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Registered number: 00317554 SOUTHON AND COMPANY LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 JANUARY 2026 Fletcher and Partners Chartered Accountants Salisbury
SOUTHON AND COMPANY LIMITED REGISTERED NUMBER: 00317554 BALANCE SHEET AS AT 31 JANUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 5 |  | 950,190 |  | 959,446
Current assets |  |  |  |  |
Stocks |  | 197,759 |  | 204,299 |
Debtors: amounts falling due within one year | 6 | 8,342 |  | 11,623 |
Cash at bank and in hand | 7 | 142,180 |  | 229,513 |
|  | 348,281 |  | 445,435 |
Creditors: amounts falling due within one year | 8 | (202,281) |  | (236,434) |
Net current assets |  |  | 146,000 |  | 209,001
Total assets less current liabilities |  |  | 1,096,190 |  | 1,168,447
Creditors: amounts falling due after more than one year | 9 |  | - |  | (10,303)
Net assets |  |  | 1,096,190 |  | 1,158,144
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 13,000 |  | 13,000
Other reserves | 10 |  | 898,164 |  | 898,164
Profit and loss account | 10 |  | 185,026 |  | 246,980
|  |  | 1,096,190 |  | 1,158,144
Page 1
SOUTHON AND COMPANY LIMITED REGISTERED NUMBER: 00317554 BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2026 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
C J Southon
Director
Date: 2 June 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
SOUTHON AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
1. | General information
Southon and Company Limited (company number 00317554) is a private company limited by shares, incorporated in England and Wales. Its registered office is 38 Catherine Street, Salisbury, Wiltshire, SP1 2DE. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The directors assess whether the use of the going concern basis is appropriate, i.e whether there are material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue
Turnover represents furniture sales and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
| 2.4 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
SOUTHON AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.4 | Tangible fixed assets (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | to 3.33% straight line
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 20% | reducing balance
|  |  |  | Office equipment | - | 10% | reducing balance
|  |  |  | Computer equipment | - | 30% | reducing balance
|  |  |  | Motor vehicles under lease | - |  | on a straight line basis over the lease term
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
| 2.6 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.8 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
| 2.9 | Creditors
Short term creditors are measured at the transaction price. Page 4
SOUTHON AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.10 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.11 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.12 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.13 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
3. | Employees
| The average monthly number of employees, including directors, during the year was 9 (2025 - 9).
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SOUTHON AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
4. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | - | 32
| Total current tax | - | 32
| Deferred tax |  |
| Origination and reversal of timing differences | - | (4,038)
| Total deferred tax | - | (4,038)
| Tax on loss | - | (4,006)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - higher than) the small profits rate of corporation tax in the UK of 19% (2025 - 19%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (61,954) | (61,954)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2025 - 19%) | (11,771) | (15,665)
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 1,558 | 1,502
| Unrelieved tax losses carried forward | 10,213 | 14,179
| Utilisation of tax losses | - | 16
| Deferred tax movement - accelerated capital allowances | - | (4,038)
| Total tax charge for the year | - | (4,006)
Page 6
SOUTHON AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
5. | Tangible fixed assets
|  | Freehold property | Motor vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 February 2025 | 1,000,000 | 63,132 | 148,760 | 18,652 | 4,742 | 1,235,286
| At 31 January 2026 | 1,000,000 | 63,132 | 148,760 | 18,652 | 4,742 | 1,235,286
| Depreciation |  |  |  |  |  |
| At 1 February 2025 | 60,134 | 55,823 | 143,469 | 12,717 | 3,697 | 275,840
| Charge for the year on owned assets | 5,467 | 1,828 | 1,053 | 594 | 314 | 9,256
| At 31 January 2026 | 65,601 | 57,651 | 144,522 | 13,311 | 4,011 | 285,096
| Net book value |  |  |  |  |  |
| At 31 January 2026 | 934,399 | 5,481 | 4,238 | 5,341 | 731 | 950,190
| At 31 January 2025 | 939,866 | 7,309 | 5,291 | 5,935 | 1,045 | 959,446
6. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 2,656 | 5,067
| Prepayments and accrued income | 5,686 | 6,556
|  | 8,342 | 11,623
7. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 142,180 | 229,513
Page 7
SOUTHON AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | 10,303 | 30,909
| Payments received on account | 56,568 | 43,608
| Trade creditors | 35,098 | 32,662
| Other taxation and social security | 18,324 | 16,056
| Other creditors | 71,319 | 90,538
| Accruals and deferred income | 10,669 | 22,661
|  | 202,281 | 236,434
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank loans | - | 10,303
|  | - | 10,303
| A Coronavirus Business Interruption Loan was taken out in May 2020 and is a fixed rate loan with Lloyds Bank for £170,000. The loan is to be repaid over 72 months, with no repayments for the first six months, following which the loan is repaid by 66 repayments of £2,575.76 plus interest charges after 12 months. The interest rate is 2.78% per annum. The loan is guaranteed by the UK Government.
10. | Reserves
Other reserves Other reserves represent revaluations of the freehold property which formed part of the reported cost of the property on transition to FRS 102.
11. | Related party transactions
| During the year the directors provided finance to the company via loans. The loans earn interest at 2% over the Bank of England base rate, are repayable on demand and were in credit throughout the year. Amounts owed to the directors at 31 January 2026 were £66,961 (2025 - £83,647).
Page 8