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Registration number: 12720320

Sussex Exclusive Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 31 December 2024

image-name
 

Sussex Exclusive Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Sussex Exclusive Limited

Company Information

Directors

S D Ritchie

Mrs L D K Pitts

Registered office

Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

Accountants

Ritchie Phillips LLP Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

 

Sussex Exclusive Limited

(Registration number: 12720320)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

-

714

Debtors

5

215

2,675

Cash at bank and in hand

 

2,090

2,724

 

2,305

6,113

Creditors: Amounts falling due within one year

6

(1,649)

(5,643)

Net assets

 

656

470

Capital and reserves

 

Called up share capital

100

100

Retained earnings

556

370

Shareholders' funds

 

656

470

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

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

Approved and authorised by the Board on 1 August 2025 and signed on its behalf by:
 

.........................................
S D Ritchie
Director

.........................................
Mrs L D K Pitts
Director

 

Sussex Exclusive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL
England

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Sussex Exclusive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Stocks

2024
£

2023
£

Other inventories

-

714

 

Sussex Exclusive Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

215

2,675

 

215

2,675

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

5,500

Taxation and social security

 

43

143

Accruals and deferred income

 

1,606

-

 

1,649

5,643

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

5,500

8

Related party transactions

During the year, the loan from a director of £5,500, which was unsecured, interest free and repayable on demand, was repaid in full.