Registered number
12699691
Southern Elite Contractors Ltd
Filleted Accounts
30 June 2024
Southern Elite Contractors Ltd
Registered number: 12699691
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 28,957 20,627
Current assets
Stocks 3,500 2,000
Debtors 4 1,634 4,092
Cash at bank and in hand 126,851 39,471
131,985 45,563
Creditors: amounts falling due within one year 5 (49,212) (20,852)
Net current assets 82,773 24,711
Net assets 111,730 45,338
Capital and reserves
Called up share capital 102 100
Profit and loss account 111,628 45,238
Shareholders' funds 111,730 45,338
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B A Houghton
Director
Approved by the board on 4 November 2024
Southern Elite Contractors Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 29,265 - 29,265
Additions 7,600 8,500 16,100
At 30 June 2024 36,865 8,500 45,365
Depreciation
At 1 July 2023 8,638 - 8,638
Charge for the year 5,645 2,125 7,770
At 30 June 2024 14,283 2,125 16,408
Net book value
At 30 June 2024 22,582 6,375 28,957
At 30 June 2023 20,627 - 20,627
4 Debtors 2024 2023
£ £
Trade debtors 262 899
Other debtors 1,372 3,193
1,634 4,092
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 3,105 834
Taxation and social security costs 42,960 17,273
Other creditors 3,147 2,745
49,212 20,852
6 Other information
Southern Elite Contractors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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