Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31true2022-08-017falseNo description of principal activity7trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03458931 2022-08-01 2023-07-31 03458931 2021-08-01 2022-07-31 03458931 2023-07-31 03458931 2022-07-31 03458931 c:Director3 2022-08-01 2023-07-31 03458931 d:Buildings 2022-08-01 2023-07-31 03458931 d:Buildings 2023-07-31 03458931 d:Buildings 2022-07-31 03458931 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03458931 d:MotorVehicles 2022-08-01 2023-07-31 03458931 d:FurnitureFittings 2022-08-01 2023-07-31 03458931 d:FurnitureFittings 2023-07-31 03458931 d:FurnitureFittings 2022-07-31 03458931 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03458931 d:ComputerEquipment 2022-08-01 2023-07-31 03458931 d:ComputerEquipment 2023-07-31 03458931 d:ComputerEquipment 2022-07-31 03458931 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03458931 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 03458931 d:Goodwill 2023-07-31 03458931 d:Goodwill 2022-07-31 03458931 d:CurrentFinancialInstruments 2023-07-31 03458931 d:CurrentFinancialInstruments 2022-07-31 03458931 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 03458931 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 03458931 d:ShareCapital 2023-07-31 03458931 d:ShareCapital 2022-07-31 03458931 d:RetainedEarningsAccumulatedLosses 2023-07-31 03458931 d:RetainedEarningsAccumulatedLosses 2022-07-31 03458931 c:FRS102 2022-08-01 2023-07-31 03458931 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 03458931 c:FullAccounts 2022-08-01 2023-07-31 03458931 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03458931 d:WithinOneYear 2023-07-31 03458931 d:WithinOneYear 2022-07-31 03458931 d:BetweenOneFiveYears 2023-07-31 03458931 d:BetweenOneFiveYears 2022-07-31 03458931 2 2022-08-01 2023-07-31 03458931 6 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 03458931










SOUTHERN PROPERTIES & MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED


STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,755
3,219

Current assets
  

Debtors: amounts falling due within one year
 7 
56,951
10,819

Cash at bank and in hand
  
35,928
86,919

  
92,879
97,738

Creditors: amounts falling due within one year
 8 
(30,252)
(45,768)

Net current assets
  
 
 
62,627
 
 
51,970

Total assets less current liabilities
  
64,382
55,189

Provisions for liabilities
  

Deferred tax
  
-
(207)

Net assets
  
 
 
64,382
 
 
54,982


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
64,380
54,980

  
64,382
54,982


Page 1

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED

    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






R S Mott
Director

Date: 30 January 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Southern Properties & Management Limited, (03458931), is a private company limited by shares.  It is incorporated in England & Wales.  The registered office is 5 Borelli Yard, Farnham, Surrey, GU9 7NU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.3

Government Grants

Grants are accounted under the accruals model as permitted by frs 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
5% over the term of the lease
Motor vehicles
-
25% straight line
Fixtures & fittings
-
25% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the
Page 6

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employee
7
7


4.


Intangible assets




Goodwill

£



Cost


At 1 August 2022
150,000



At 31 July 2023

150,000



Amortisation


At 1 August 2022
150,000



At 31 July 2023

150,000



Net book value



At 31 July 2023
-



At 31 July 2022
-



Page 7

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Leasehold property
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
2,500
10,100
40,744
53,344


Disposals
-
-
(26,140)
(26,140)



At 31 July 2023

2,500
10,100
14,604
27,204



Depreciation


At 1 August 2022
2,500
10,100
37,525
50,125


Charge for the year on owned assets
-
-
1,464
1,464


Disposals
-
-
(26,140)
(26,140)



At 31 July 2023

2,500
10,100
12,849
25,449



Net book value



At 31 July 2023
-
-
1,755
1,755



At 31 July 2022
-
-
3,219
3,219

Page 8

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Fixed asset investments





Listed investments

£





Additions
27


Disposals
(27)



At 31 July 2023
-





7.


Debtors

2023
2022
£
£


Trade debtors
19,464
5,822

Amounts owed by group undertakings
117
117

Other debtors
32,051
-

Prepayments and accrued income
5,280
4,880

Deferred taxation
39
-

56,951
10,819



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,253
7,036

Corporation tax
2,422
3,143

Other taxation and social security
7,640
20,571

Other creditors
1,338
2,165

Accruals and deferred income
14,599
12,853

30,252
45,768


Page 9

 
SOUTHERN PROPERTIES & MANAGEMENT LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
5,750
11,500

Later than 1 year and not later than 5 years
-
5,750

5,750
17,250


10.


Controlling party

The company was under control of S P & M Group Limited throughout the year.
 


11.


Landlord balances

At the year end, the company held funds on behalf of the landlords of £398,085 (2022: £399,919). This figure is not shown in the accounts as it does not belong to the company.

 
Page 10