Company registration number 06144600 (England and Wales)
SOUTHERN FABRICATIONS (SUSSEX) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
SOUTHERN FABRICATIONS (SUSSEX) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SOUTHERN FABRICATIONS (SUSSEX) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
55,755
225,258
Investments
5
20
20
55,776
225,279
Current assets
Stocks
314,659
518,655
Debtors
6
2,617,960
3,113,538
Cash at bank and in hand
2,030,453
1,789,181
4,963,072
5,421,374
Creditors: amounts falling due within one year
7
(2,008,177)
(2,206,813)
Net current assets
2,954,895
3,214,561
Total assets less current liabilities
3,010,671
3,439,840
Provisions for liabilities
(10,487)
(51,184)
Net assets
3,000,184
3,388,656
Capital and reserves
Called up share capital
120
120
Profit and loss reserves
3,000,064
3,388,536
Total equity
3,000,184
3,388,656

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SOUTHERN FABRICATIONS (SUSSEX) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2025 and are signed on its behalf by:
Mr A J Male
Director
Company Registration No. 06144600
SOUTHERN FABRICATIONS (SUSSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information

Southern Fabrications (Sussex) Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Azets, Carnac Place, Cams Hall Estate, Fareham, Hampshire, United Kingdom, PO16 8UY. The principal place of business is The Ferry Yard Industrial Park, Chichester Road, Sidlesham, Chichester, West Sussex, United Kingdom, PO20 9ED.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs are recognised in the profit or loss and revenue is only recognised to the extent that it is probable that costs are recoverable.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of the business, has not been amortised due to the immaterial amount involved.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% on reducing balance
Plant and equipment etc
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

SOUTHERN FABRICATIONS (SUSSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Stocks

Work in progress has been valued at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SOUTHERN FABRICATIONS (SUSSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SOUTHERN FABRICATIONS (SUSSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
33
36
3
Intangible fixed assets
Goodwill
£
Cost
At 29 February 2024 and 28 February 2025
1
Amortisation and impairment
At 29 February 2024 and 28 February 2025
-
0
Carrying amount
At 28 February 2025
1
At 28 February 2024
1
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 29 February 2024
87,127
720,071
807,198
Additions
-
0
1,708
1,708
Disposals
(39,499)
(552,785)
(592,284)
At 28 February 2025
47,628
168,994
216,622
Depreciation and impairment
At 29 February 2024
78,651
503,289
581,940
Depreciation charged in the year
1,178
33,493
34,671
Eliminated in respect of disposals
(34,321)
(421,423)
(455,744)
At 28 February 2025
45,508
115,359
160,867
Carrying amount
At 28 February 2025
2,120
53,635
55,755
At 28 February 2024
8,476
216,782
225,258
SOUTHERN FABRICATIONS (SUSSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
20
20

Value of shares held owned by parent is £100, this full amount has been provided against the parent company.

6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
769,971
1,244,789
Amounts owed by group undertakings
1,134,905
-
0
Other debtors
609,876
1,766,538
2,514,752
3,011,327
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
103,208
102,211
Total debtors
2,617,960
3,113,538
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
-
0
78
Trade creditors
658,689
1,014,601
Amounts owed to group undertakings
100
45,100
Taxation and social security
398,105
340,476
Other creditors
951,283
806,558
2,008,177
2,206,813
SOUTHERN FABRICATIONS (SUSSEX) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
960
12,477
9
Directors' transactions

Amounts advanced to directors totalled £336,102 (2024: £326,534) as at the year end. No interest has been charged on amounts outstanding and the amounts are repayable on demand.

10
Related party transactions

Companies under common control

At the year end, the company owed a related party a total of £173,827 (2024: £177,617). No interest is charged on this amount.

At the year end, the company was owed £4,750 (2024: £20,174) by a related party. No interest is charged on this amount.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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