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Registration number: 05335975

Southern Pacific (UK) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Southern Pacific (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Southern Pacific (UK) Limited

Company Information

Director

Mr Luke Power

Registered office

Icey-Tek Cool Boxes
Unit 6E
Tregoniggie Industrial Estate
Falmouth
Cornwall
TR11 4SN

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Southern Pacific (UK) Limited

(Registration number: 05335975)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

11,041

8,714

Current assets

 

Stocks

6

69,262

87,239

Debtors

7

979

4,694

Cash at bank and in hand

 

10,452

21,501

 

80,693

113,434

Creditors: Amounts falling due within one year

8

(136,822)

(126,499)

Net current liabilities

 

(56,129)

(13,065)

Total assets less current liabilities

 

(45,088)

(4,351)

Creditors: Amounts falling due after more than one year

8

(83,798)

(106,954)

Net liabilities

 

(128,886)

(111,305)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(128,986)

(111,405)

Shareholders' deficit

 

(128,886)

(111,305)

For the financial 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 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 28 January 2025
 

 

Southern Pacific (UK) Limited

(Registration number: 05335975)
Balance Sheet as at 30 April 2024

.........................................
Mr Luke Power
Director

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Icey-Tek Cool Boxes
Unit 6E
Tregoniggie Industrial Estate
Falmouth
Cornwall
TR11 4SN

These financial statements were authorised for issue by the director on 28 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

These accounts have been prepared on the going concern basis.

The company incurred a loss for the financial year ending 30 April 2024 of £17,581 (2023: loss of £59,038), and as of that date, the company's current liabilities exceeded its total assets by £45,088 (2023: £4,351). In addition the company had further loans falling due after more than one year as of that date of £83,798 (2023: £106,954). The company is mainly financed by term loans from various financial institutions and a bank overdraft facility. In addition the director provides finance to the company through his director's loan account. There are no terms of repayment, interest or security agreed on the director's loan account. These conditions indicate the existence of a material uncertainty that may cast a significant doubt about the company's ability to continue as a going concern.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future and has indicated his willingness to provide the necessary finance if required to support the company. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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 and machinery

15% reducing balance

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

Website development costs

5 years straight line

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.

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 May 2023

18,097

18,097

At 30 April 2024

18,097

18,097

Amortisation

At 1 May 2023

18,097

18,097

At 30 April 2024

18,097

18,097

Carrying amount

At 30 April 2024

-

-

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

18,182

18,182

Additions

4,275

4,275

At 30 April 2024

22,457

22,457

Depreciation

At 1 May 2023

9,468

9,468

Charge for the year

1,948

1,948

At 30 April 2024

11,416

11,416

Carrying amount

At 30 April 2024

11,041

11,041

At 30 April 2023

8,714

8,714

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Other inventories

69,262

87,239

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

480

Other debtors

979

4,214

 

979

4,694

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

82,078

42,167

Trade creditors

 

21,218

55,164

Taxation and social security

 

1,788

3,779

Accruals and deferred income

 

2,260

2,260

Other creditors

 

29,478

23,129

 

136,822

126,499

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

83,798

106,954

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

21,817

32,772

Other borrowings

61,981

74,182

83,798

106,954

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,472

3,007

Bank overdrafts

18,375

-

Other borrowings

53,231

39,160

82,078

42,167

 

Southern Pacific (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

11

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Luke Power

Interest-free loan from the Director, repayable on demand

5,615

(35,789)

47,778

17,604

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 April 2023
£

Mr Luke Power

Interest-free loan from the Director, repayable on demand

5,088

(44,625)

45,152

-

5,615

           
         

Mr Trevor Howard

Interest-free loan from the Director, repayable on demand

10,000

-

-

(10,000)

-