Southern Sales & Services Limited - Period Ending 2018-12-31
Southern Sales & Services Limited - Period Ending 2018-12-31
Registration number:
Southern Sales & Services Limited
for the Year Ended 31 December 2018
Prospect House
50 Leigh Road
Eastleigh
Hampshire
SO50 9DT
Southern Sales & Services Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Southern Sales & Services Limited
Company Information
Directors |
Mrs PM Dowell Mr NE Dowell Mr AE Dowell |
Company secretary |
Mrs PM Dowell |
Registered office |
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Accountants |
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Page 1 |
Southern Sales & Services Limited
Directors' Report for the Year Ended 31 December 2018
The directors present their report and the financial statements for the year ended 31 December 2018.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is of a distributor of transport refrigeration and air conditioning equipment
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Mr NE Dowell
Director
Page 2 |
Southern Sales & Services Limited
(Registration number: 03103458)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mr NE Dowell
Director
Page 3 |
Southern Sales & Services Limited
Statement of Changes in Equity for the Year Ended 31 December 2018
Share capital |
Profit and loss account |
Total |
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At 1 January 2018 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 December 2018 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2017 |
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Page 4 |
Southern Sales & Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in Other.
The address of its registered office is:
The principal place of business is:
Unit 20 Monks Brook Industrial Park
School Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4RA
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 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.
Page 5 |
Southern Sales & Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
20% - reducing balance |
Fixtures and Fittings |
15% - reducing balance |
Motor Vehicles |
25% - reducing balance |
Computer Equipment |
33% - reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Page 6 |
Southern Sales & Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss/profit before tax |
Arrived at after charging/(crediting)
Page 7 |
Southern Sales & Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
2018 |
2017 |
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Depreciation expense |
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Page 8 |
Southern Sales & Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
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- |
- |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Page 9 |
Southern Sales & Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Other borrowings
is denominated in with a nominal interest rate of %, and the final instalment is due on . The carrying amount at year end is £108,885 (2017 - £131,450).
The Company has a Factoring Account with Bibby Financial Services Ltd who by way of a First Legal Mortgage dated 9th May 2018 have a fixed and floating charge over the assets of the Company. Prior to Bibby's, a fixed and floating charge was held by The Royal Bank of Scotland Commercial Services Limited. This charge was satisfied on 26th July 2018.
Dividends |
Interim dividends paid
2018 |
2017 |
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Interim dividend of £Nil (2017 - £ |
- |
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Page 10 |
Southern Sales & Services Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 January 2018 |
Advances to directors |
Repayments by director |
At 31 December 2018 |
Mrs PM Dowell |
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Directors Loan Account Balance |
(34,609) |
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( |
( |
Mr AE Dowell |
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Directors Loan Account Balance |
(34,609) |
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( |
( |
2017 |
At 1 January 2017 |
Repayments by director |
At 31 December 2017 |
Mrs PM Dowell |
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Directors Loan Account Balance |
(22,109) |
( |
( |
Mr AE Dowell |
|||
Directors Loan Account Balance |
(22,109) |
( |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
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Page 11 |