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COMPANY REGISTRATION NUMBER: 03788722
Southsides Ltd
Filleted Unaudited Financial Statements
30 June 2024
Southsides Ltd
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Southsides Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
18,644
28,774
Current assets
Debtors
6
121,176
25,645
Cash at bank and in hand
497,337
598,397
---------
---------
618,513
624,042
Creditors: amounts falling due within one year
7
213,491
164,655
---------
---------
Net current assets
405,022
459,387
---------
---------
Total assets less current liabilities
423,666
488,161
---------
---------
Net assets
423,666
488,161
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
423,566
488,061
---------
---------
Shareholders funds
423,666
488,161
---------
---------
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 June 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 .
Southsides Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
Mr C South
Director
Company registration number: 03788722
Southsides Ltd
Notes to the Financial Statements
Year ended 30 June 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 Deansgate Quay, Deansgate, Manchester, M3 4LA.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Equipment
-
33% straight line
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.
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 10 (2023: 11 ).
5. Tangible assets
Equipment
£
Cost
At 1 July 2023 and 30 June 2024
273,498
---------
Depreciation
At 1 July 2023
244,724
Charge for the year
10,130
---------
At 30 June 2024
254,854
---------
Carrying amount
At 30 June 2024
18,644
---------
At 30 June 2023
28,774
---------
6. Debtors
2024
2023
£
£
Trade debtors
6,701
6,111
Other debtors
114,475
19,534
---------
--------
121,176
25,645
---------
--------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
65,750
--------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
62,114
59,980
Corporation tax
14,357
15,150
Social security and other taxes
36,038
79,051
Other creditors
100,982
10,474
---------
---------
213,491
164,655
---------
---------
8. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
26,500
Later than 1 year and not later than 5 years
65,750
--------
----
92,250
--------
----
The company has entered into an operating lease with Stevenson Whyte Ltd for rent of property at 384a Densgate, Manchester. This is for the period 06/10/2022 to 05/10/2027 and includes a break clause from 06/10/2025 which can be served by providing at least 6 months notice.
9. 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
£
£
£
Mr C South
( 2,987)
( 362)
( 3,349)
Mr J Sides
( 2,987)
( 362)
( 3,349)
-------
----
-------
( 5,974)
( 724)
( 6,698)
-------
----
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C South
( 2,629)
( 358)
( 2,987)
Mr J Sides
( 2,629)
( 358)
( 2,987)
-------
----
-------
( 5,258)
( 716)
( 5,974)
-------
----
-------