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REGISTERED NUMBER: 07306032 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

LONDON AND SOUTHERN ESTATES (CITY) LTD

LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LONDON AND SOUTHERN ESTATES (CITY) LTD

COMPANY INFORMATION
for the Year Ended 31 December 2022







DIRECTORS: G D Swetman
Mrs A M Swetman
M J Swetman



REGISTERED OFFICE: 36a Station Road
New Milton
Hampshire
BH25 6JX



REGISTERED NUMBER: 07306032 (England and Wales)



ACCOUNTANTS: David Shores & Co Ltd
36a Station Road
New Milton
Hampshire
BH25 6JX



BANKERS: Svenska Handelsbanken AB
3 Thomas More Square
London
E1W 1WY



SOLICITORS: Phillips
Town Gate
38 London Street
Basingstoke
Hampshire
RG21 7NY

LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)

BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,934 -
Investment property 5 5,275,000 5,275,000
5,286,934 5,275,000

CURRENT ASSETS
Debtors 6 1,424,294 919,208
Cash at bank 166,918 628,454
1,591,212 1,547,662
CREDITORS
Amounts falling due within one year 7 1,358,635 1,210,758
NET CURRENT ASSETS 232,577 336,904
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,519,511

5,611,904

CREDITORS
Amounts falling due after more than one
year

8

(500,000

)

(500,000

)

PROVISIONS FOR LIABILITIES 10 (605,647 ) (605,647 )
NET ASSETS 4,413,864 4,506,257

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 2,638,065 2,638,065
Retained earnings 1,775,699 1,868,092
SHAREHOLDERS' FUNDS 4,413,864 4,506,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)

BALANCE SHEET - continued
31 December 2022


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





G D Swetman - Director


LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

London and Southern Estates (City) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the rental income chargeable for the period covered by these accounts.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise form the inclusion of income and expense in tax assessments in periods different to those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted b the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on investments and investment properties held at fair value is measured using the rates and allowances that would apply to the sale of the assets.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Additional notes
Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Provisions

Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 14,040
At 31 December 2022 14,040
DEPRECIATION
Charge for year 2,106
At 31 December 2022 2,106
NET BOOK VALUE
At 31 December 2022 11,934

The original cost within the land and buildings relates to a long leasehold which is not depreciated.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2022
and 31 December 2022 5,275,000
NET BOOK VALUE
At 31 December 2022 5,275,000
At 31 December 2021 5,275,000

LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2012 428,711
Valuation in 2014 1,100,000
Valuation in 2015 40,000
Valuation in 2016 600,000
Valuation in 2020 1,075,000
Cost 2,031,289
5,275,000

If the investment property had not been revalued it would have been included at the following historical cost:

2022 2021
£    £   
Cost 2,031,289 2,031,289

The investment property was valued on on an open market basis on 29 October 2020 by Colliers International Valuation UK LLP .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 456,048 432,245
Other debtors 968,246 486,963
1,424,294 919,208

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 1,080,000 1,080,000
Trade creditors 1,210 -
Amounts owed to group undertakings 104,779 104,779
Taxation and social security 17 17
Other creditors 172,629 25,962
1,358,635 1,210,758

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other creditors 500,000 500,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other Loans 500,000 500,000

LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 1,080,000 1,080,000

The loan is secured by a legal charge dated 31st July 2015 over the property owned by the company, being 6-7 The Crescent, Minories, London, EC3.

10. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax
Other timing differences 605,647 605,647

Deferred
tax
£   
Balance at 1 January 2022 605,647
Balance at 31 December 2022 605,647

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

12. OTHER FINANCIAL COMMITMENTS

The company has total commitments under a long non-cancellable operating lease as follows:-


Due within 1 year 26,400
Due between 2 and 5 years105,600
Due over 5 years2,890,800


The commitment relates to ground rentals to be paid over the 114.5 years remaining on the long term leasehold property owned by the company.

13. RELATED PARTY DISCLOSURES

The company held loans from the directors during the period. The balance at the balance sheet date totalled £161,210 (2021 - £18,722). No interest is charged and there is no formal repayment plan.These loans are repayable on demand.

A company controlled by one of the director's was in receipt of a loan from the company amounting to £450,000. This loan was repaid during the year. Interest was charged on the loan at 2% above the SONIA rate per annum cumulative, payable on the termination date.

LONDON AND SOUTHERN ESTATES (CITY) LTD (REGISTERED NUMBER: 07306032)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

14. POST BALANCE SHEET EVENTS

The full implications of the Covid-19 outbreak on the Company's assets and trading are as yet unknown and the directors do not therefore feel that there is any requirement to make adjustments to these financial statements.

Rental income ceased when the existing tenants vacated the property. The lease allowed for the company to claim for dilapidation costs and the company is in negotiations via solicitors with their former tenants regarding these costs plus loss of rental and compensation. The company is unable to quantify the results and the costs incurred to reinstate the property to a rentable condition are being carried forward in debtors.

The value of the investment property has been held at the 2020 valuation due to uncertainly in the market. During 2023 the company has received an offer to purchase the leasehold property but the full financial implications of this are unknown at the date of signing the accounts.

15. ULTIMATE CONTROLLING PARTY

In the opinion of the directors, the company is ultimately controlled by Mr G D Swetman and Mrs A M Swetman.