South West Property Trading Limited 04686197 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the development and sale of real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 04686197 2022-04-01 2023-03-31 04686197 2023-03-31 04686197 core:RetainedEarningsAccumulatedLosses 2023-03-31 04686197 core:RevaluationReserve 2023-03-31 04686197 core:ShareCapital 2023-03-31 04686197 core:CurrentFinancialInstruments 2023-03-31 04686197 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04686197 core:Non-currentFinancialInstruments 2023-03-31 04686197 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04686197 bus:SmallEntities 2022-04-01 2023-03-31 04686197 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04686197 bus:FullAccounts 2022-04-01 2023-03-31 04686197 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04686197 bus:RegisteredOffice 2022-04-01 2023-03-31 04686197 bus:Director2 2022-04-01 2023-03-31 04686197 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04686197 countries:England 2022-04-01 2023-03-31 04686197 2022-03-31 04686197 2021-04-01 2022-03-31 04686197 2022-03-31 04686197 core:RetainedEarningsAccumulatedLosses 2022-03-31 04686197 core:RevaluationReserve 2022-03-31 04686197 core:ShareCapital 2022-03-31 04686197 core:CurrentFinancialInstruments 2022-03-31 04686197 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04686197 core:Non-currentFinancialInstruments 2022-03-31 04686197 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04686197 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2021-04-01 2022-03-31 04686197 core:RevaluationReserve core:LandBuildings 2021-04-01 2022-03-31 04686197 core:LandBuildings 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04686197

South West Property Trading Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

South West Property Trading Limited
(Registration number: 04686197)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

South West Property Trading Limited
(Registration number: 04686197)

Company Information

Director

Mr S Thorneywork

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

South West Property Trading Limited
(Registration number: 04686197)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,300,000

1,300,000

Current assets

 

Debtors

5

2,375

-

Cash at bank and in hand

 

19,486

5,463

 

21,861

5,463

Creditors: Amounts falling due within one year

6

(762,421)

(792,512)

Net current liabilities

 

(740,560)

(787,049)

Total assets less current liabilities

 

559,440

512,951

Creditors: Amounts falling due after more than one year

6

(8,190)

(11,970)

Provisions for liabilities

(145,013)

(145,013)

Net assets

 

406,237

355,968

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

435,038

435,038

Profit and loss account

(28,901)

(79,170)

Total equity

 

406,237

355,968

For the financial year ending 31 March 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.

 

South West Property Trading Limited
(Registration number: 04686197)

Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 22 November 2023
 

.........................................
Mr S Thorneywork
Director

 

South West Property Trading Limited
(Registration number: 04686197)

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

1

General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

Going concern

The director has acknowledged the negative reserves at the balance sheet date and has pledged to continue to support the company (along with the principle creditor) so it can meet its obligations as they arise. Therefore the financial statements have been prepared on a going concern basis.

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 West Property Trading Limited
(Registration number: 04686197)

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

South West Property Trading Limited
(Registration number: 04686197)

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

4

Investment properties

2023
£

At 1 April

1,300,000

At 31 March

1,300,000

The investment properties were revalued on 31 March 2022 by the director, on an open market basis.
This class of assets has a current value of £1,300,000 (2022: £1,300,000) and a carrying amount at historical cost of £719,949 (2022: £719,949).

There has been no valuation of investment property by an independent valuer.

5

Debtors

2023
£

2022
£

Other debtors

2,375

-

Total current trade and other debtors

2,375

-

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,780

3,780

Other creditors

 

748,405

776,532

Accrued expenses

 

1,320

1,320

Deferred income

 

8,916

10,880

 

762,421

792,512

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

8,190

11,970

 

South West Property Trading Limited
(Registration number: 04686197)

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

7

Reserves

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

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

435,038

(580,051)

(145,013)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,780

3,780

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

8,190

11,970