1 01/05/2023 30/04/2024 2024-04-30 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-05-01 Sage Accounts Production 24.0 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP 01966467 2023-05-01 2024-04-30 01966467 2024-04-30 01966467 2023-04-30 01966467 2022-05-01 2023-04-30 01966467 2023-04-30 01966467 2022-04-30 01966467 core:PlantMachinery 2023-05-01 2024-04-30 01966467 bus:RegisteredOffice 2023-05-01 2024-04-30 01966467 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 01966467 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 01966467 bus:Director1 2023-05-01 2024-04-30 01966467 bus:CompanySecretary1 2023-05-01 2024-04-30 01966467 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 01966467 core:PlantMachinery 2024-04-30 01966467 core:WithinOneYear 2024-04-30 01966467 core:WithinOneYear 2023-04-30 01966467 core:AfterOneYear 2024-04-30 01966467 core:AfterOneYear 2023-04-30 01966467 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 01966467 core:ShareCapital 2024-04-30 01966467 core:ShareCapital 2023-04-30 01966467 core:RevaluationReserve 2024-04-30 01966467 core:RevaluationReserve 2023-04-30 01966467 core:RetainedEarningsAccumulatedLosses 2024-04-30 01966467 core:RetainedEarningsAccumulatedLosses 2023-04-30 01966467 bus:OrdinaryShareClass1 core:ShareCapital 2024-04-30 01966467 bus:OrdinaryShareClass1 core:ShareCapital 2023-04-30 01966467 bus:SmallEntities 2023-05-01 2024-04-30 01966467 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01966467 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 01966467 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01966467 bus:FullAccounts 2023-05-01 2024-04-30
Company registration number: 01966467
(England and Wales)
Southtay Limited
Unaudited filleted financial statements
for the year ended
30 April 2024
Southtay Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Southtay Limited
Directors and other information
Director K Kincaid
Secretary K Kincaid
Company number 01966467
Registered office Compton Cottage
Black Boy Lane
Wrabness, Manningtree
Essex
C011 2TP
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Southtay Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Southtay Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Southtay Limited for the year ended 30 April 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Southtay Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Southtay Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southtay Limited and its director as a body for our work or for this report.
It is your duty to ensure that Southtay Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Southtay Limited. You consider that Southtay Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Southtay Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
28 January 2025
Southtay Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 827,281 827,281
_______ _______
827,281 827,281
Current assets
Cash at bank and in hand 17,738 9,147
_______ _______
17,738 9,147
Creditors: amounts falling due
within one year 6 ( 78,211) ( 70,564)
_______ _______
Net current liabilities ( 60,473) ( 61,417)
_______ _______
Total assets less current liabilities 766,808 765,864
Creditors: amounts falling due
after more than one year 7 ( 38,196) ( 52,599)
_______ _______
Net assets 728,612 713,265
_______ _______
Capital and reserves
Called up share capital 8 200 200
Revaluation reserve 272,576 272,576
Profit and loss account 455,836 440,489
_______ _______
Shareholder funds 728,612 713,265
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
K Kincaid
Director
Company registration number: 01966467
Southtay 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 Compton Cottage, Black Boy Lane, Wrabness, Manningtree, Essex, C011 2TP.
The principal activity of the company continues to be that of property dealing and investment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts.
Revenue from the sale of services is measured by reference to the stage of completion of the rental period; the amount of revenue can be measured reliably; and when 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 May 2023 and 30 April 2024 827,281 4,300 831,581
_______ _______ _______
Depreciation
At 1 May 2023 and 30 April 2024 - 4,300 4,300
_______ _______ _______
Carrying amount
At 30 April 2024 827,281 - 827,281
_______ _______ _______
At 30 April 2023 827,281 - 827,281
_______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 May 2023 and 30 April 2024 827,281
_______
The investment properties have been valued by the director at open market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 April 2024
Aggregate cost 554,705 554,705
Aggregate depreciation - -
_______ _______
Carrying amount 554,705 554,705
_______ _______
At 30 April 2023
Aggregate cost 554,705 554,705
Aggregate depreciation - -
_______ _______
Carrying amount 554,705 554,705
_______ _______
The investment properties have been valued by the director at open market value as at the balance sheet date.
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans 14,642 13,985
Trade creditors 2,100 2,100
Taxation and social security 14,632 12,085
Other creditors 46,837 42,394
_______ _______
78,211 70,564
_______ _______
The bank loans are secured against the investment property they relate to.
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 38,196 52,599
_______ _______
The bank loans are secured against the investment property they relate to.
Included within creditors: amounts falling due after more than one year is an amount of £ - (2023 £ 1,000 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans are repayable by monthly instalments. The bank loans have interest charged on the outstanding balance at a market rate each month.
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 200 200 200 200
_______ _______ _______ _______