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Registrar

Registration number: 11230301

South Island Development Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2022

 

South Island Development Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

South Island Development Limited

Company Information

Directors

MJM Kirkham

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Barclays Bank
Chelmsford
40-41 High Street
Chelmsford
Essex
CM1 1BE

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

South Island Development Limited

(Registration number: 11230301)
Balance Sheet as at 31 July 2022

Note

2022
£

(As restated)

2021
£

Fixed assets

 

Investment property

4

3,327,855

3,327,855

Current assets

 

Debtors

5

309,823

224,097

Cash at bank and in hand

 

13,954

8,907

 

323,777

233,004

Creditors: Amounts falling due within one year

6

(1,989,329)

(1,992,286)

Net current liabilities

 

(1,665,552)

(1,759,282)

Total assets less current liabilities

 

1,662,303

1,568,573

Creditors: Amounts falling due after more than one year

6

(1,528,333)

(1,538,333)

Net assets

 

133,970

30,240

Capital and reserves

 

Called up share capital

100

100

Retained earnings

133,870

30,140

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 on 27 October 2023
 

MJM Kirkham
Director

 

South Island Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: Rivermead South, Bishop Hall Lane, Chelmsford, Essex, CM1 1PD.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Investment properties

2022
£

At 1 August 2021

3,327,855

At 31 July 2022

3,327,855

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

5

Debtors

2022
£

(As restated)

2021
£

Trade debtors

11,850

216

Amounts owed by group undertakings

253,952

179,860

Other debtors

44,021

44,021

309,823

224,097

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.

6

Creditors

Creditors: amounts falling due within one year

Note

31 July 2022
 £

(As restated)
31 July 2021
 £

Due within one year

 

Loans and borrowing

7

10,917

10,000

Trade creditors

 

4,086

234

Amounts owed to group undertakings

1,897,624

1,877,208

Social security and other taxes

 

20,585

46,665

Other creditors

 

41,252

29,252

Accruals and deferred income

 

14,865

28,927

 

1,989,329

1,992,286


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
£

Due after one year

 

Loans and borrowings

7

1,528,333

1,538,333

 

South Island Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

7

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,917

10,000

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

28,333

38,333

Other borrowings

1,500,000

1,500,000

1,528,333

1,538,333