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Company No: 15246519 (England and Wales)

# SOUTH HAMS AUTOS LTD

### Unaudited Financial Statements
For the financial year ended 31 October 2025
Pages for filing with the registrar

SOUTH HAMS AUTOS LTD

## Unaudited Financial Statements

For the financial year ended 31 October 2025

Contents

SOUTH HAMS AUTOS LTD

## BALANCE SHEET

As at 31 October 2025
SOUTH HAMS AUTOS LTD

## BALANCE SHEET (continued)

As at 31 October 2025

| Note | 31.10.2025 |  | 31.10.2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 4,739 |  | 1,230
|  | 4,739 |  | 1,230
Current assets |  |  |  |
Stocks |  | 206,639 |  | 120,272
Debtors | 4 | 622 |  | 9,617
Cash at bank and in hand |  | 51,323 |  | 30,319
|  | 258,584 |  | 160,208
Creditors: amounts falling due within one year | 5 | ( 86,503) |  | ( 62,468)
Net current assets |  | 172,081 |  | 97,740
Total assets less current liabilities |  | 176,820 |  | 98,970
Creditors: amounts falling due after more than one year | 6 | ( 100,000) |  | ( 75,000)
Provision for liabilities |  | ( 1,185) |  | 0
Net assets |  | 75,635 |  | 23,970
Capital and reserves |  |  |  |
Called-up share capital | 7 | 10 |  | 10
Profit and loss account |  | 75,625 |  | 23,960
Total shareholder's funds |  | 75,635 |  | 23,970

For the financial year ending 31 October 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has 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 South Hams Autos Ltd (registered number: 15246519) were approved and authorised for issue by the Board of Directors on 09 June 2026. They were signed on its behalf by:

Mr J Wallace Director |

SOUTH HAMS AUTOS LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025
SOUTH HAMS AUTOS LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2025

##### 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 period, unless otherwise stated.

##### General information and basis of accounting

South Hams Autos 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 46 Gorse Way, Ivybridge, PL21 0GA, 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 £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

##### 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.

##### 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 over its expected useful life, as follows:

Plant and machinery | 25 % reducing balance
Computer 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. 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

#### 2. Employees

| Year ended 31.10.2025 |  | Period from 30.10.2023 to 31.10.2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 0

#### 3. Tangible assets

| Plant and machinery |  | Computer equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 November 2024 | 0 |  | 1,230 |  | 1,230
Additions | 4,375 |  | 0 |  | 4,375
At 31 October 2025 | 4,375 |  | 1,230 |  | 5,605
Accumulated depreciation |  |  |  |  |
At 01 November 2024 | 0 |  | 0 |  | 0
Charge for the financial year | 456 |  | 410 |  | 866
At 31 October 2025 | 456 |  | 410 |  | 866
Net book value |  |  |  |  |
At 31 October 2025 | 3,919 |  | 820 |  | 4,739
At 31 October 2024 | 0 |  | 1,230 |  | 1,230

#### 4. Debtors

| 31.10.2025 |  | 31.10.2024
| £ |  | £
Trade debtors | 622 |  | 8,245
Prepayments | 0 |  | 372
Other debtors | 0 |  | 1,000
| 622 |  | 9,617

#### 5. Creditors: amounts falling due within one year

| 31.10.2025 |  | 31.10.2024
| £ |  | £
Trade creditors | 33,666 |  | 14,979
Amounts owed to directors | 35,271 |  | 34,065
Deferred income | 1,500 |  | 0
Corporation tax | 12,868 |  | 5,332
Other taxation and social security | 3,198 |  | 8,092
| 86,503 |  | 62,468

#### 6. Creditors: amounts falling due after more than one year

| 31.10.2025 |  | 31.10.2024
| £ |  | £
Amounts owed to directors | 100,000 |  | 75,000

There are no amounts included above in respect of which any security has been given by the small entity.

#### 7. Called-up share capital

| 31.10.2025 |  | 31.10.2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 0.10 each | 10 |  | 10

#### 8. Financial commitments

Other financial commitments

| 31.10.2025 |  | 31.10.2024
| £ |  | £
Operating lease payments | 3,017 |  | 0