14 15 Southfield Structural Services Limited 06937909 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is provision of contracting services Digita Accounts Production Advanced 6.30.9574.0 true 06937909 2023-07-01 2024-06-30 06937909 2024-06-30 06937909 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-06-30 06937909 core:CurrentFinancialInstruments 2024-06-30 06937909 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 06937909 core:Non-currentFinancialInstruments 2024-06-30 06937909 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 06937909 core:FurnitureFittingsToolsEquipment 2024-06-30 06937909 core:LandBuildings 2024-06-30 06937909 core:MotorVehicles 2024-06-30 06937909 bus:SmallEntities 2023-07-01 2024-06-30 06937909 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 06937909 bus:FilletedAccounts 2023-07-01 2024-06-30 06937909 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 06937909 bus:RegisteredOffice 2023-07-01 2024-06-30 06937909 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 06937909 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-07-01 2024-06-30 06937909 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06937909 bus:Agent1 2023-07-01 2024-06-30 06937909 core:FurnitureFittings 2023-07-01 2024-06-30 06937909 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 06937909 core:LandBuildings 2023-07-01 2024-06-30 06937909 core:MotorVehicles 2023-07-01 2024-06-30 06937909 countries:England 2023-07-01 2024-06-30 06937909 2023-06-30 06937909 core:FurnitureFittingsToolsEquipment 2023-06-30 06937909 core:LandBuildings 2023-06-30 06937909 core:MotorVehicles 2023-06-30 06937909 2022-07-01 2023-06-30 06937909 2023-06-30 06937909 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-30 06937909 core:CurrentFinancialInstruments 2023-06-30 06937909 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 06937909 core:Non-currentFinancialInstruments 2023-06-30 06937909 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 06937909 core:FurnitureFittingsToolsEquipment 2023-06-30 06937909 core:LandBuildings 2023-06-30 06937909 core:MotorVehicles 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 06937909

Southfield Structural Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Southfield Structural Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Southfield Structural Services Limited

Company Information

Director

Mr Stephen Field

Company secretary

Mr Stephen Field

Registered office

Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Accountants

Blue Spire Limited Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Southfield Structural Services Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Southfield Structural Services Limited for the year ended 30 June 2024 as set out on pages 3 to 8 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/regulation.

This report is made solely to the Board of Directors of Southfield Structural Services 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 accounts of Southfield Structural Services Limited and state those matters that we have agreed to state to the Board of Directors of Southfield Structural Services Limited, 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 Southfield Structural Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Southfield Structural Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Southfield Structural Services Limited. You consider that Southfield Structural Services 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 accounts of Southfield Structural Services 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 accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

31 January 2025

 

Southfield Structural Services Limited

(Registration number: 06937909)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

767,952

249,228

Current assets

 

Stocks

5

40,000

-

Debtors

6

178,662

209,918

Cash at bank and in hand

 

274,002

558,592

 

492,664

768,510

Creditors: Amounts falling due within one year

7

(95,808)

(67,497)

Net current assets

 

396,856

701,013

Total assets less current liabilities

 

1,164,808

950,241

Creditors: Amounts falling due after more than one year

7

(352,759)

-

Net assets

 

812,049

950,241

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

811,949

950,141

Shareholders' funds

 

812,049

950,241

For the financial 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.

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 and 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 31 January 2025
 

.........................................
Mr Stephen Field
Company secretary and director

 

Southfield Structural Services Limited

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

1

General information

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

The address of its registered office is:
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

These financial statements were authorised for issue by the director on 31 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Motor vehicles

25% Reducing balance

Fixtures and fittings

20% Reducing balance

 

Southfield Structural Services Limited

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

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Southfield Structural Services Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 15).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

-

79,231

332,947

412,178

Additions

639,306

2,690

32,820

674,816

Disposals

-

(6,286)

(192,133)

(198,419)

At 30 June 2024

639,306

75,635

173,634

888,575

Depreciation

At 1 July 2023

-

31,323

131,627

162,950

Charge for the year

-

9,359

26,757

36,116

Eliminated on disposal

-

(2,485)

(75,958)

(78,443)

At 30 June 2024

-

38,197

82,426

120,623

Carrying amount

At 30 June 2024

639,306

37,438

91,208

767,952

At 30 June 2023

-

47,908

201,320

249,228

Included within the net book value of land and buildings above is £639,306 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

40,000

-

 

Southfield Structural Services Limited

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

6

Debtors

Current

2024
£

(As restated)

2023
£

Trade debtors

144,703

204,289

Prepayments

13,488

-

Other debtors

20,471

5,629

 

178,662

209,918

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

12,641

-

Trade creditors

 

50,765

33,791

Taxation and social security

 

28,902

33,706

Accruals and deferred income

 

3,500

-

 

95,808

67,497

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

352,759

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

The ordinary share capital has been misstated in the financial statements for many years as being one ordinary share of £1 each, the comparative has been corrected to show the correct value of one hundred ordinary shares of £1 each.

 

Southfield Structural Services Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

352,759

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

12,641

-

10

Dividends

2024

2023

£

£

Interim dividend of £100.00 (2023 - £Nil) per ordinary share

10,000

-