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REGISTERED NUMBER: 08388740 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

SL Properties Southern Limited

SL Properties Southern Limited (Registered number: 08388740)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SL Properties Southern Limited

Company Information
for the Year Ended 28 February 2023







DIRECTOR: R Singh





REGISTERED OFFICE: c/o Ency Associates
Printware Court
Cumberland Business Centre
Portsmouth
Hampshire
PO5 1DS





REGISTERED NUMBER: 08388740 (England and Wales)





ACCOUNTANTS: Ency Associates
Chartered Certified Accountants
Printware Court
Cumberland Business Centre
Northumberland Road
Portsmouth
Hampshire
PO5 1DS

SL Properties Southern Limited (Registered number: 08388740)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 - -
Investment property 5 2,100,000 1,450,000
2,100,000 1,450,000

CURRENT ASSETS
Debtors 6 401,561 401,539
Cash at bank 26,889 5,324
428,450 406,863
CREDITORS
Amounts falling due within one year 7 844,964 182,159
NET CURRENT (LIABILITIES)/ASSETS (416,514 ) 224,704
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,683,486

1,674,704

CREDITORS
Amounts falling due after more than
one year

8

(17,946

)

(732,101

)

PROVISIONS FOR LIABILITIES (300,090 ) (104,569 )
NET ASSETS 1,365,450 838,034

SL Properties Southern Limited (Registered number: 08388740)

Balance Sheet - continued
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 10 1,365,446 838,030
SHAREHOLDERS' FUNDS 1,365,450 838,034

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 22 November 2023 and were signed by:





R Singh - Director


SL Properties Southern Limited (Registered number: 08388740)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

SL Properties Southern 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.

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 as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis. This is considered appropriate because the director has indicated his ongoing financial support.

Turnover
Turnover represents gross rental income received from investment properties.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

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

SL Properties Southern Limited (Registered number: 08388740)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. FIXED ASSET INVESTMENTS

SL Properties Southern Limited hold the following shares in companies registered in England & Wales:

Company Name Registered Number Nominal value held % held

SL Rental Southampton Limited 08437151 £12 100%
Raleton Limited 07543397 £50 50%

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 1,450,000
Revaluations 650,000
At 28 February 2023 2,100,000
NET BOOK VALUE
At 28 February 2023 2,100,000
At 28 February 2022 1,450,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2016 6,430
Valuation in 2018 81,184
Valuation in 2022 540,000
Valuation in 2023 650,000
Cost 822,386
2,100,000

The investment properties were valued on an open market value basis on 8 November 2022 by Symonds & Sampson LLP .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 401,561 401,539

SL Properties Southern Limited (Registered number: 08388740)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 709,424 41,497
Taxation and social security 10,013 5,408
Other creditors 125,527 135,254
844,964 182,159

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans 17,946 732,101

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 572,096

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 701,448 739,701

Lloyds TSB Bank plc created a debenture charge on 10/05/2013.

Lloyds Bank plc created a mortgage charge on 24/02/2015 over the freehold property registered at HM Land Registry under title number HP346551.

Lloyds Bank plc created a mortgage charge on 22/05/2017 over the freehold property registered at HM Land Registry under title number PM28066.

Lloyds Bank plc created a mortgage charge on 14/06/2017 over the freehold property registered at HM Land Registry under title number PM21201.

SL Properties Southern Limited (Registered number: 08388740)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

10. RESERVES
Retained
earnings
£   

At 1 March 2022 838,030
Profit for the year 527,416
At 28 February 2023 1,365,446

11. ULTIMATE CONTROLLING PARTY

The controlling party is R Singh.