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Registered number: 08162609
South Coast Bathrooms Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Moyola House, 31 Hawthorn Grove
York
YO31 7YA
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 08162609
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,086 9,820
Investments 5 10,000 10,000
19,086 19,820
CURRENT ASSETS
Stocks 6 8,328 4,000
Debtors 7 33,889 32,476
Cash at bank and in hand 10,296 11,971
52,513 48,447
Creditors: Amounts Falling Due Within One Year 8 (67,343 ) (53,628 )
NET CURRENT ASSETS (LIABILITIES) (14,830 ) (5,181 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,256 14,639
Creditors: Amounts Falling Due After More Than One Year 9 (3,843 ) (11,306 )
NET ASSETS 413 3,333
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 313 3,233
SHAREHOLDERS' FUNDS 413 3,333
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T B Tarrington
Director
31st January 2025
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 August 2022 100 (26,492 ) (26,392)
Profit for the year and total comprehensive income - 29,725 29,725
As at 31 July 2023 and 1 August 2023 100 3,233 3,333
Profit for the year and total comprehensive income - 45,780 45,780
Dividends paid - (48,700) (48,700)
As at 31 July 2024 100 313 413
Page 3
Page 4
Notes to the Financial Statements
1. General Information
South Coast Bathrooms Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08162609 . The registered office is 9 Ashurst Drive, Goring-By-Sea, West Sussex, BN12 4SN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 33.3% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 August 2023 4,102 27,033 8,513 39,648
Additions - - 2,617 2,617
As at 31 July 2024 4,102 27,033 11,130 42,265
Depreciation
As at 1 August 2023 3,737 18,203 7,888 29,828
Provided during the period 73 2,208 1,070 3,351
As at 31 July 2024 3,810 20,411 8,958 33,179
Net Book Value
As at 31 July 2024 292 6,622 2,172 9,086
As at 1 August 2023 365 8,830 625 9,820
5. Investments
Other
£
Cost
As at 1 August 2023 10,000
As at 31 July 2024 10,000
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 10,000
As at 1 August 2023 10,000
6. Stocks
2024 2023
£ £
Work in progress 8,328 4,000
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 8,470 -
Other taxes and social security 323 -
Director's loan account 25,096 32,476
33,889 32,476
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,000 1,000
Bank loans and overdrafts 8,205 10,475
Corporation tax 20,138 7,757
VAT 25,076 19,777
Credit card 10,924 12,819
Accruals and deferred income 2,000 1,800
67,343 53,628
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,843 11,306
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6