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Registration number: 10920230

Sowden Estates Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Sowden Estates Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

Sowden Estates Ltd

Company Information




 

Director

Mr Jack Sowden



 

Registered office

160 Woodlands Road
Ashurst
Woodlands
Southampton
SO40 7AP

 

Accountants

Magenta Accounts Limited
 2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sowden Estates Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sowden Estates Ltd for the year ended 31 August 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Sowden Estates Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Sowden Estates Ltd and state those matters that we have agreed to state to the Board of Directors of Sowden Estates Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sowden Estates Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sowden Estates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sowden Estates Ltd. You consider that Sowden Estates Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sowden Estates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.


Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ



 

14 November 2023

 

Sowden Estates Ltd

(Registration number: 10920230)
Balance Sheet as at 31 August 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

 

23,352

 

-

Investment property

4

 

4,901,360

 

4,070,591

   

4,924,712

 

4,070,591

Current assets

   

 

Debtors

5

1,331,396

 

490,536

 

Option Investments

6

108,779

 

114,632

 

Cash at bank and in hand

 

78,024

 

54,342

 

 

1,518,199

 

659,510

 

Creditors: Amounts falling due within one year

7

(1,334,849)

 

(640,388)

 

Net current assets

   

183,350

 

19,122

Total assets less current liabilities

   

5,108,062

 

4,089,713

Creditors: Amounts falling due after more than one year

7

 

(4,283,066)

 

(3,362,560)

Provisions for liabilities

 

(118,034)

 

(120,100)

Net assets

   

706,962

 

607,053

Capital and reserves

   

 

Called up share capital

8

125

 

125

 

Revaluation reserve

621,231

 

632,105

 

Profit and loss account

85,606

 

(25,177)

 

Total equity

   

706,962

 

607,053

 

Sowden Estates Ltd

(Registration number: 10920230)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 2023 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.

Approved and authorised by the director on 14 November 2023
 

.........................................
Mr Jack Sowden
Director

 

Sowden Estates Ltd

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2022

125

632,105

(25,177)

607,053

Profit for the year

-

-

99,909

99,909

Other comprehensive income

-

(10,874)

-

(10,874)

Transfers

-

-

10,874

10,874

At 31 August 2023

125

621,231

85,606

706,962

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2021

125

260,021

205,733

465,879

Profit for the year

-

-

401,195

401,195

Other comprehensive income

-

372,084

-

372,084

Transfers

-

-

(632,105)

(632,105)

At 31 August 2022

125

632,105

(25,177)

607,053

 

Sowden Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
160 Woodlands Road
Ashurst
Woodlands
Southampton
SO40 7AP

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

 

Sowden Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 September

4,070,591

Additions

841,643

Fair value adjustments

(10,874)

At 31 August

4,901,360

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

The valuations are based on values provided by lenders or mortgage companies when remortgaging.

 

Sowden Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Debtors

2023
£

2022
£

Trade debtors

13,388

18,148

Prepayments

3,615

1,583

Other debtors

1,314,393

470,805

1,331,396

490,536

Details of non-current trade and other debtors

£785,000 (2022 £460,000) of Other Debtors is classified as non current. The Company provided a loan which is repayable in December 2024.

6

Current asset investments

2023
£

2022
£

Option investments

108,779

114,632

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

1,242,996

583,918

Trade creditors

 

23,029

4,676

Taxation and social security

 

32,488

24,295

Accruals and deferred income

 

9,074

1,200

Other creditors

 

27,262

26,299

 

1,334,849

640,388

Creditors include other loans and net obligations under finance lease and hire purchase contracts which are secured of £363,016.

 

Sowden Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

4,283,066

3,362,560

2023
£

2022
£

Due after more than five years

After more than five years by instalments

102,968

115,628

After more than five years not by instalments

3,128,522

2,842,858

3,231,490

2,958,486

Creditors include bank and other loans which are secured either by way of a fixed and floating charge over the company assets, or against specific investment properties. The total secured creditors amounts to £3,128,522 (2022 - £2,842,858).

 

Sowden Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary A of £1 each

25

25

25

25

 

125

125

125

125

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Revaluation reserve - Movement in value of investments

(10,874)

(10,874)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Revaluation reserve - Movement in value of investments

372,084

372,084

10

Related party transactions

The Director J Sowden provided a loan to the company during the year to the amount of £407,329. (2022 - £262,435)

 

Sowden Estates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,140,622

2,861,558

HP and finance lease liability 1 (2-5 yrs)

18,098

-

Other borrowings

1,124,346

501,002

4,283,066

3,362,560

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,600

-

Hire purchase contracts

3,049

-

Other borrowings

1,233,347

583,918

1,242,996

583,918

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

There are bank loans of £3,128,522 (2022:£2,842,858) that are repayable over terms ranging between 15 and 25 years. They are interest only loans with commercial mortgage lenders at commercial market rates for secured mortgages.

Other loans after five years

There is an amount of £102,968 (2022:£115,628) which has been borrowed from an external investor and is repayable after 5 years. This is an unsecured loan at a rate of 6% per annum.