Registered number
03652191
Southern Territory Limited
Filleted Accounts
31 August 2022
Southern Territory Limited
Registered number: 03652191
Balance Sheet
as at 31 August 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 19,190,000 19,190,000
Investments 4 1,750,100 1,750,100
20,940,100 20,940,100
Current assets
Debtors 5 8,378,677 6,500,040
Cash at bank and in hand 10,909 39,397
8,389,586 6,539,437
Creditors: amounts falling due within one year 6 (1,730,702) (2,014,388)
Net current assets 6,658,884 4,525,049
Total assets less current liabilities 27,598,984 25,465,149
Creditors: amounts falling due after more than one year 7 (5,930,369) (4,796,410)
Net assets 21,668,615 20,668,739
Capital and reserves
Called up share capital 100 100
Fair value reserve 9 12,159,362 12,159,362
Profit and loss account 9,509,153 8,509,277
Shareholders' funds 21,668,615 20,668,739
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Alexandrou
Director
Approved by the board on 16 October 2023
Southern Territory Limited
Notes to the Accounts
for the year ended 31 August 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment properties NIL
Investment property is revalued each year at fair value. Any changes in fair value are recognised in the profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie 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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties
£
Fair value
At 1 September 2021 19,190,000
At 31 August 2022 19,190,000
Depreciation
At 31 August 2022 -
Fair value
At 31 August 2022 19,190,000
At 31 August 2021 19,190,000
Investment properties were valued on a fair value basis on 31 August 2022 by the directors Mr G Leonidas and Mr A Alexandrou.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 September 2021 1,750,100
At 31 August 2022 1,750,100
5 Debtors 2022 2021
£ £
Trade debtors 39,146 21,350
Amounts owed by associated companies 8,087,531 6,473,561
Exchange monies for property completion 250,000 -
Other debtors 2,000 5,129
8,378,677 6,500,040
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 166,392 138,183
Trade creditors 324,138 802,358
Amounts owed to associated companies 713,467 488,267
Other loans 121,692 121,692
Taxation and social security costs 310,223 192,280
Dividends payable 19,775 4,000
Other creditors 75,015 267,608
1,730,702 2,014,388
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 5,930,369 4,796,410
8 Loans 2022 2021
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,353,888 1,466,712
Secured bank loans 6,096,761 4,934,593
The company has various fixed and floating charges secured over the assets and properties of the company.
9 Fair value reserve 2022 2021
£ £
At 1 September 2021 12,159,362 12,159,362
At 31 August 2022 12,159,362 12,159,362
10 Related party transactions
Included in debtors falling due within one year are balances of:
£585,016 (2021: £584,016) owed by Icospec Limited
£627,100 (2021: £510,100) Atlantic Developments (Cudworth) Limited
£92,926 (2021: £92,926) Marlyn Properties Limited
£1,856,733 (2021: £1,798,261) Friday Hill House Limited
£1,519,185 (2021: £1,441,694) Atlantic Lodge (Housing) Limited

These are companies in which the directors A Alexandrou and G Leonidas have an interest.

Included in debtors falling due within one year are balances of:
£415,115 (2021: £409,115) Atlantic (Hertford) Limited
£1,644,386 (2021: £1,615,386) Southern Territory (UK) Limited
£63 (2021: £63) Southern Territory London Limited
£13,000 (2021 - £10,000) STUK03 Ltd
£Nil (2021 - £12,000) STUK10 Ltd
£18,949 (2021 - £Nil) STUK07 Ltd
£1,315,058 (2021 - £Nil) STUK06 Ltd

These are companies in which the director A Alexandrou has an interest.

Included in creditors falling due with in one year are balances of £487,267 (2021 : £487,267) owed to Waterhouse Properties Limited a company in which the director G Leonidas holds an interest, £1,000 (2021 - £1,000) owed to STUK01 Ltd and £225,200 (2021 - £Nil), companies in which the director A Alexandrou holds an interest.
11 Controlling party
The company was under the control of its directors throughout the period under review. Each director held 50% of the share capital each.
12 Other information
Southern Territory Limited is a private company limited by shares and incorporated in England. Its registered office is:
Atlantic Business Centre
1 The Green
London
E4 7ES
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