Company No: 00833199 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	14		56
Tangible assets	4	82,623		82,143
		82,637		82,199
Current assets
Stocks	5	553,916		243,000
Debtors	6	1,654,228		1,547,407
Cash at bank and in hand		577,804		1,413,895
		2,785,948		3,204,302
Creditors: amounts falling due within one year	7	( 1,064,679)		( 1,381,659)
Net current assets		1,721,269		1,822,643
Total assets less current liabilities		1,803,906		1,904,842
Provision for liabilities		( 19,000)		( 19,714)
Net assets		1,784,906		1,885,128
Capital and reserves
Called-up share capital	8	80		80
Profit and loss account		1,784,826		1,885,048
Total shareholders' funds		1,784,906		1,885,128

For the financial year ending 31 January 2025 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Southern Contracts (Shipping) Ltd (registered number: 00833199) were approved and authorised for issue by the Board of Directors on 13 April 2025. They were signed on its behalf by:

Mrs M A Elphinstone Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southern Contracts (Shipping) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 9 Airfield Road, Christchurch, BH23 3TG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to each entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 - 15 years straight line

Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	10 % reducing balance
Vehicles	20 % reducing balance
Fixtures and fittings	10 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	13		13

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 February 2024	1,849		1,849
At 31 January 2025	1,849		1,849
Accumulated amortisation
At 01 February 2024	1,793		1,793
Charge for the financial year	42		42
At 31 January 2025	1,835		1,835
Net book value
At 31 January 2025	14		14
At 31 January 2024	56		56

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 February 2024	3,790		125,397		42,095		83,914		255,196
Additions	0		41,785		0		4,492		46,277
Disposals	0		( 28,795)		0		0		( 28,795)
At 31 January 2025	3,790		138,387		42,095		88,406		272,678
Accumulated depreciation
At 01 February 2024	2,843		62,589		27,070		80,551		173,053
Charge for the financial year	95		13,746		1,503		2,618		17,962
Disposals	0		( 960)		0		0		( 960)
At 31 January 2025	2,938		75,375		28,573		83,169		190,055
Net book value
At 31 January 2025	852		63,012		13,522		5,237		82,623
At 31 January 2024	947		62,808		15,025		3,363		82,143

5. Stocks

	2025		2024
	£		£
Stocks	553,916		243,000

6. Debtors

	2025		2024
	£		£
Trade debtors	1,567,537		1,527,672
Other debtors	86,691		19,735
	1,654,228		1,547,407

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	985,487		1,023,954
Taxation and social security	14,639		290,918
Other creditors	64,553		66,787
	1,064,679		1,381,659

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
72 Ordinary A shares of £ 1.00 each	72		72
8 Ordinary B shares of £ 1.00 each	8		8
	80		80

9. Financial commitments

Commitments

Capital commitments are as follows:

	2025		2024
	£		£
Contracted for but not provided for:
Other	333,750		375,296

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating lease	333,750		375,296

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2025		2024
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	2,044		1,689