF

These financial statements were authorised for issue by the director on 22 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

now fully written off

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

65,000

65,000

At 31 May 2024

65,000

65,000

Amortisation

At 1 June 2023

65,000

65,000

At 31 May 2024

65,000

65,000

Carrying amount

At 31 May 2024

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £122,910 (2023 - £81,033).
 

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

553,521

192,283

150,272

896,076

Additions

-

8,259

194,379

202,638

At 31 May 2024

553,521

200,542

344,651

1,098,714

Depreciation

At 1 June 2023

-

171,173

67,654

238,827

Charge for the year

-

6,065

21,467

27,532

At 31 May 2024

-

177,238

89,121

266,359

Carrying amount

At 31 May 2024

553,521

23,304

255,530

832,355

At 31 May 2023

553,521

21,110

82,618

657,249

Included within the net book value of land and buildings above is £553,521 (2023 - £553,521) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

131,954

150,451

7

Debtors

Current

2024
£

2023
£

Trade debtors

224,635

182,161

Prepayments

16,947

15,062

Other debtors

1,000

1,000

 

242,582

198,223

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

260,292

244,064

Taxation and social security

141,613

103,694

Other creditors

7,264

10,591

409,169

358,349

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

78,983

76,747

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

135

135

135

135

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

78,983

76,747

11

Dividends

2024

2023

£

£

Interim dividend of £515.00 (2023 - £475.00) per ordinary share

69,543

64,130

 

 

12

Related party transactions

 

South Coast Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

23,712

23,712

Contributions paid to money purchase schemes

136,000

147,000

159,712

170,712