Registration number:
Sowden Estates Ltd
for the Year Ended 31 August 2023
Sowden Estates Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Sowden Estates Ltd
Company Information
Director |
Mr Jack Sowden |
Registered office |
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Accountants |
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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.
Otterbourne
Winchester
Hampshire
SO21 2DZ
Sowden Estates Ltd
(Registration number: 10920230)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Fixed assets |
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Tangible assets |
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- |
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Investment property |
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Current assets |
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Debtors |
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Option Investments |
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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 assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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( |
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Total equity |
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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:
• |
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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.
Approved and authorised by the
......................................... |
Sowden Estates Ltd
Statement of Changes in Equity for the Year Ended 31 August 2023
Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2022 |
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( |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
( |
- |
( |
Transfers |
- |
- |
10,874 |
10,874 |
At 31 August 2023 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 September 2021 |
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Profit for the year |
- |
- |
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Other comprehensive income |
- |
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- |
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Transfers |
- |
- |
(632,105) |
(632,105) |
At 31 August 2022 |
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( |
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Sowden Estates Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2023 |
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At 1 September |
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Additions |
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Fair value adjustments |
( |
At 31 August |
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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
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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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.
Current asset investments |
2023 |
2022 |
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Option investments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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2023 |
2022 |
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Due after more than five years |
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After more than five years by instalments |
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After more than five years not by instalments |
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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
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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25 |
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25 |
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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 |
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Revaluation reserve - Movement in value of investments |
( |
( |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Revaluation reserve - Movement in value of investments |
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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
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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HP and finance lease liability 1 (2-5 yrs) |
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- |
Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Hire purchase contracts |
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- |
Other borrowings |
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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.