Registered number
SC595515
Southfork Limited
Filleted Accounts
30 April 2024
Southfork Limited
Registered number: SC595515
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,405 7,405
Current assets
Stocks 21,153 21,153
Debtors 4 8,063 5,630
Cash at bank and in hand 4,073 4,073
33,289 30,856
Creditors: amounts falling due within one year 5 (63,241) (60,808)
Net current liabilities (29,952) (29,952)
Total assets less current liabilities (22,547) (22,547)
Creditors: amounts falling due after more than one year 6 (11,566) (11,566)
Provisions for liabilities (1,407) (1,407)
Net liabilities (35,520) (35,520)
Capital and reserves
Called up share capital 1 1
Profit and loss account (35,521) (35,521)
Shareholder's funds (35,520) (35,520)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Wemyss
Director
Approved by the board on 23 January 2025
Southfork Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle & Computer equipment 20% reducing balance
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 2,820 13,000 15,820
At 30 April 2024 2,820 13,000 15,820
Depreciation
At 1 May 2023 2,141 6,274 8,415
At 30 April 2024 2,141 6,274 8,415
Net book value
At 30 April 2024 679 6,726 7,405
At 30 April 2023 679 6,726 7,405
4 Debtors 2024 2023
£ £
Trade debtors 182 182
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,389 -
Other debtors 3,492 5,448
8,063 5,630
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 830 830
Amounts owed to group undertakings and undertakings in which the company has a participating interest 61,451 51,797
Other creditors 960 8,181
63,241 60,808
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,566 11,566
7 Other information
Southfork Limited is a private company limited by shares and incorporated in England. Its registered office is:
13 Hadden Street
Aberdeen
AB116NU
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