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REGISTERED NUMBER: 02793712 (England and Wales)






SOUTHWINDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






SOUTHWINDS LIMITED (REGISTERED NUMBER: 02793712)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SOUTHWINDS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTOR: Mrs G Bundy





REGISTERED OFFICE: 100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB





REGISTERED NUMBER: 02793712 (England and Wales)





ACCOUNTANTS: Weatherer Bailey Bragg
Chartered Accountants
100 Boldmere Road
Sutton Coldfield
West Midlands
B73 5UB

SOUTHWINDS LIMITED (REGISTERED NUMBER: 02793712)

BALANCE SHEET
31 March 2023

31/3/23 31/3/22
Notes £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,317,692 1,240,317
1,317,692 1,240,317

CURRENT ASSETS
Debtors 6 77,540 102,633
Cash at bank and in hand 292,884 399,270
370,424 501,903
CREDITORS
Amounts falling due within one year 7 (7,888 ) (6,807 )
NET CURRENT ASSETS 362,536 495,096
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,680,228

1,735,413

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 1,680,226 1,735,411
SHAREHOLDERS' FUNDS 1,680,228 1,735,413

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 director and authorised for issue on 2 November 2023 and were signed by:




Mrs G Bundy - Director


SOUTHWINDS LIMITED (REGISTERED NUMBER: 02793712)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023

1. STATUTORY INFORMATION

Southwinds Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Two of the investment properties owned by the company are currently generating rental income and the company is in the process of renovating and converting the remaining properties into residential lets. The director is optimistic that the company has sufficient funds to enable the renovation work to be undertaken and that the remainder of the properties will generate rental income in the near future and as such consider the going concern basis of preparation to be appropriate.

Turnover and income
Turnover represents rental income and is recognised in the income statement for the period in which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates to write off each asset over its estimated useful life.

Computer equipment- 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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.

The value of investment properties is considered by the director at each reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SOUTHWINDS LIMITED (REGISTERED NUMBER: 02793712)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2022
and 31 March 2023 2,627
DEPRECIATION
At 1 April 2022
and 31 March 2023 2,627
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 1,240,317
Additions 77,375
At 31 March 2023 1,317,692
NET BOOK VALUE
At 31 March 2023 1,317,692
At 31 March 2022 1,240,317

Investment properties are measured at fair value at each reporting date by the director.

SOUTHWINDS LIMITED (REGISTERED NUMBER: 02793712)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 1,040 -
Other debtors 379 359
Directors' loan accounts 63,347 89,491
Corporation tax recoverable - 6,855
Prepayments and accrued income 12,774 5,928
77,540 102,633

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade creditors 123 75
Accrued expenses 7,765 6,732
7,888 6,807

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/23 31/3/22
value: £    £   
2 Ordinary £1 2 2

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31/3/23 31/3/22
£    £   
Mrs G Bundy
Balance outstanding at start of year 89,491 28,806
Amounts advanced 77,759 100,804
Amounts repaid (103,903 ) (40,119 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 63,347 89,491

No interest is charged on directors loans and there are no fixed repayment terms. Amounts are repayable on demand.