Registrar
Registration number:
for the Year Ended
South Island Development Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
South Island Development Limited
Company Information
Directors |
MJM Kirkham |
Registered office |
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Bankers |
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Accountants |
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South Island Development Limited
(Registration number: 11230301)
Balance Sheet as at 31 July 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Investment property |
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Current assets |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
133,870 |
30,140 |
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Shareholders' funds |
133,970 |
30,240 |
For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
South Island Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: Rivermead South, Bishop Hall Lane, Chelmsford, Essex, CM1 1PD.
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
South Island Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Prior period errors
Administrative expenses amounting to £4,353 were recognised in the company's profit and loss account that related to a group company and have been transferred to that group company.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Administrative expenses | - | (4,353) | - |
Amounts owed by group undertakings | 4,353 | 4,353 | - |
Profit and loss account brought forward | (4,353) | - | - |
Interest charged by a third party and then split between group companies was incorrectly distributed in the prior year and have been subsequently corrected.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Other creditors | 12,000 | 12,000 | - |
Amounts owed to group undertakings | 154,747 | 154,747 | - |
Finance costs | - | (166,747) | - |
Profit and loss account brought forward | (166,747) | - | - |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rental of properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment property
South Island Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Stocks
The cost of work in progress comprises direct costs and, where applicable, direct labour costs and those overheads that have been incurred in respect of the purchase of land and property that will be developed at some stage in the future. At each reporting date, work in progress is assessed for impairment. If 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.
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2022 |
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At 1 August 2021 |
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At 31 July 2022 |
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There has been no valuation of investment property by an independent valuer.
The Director considers that the carrying value of the investment property is not materially different to the current market value.
South Island Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Debtors |
2022 |
(As restated) |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Debtors include amounts owed by group undertakings which are repayable on demand but are unlikely to be repaid in full in the next 12 months.
Creditors |
Creditors: amounts falling due within one year
Note |
31 July 2022 |
(As restated) |
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Due within one year |
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Loans and borrowing |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
14,865 |
28,927 |
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Creditors falling due within one year include amounts owed to group undertakings which are repayable on demand but are unlikely to be repaid in full in the next 12 months.
Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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South Island Development Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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