Southbourne Rubber Co Ltd 03068763 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the manufacturing of rubber products Digita Accounts Production Advanced 6.30.9574.0 true false 03068763 2023-09-01 2024-08-31 03068763 2024-08-31 03068763 bus:Director5 2024-08-31 03068763 bus:Director7 2024-08-31 03068763 bus:Director8 2024-08-31 03068763 bus:Director9 2024-08-31 03068763 bus:OrdinaryShareClass1 2024-08-31 03068763 core:RetainedEarningsAccumulatedLosses 2024-08-31 03068763 core:ShareCapital 2024-08-31 03068763 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-08-31 03068763 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-08-31 03068763 core:CurrentFinancialInstruments 2024-08-31 03068763 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 03068763 core:Non-currentFinancialInstruments 2024-08-31 03068763 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 03068763 core:Goodwill 2024-08-31 03068763 core:OtherResidualIntangibleAssets 2024-08-31 03068763 core:BetweenTwoFiveYears 2024-08-31 03068763 core:MoreThanFiveYears 2024-08-31 03068763 core:WithinOneYear 2024-08-31 03068763 core:FurnitureFittings 2024-08-31 03068763 core:LandBuildings core:OwnedOrFreeholdAssets 2024-08-31 03068763 core:OfficeEquipment 2024-08-31 03068763 core:PlantMachinery 2024-08-31 03068763 1 2024-08-31 03068763 bus:SmallEntities 2023-09-01 2024-08-31 03068763 bus:Audited 2023-09-01 2024-08-31 03068763 bus:FilletedAccounts 2023-09-01 2024-08-31 03068763 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03068763 bus:RegisteredOffice 2023-09-01 2024-08-31 03068763 bus:Director3 2023-09-01 2024-08-31 03068763 bus:Director5 2023-09-01 2024-08-31 03068763 bus:Director6 2023-09-01 2024-08-31 03068763 bus:Director7 2023-09-01 2024-08-31 03068763 bus:Director8 2023-09-01 2024-08-31 03068763 bus:Director9 2023-09-01 2024-08-31 03068763 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 03068763 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03068763 core:Goodwill 2023-09-01 2024-08-31 03068763 core:IntangibleAssetsOtherThanGoodwill 2023-09-01 2024-08-31 03068763 core:OtherResidualIntangibleAssets 2023-09-01 2024-08-31 03068763 core:FurnitureFittings 2023-09-01 2024-08-31 03068763 core:LandBuildings 2023-09-01 2024-08-31 03068763 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 03068763 core:OfficeEquipment 2023-09-01 2024-08-31 03068763 core:PlantMachinery 2023-09-01 2024-08-31 03068763 1 2023-09-01 2024-08-31 03068763 1 2023-09-01 2024-08-31 03068763 countries:England 2023-09-01 2024-08-31 03068763 2023-08-31 03068763 core:Goodwill 2023-08-31 03068763 core:OtherResidualIntangibleAssets 2023-08-31 03068763 core:FurnitureFittings 2023-08-31 03068763 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 03068763 core:OfficeEquipment 2023-08-31 03068763 core:PlantMachinery 2023-08-31 03068763 2022-09-01 2023-08-31 03068763 2023-08-31 03068763 bus:OrdinaryShareClass1 2023-08-31 03068763 core:RetainedEarningsAccumulatedLosses 2023-08-31 03068763 core:ShareCapital 2023-08-31 03068763 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 03068763 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 03068763 core:CurrentFinancialInstruments 2023-08-31 03068763 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03068763 core:Non-currentFinancialInstruments 2023-08-31 03068763 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03068763 core:Goodwill 2023-08-31 03068763 core:OtherResidualIntangibleAssets 2023-08-31 03068763 core:BetweenTwoFiveYears 2023-08-31 03068763 core:MoreThanFiveYears 2023-08-31 03068763 core:WithinOneYear 2023-08-31 03068763 core:FurnitureFittings 2023-08-31 03068763 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-31 03068763 core:OfficeEquipment 2023-08-31 03068763 core:PlantMachinery 2023-08-31 03068763 1 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03068763

Southbourne Rubber Co Ltd

Filleted Financial Statements

for the Year Ended 31 August 2024

 

Southbourne Rubber Co Ltd

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Balance Sheet

4

Notes to the Financial Statements

5 to 12

 

Southbourne Rubber Co Ltd

Company Information

Directors

S Wilde

MT Middleton

Mr R E Cuffe

L J Freemantle

Mr T J Maslen

Registered office

29 Aston Road
Waterlooville
Hants
PO7 7XJ

Auditors

MMO Limited
Chartered Accountants and Statutory Auditors
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Southbourne Rubber Co Ltd

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

S Wilde

R J R Oddy (ceased 2 September 2024)

MT Middleton

The following directors were appointed after the year end:

Mr R E Cuffe (appointed 2 September 2024)

L J Freemantle (appointed 2 September 2024)

Mr T J Maslen (appointed 2 September 2024)

Principal activity

The principal activity of the company is the manufacturing of rubber products

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

.........................................
MT Middleton
Director

 

Southbourne Rubber Co Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Southbourne Rubber Co Ltd

(Registration number: 03068763)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,487

4,602

Tangible assets

5

1,775,759

1,675,995

 

1,780,246

1,680,597

Current assets

 

Stocks

6

157,889

107,196

Debtors

7

493,588

521,021

Cash at bank and in hand

 

71,916

47,663

 

723,393

675,880

Creditors: Amounts falling due within one year

8

(892,075)

(896,789)

Net current liabilities

 

(168,682)

(220,909)

Total assets less current liabilities

 

1,611,564

1,459,688

Creditors: Amounts falling due after more than one year

8

(430,372)

(439,280)

Provisions for liabilities

(290,088)

(197,053)

Net assets

 

891,104

823,355

Capital and reserves

 

Called up share capital

9

610

610

Retained earnings

890,494

822,745

Shareholders' funds

 

891,104

823,355

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 May 2025 and signed on its behalf by:
 

.........................................
MT Middleton
Director

 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
29 Aston Road
Waterlooville
Hants
PO7 7XJ
England

These financial statements were authorised for issue by the Board on 2 May 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 6 May 2025 was Gillian McIntosh, who signed for and on behalf of MMO Limited.

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

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.

 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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 statement of financial position 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 & Machinery

10% Straight Line / 10% Reducing Balance

Fixtures and fittings

20% Straight line

Property

1% Straight Line

Office equipment

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

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

Goodwill

10 years straight line

Website

20% 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.

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.

 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Financial instruments

Recognition and measurement
Basic financial instruments are initially recognised at the transaction value.

Financial assets are derecognised when either the contractual right to cash flows from the asset are fully settled or they expire, or substantially all of the risks and rewards of the asset are transferred to another party.

Financial liabilities are derecognised when the liability is cancelled, discharged or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 21).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

24,100

12,743

36,843

Additions acquired separately

-

2,475

2,475

At 31 August 2024

24,100

15,218

39,318

Amortisation

At 1 September 2023

24,100

8,141

32,241

Amortisation charge

-

2,590

2,590

At 31 August 2024

24,100

10,731

34,831

Carrying amount

At 31 August 2024

-

4,487

4,487

At 31 August 2023

-

4,602

4,602

The aggregate amount of research and development expenditure recognised as an expense during the period is £(165) (2023 - £80).
 

 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 September 2023

665,147

24,706

1,365,890

49,028

Additions

28,550

9,888

186,721

12,897

At 31 August 2024

693,697

34,594

1,552,611

61,925

Depreciation

At 1 September 2023

74,988

7,953

321,824

24,011

Charge for the year

6,524

6,352

114,545

10,871

At 31 August 2024

81,512

14,305

436,369

34,882

Carrying amount

At 31 August 2024

612,185

20,289

1,116,242

27,043

At 31 August 2023

590,159

16,753

1,044,066

25,017

Total
£

Cost or valuation

At 1 September 2023

2,104,771

Additions

238,056

At 31 August 2024

2,342,827

Depreciation

At 1 September 2023

428,776

Charge for the year

138,292

At 31 August 2024

567,068

Carrying amount

At 31 August 2024

1,775,759

At 31 August 2023

1,675,995

Included within the net book value of land and buildings above is £612,185 (2023 - £590,159) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

157,889

107,196

 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

431,240

326,622

Amounts owed by related parties

11,000

11,000

Prepayments

 

51,348

89,055

Other debtors

 

-

94,344

   

493,588

521,021

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

256,119

235,523

Trade creditors

 

73,415

307,298

Amounts owed to group undertakings and undertakings in which the company has a participating interest

307,616

274,479

Taxation and social security

 

80,917

12,110

Accruals and deferred income

 

166,275

61,176

Other creditors

 

7,733

6,203

 

892,075

896,789

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

430,372

439,280

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

610

610

610

610

       
 

Southbourne Rubber Co Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

150,142

221,436

Hire purchase contracts

280,230

217,844

430,372

439,280

Current loans and borrowings

2024
£

2023
£

Bank borrowings

41,653

62,768

Bank overdrafts

86,278

85,839

Hire purchase contracts

128,188

86,916

256,119

235,523

Bank borrowings

The bank loan is denominated in with a nominal interest rate of 7.25%, and the final instalment is due on 23 August 2027. The carrying amount at year end is £191,794 (2023 - £280,321).

Secured by way of a fixed charge over the freehold property owned by the company.

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

12,006

29,305

Later than one year and not later than five years

9,417

18,766

Later than five years

-

557

21,423

48,628

The amount of non-cancellable operating lease payments recognised as an expense during the year was £17,735 (2023 - £Nil).

12

Parent and ultimate parent undertaking

The company's immediate parent is The West Group (Fluid Power) Limited, incorporated in England & Wales.

  These financial statements are available upon request from 29 Aston Road, Waterlooville, Portsmouth, PO7 7XJ

 The ultimate controlling party is Mr O West.