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Company No: 07293950 (England and Wales)

SOUTHERNHAY HOUSE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

SOUTHERNHAY HOUSE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

SOUTHERNHAY HOUSE LIMITED

BALANCE SHEET

As at 30 September 2023
SOUTHERNHAY HOUSE LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 4,135 5,513
Tangible assets 4 2,251,711 2,258,488
2,255,846 2,264,001
Current assets
Stocks 13,999 10,574
Debtors 5 31,581 19,986
Cash at bank and in hand 50,788 71,399
96,368 101,959
Creditors: amounts falling due within one year 6 ( 1,589,472) ( 1,638,672)
Net current liabilities (1,493,104) (1,536,713)
Total assets less current liabilities 762,742 727,288
Provision for liabilities ( 17,504) ( 16,285)
Net assets 745,238 711,003
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 745,236 711,001
Total shareholders' funds 745,238 711,003

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Southernhay House Limited (registered number: 07293950) were approved and authorised for issue by the Board of Directors on 19 February 2024. They were signed on its behalf by:

Mr A R Orchard
Director
SOUTHERNHAY HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
SOUTHERNHAY HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southernhay House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 36 Southernhay East, Exeter, EX1 1NX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates
calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 10 years straight line
Fixtures and fittings 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 16

3. Intangible assets

Website costs Total
£ £
Cost
At 01 October 2022 37,042 37,042
At 30 September 2023 37,042 37,042
Accumulated amortisation
At 01 October 2022 31,529 31,529
Charge for the financial year 1,378 1,378
At 30 September 2023 32,907 32,907
Net book value
At 30 September 2023 4,135 4,135
At 30 September 2022 5,513 5,513

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 October 2022 2,178,879 56,713 99,369 2,334,961
Additions 0 2,969 4,407 7,376
Disposals 0 ( 225) ( 608) ( 833)
At 30 September 2023 2,178,879 59,457 103,168 2,341,504
Accumulated depreciation
At 01 October 2022 0 31,504 44,969 76,473
Charge for the financial year 0 4,122 9,352 13,474
Disposals 0 ( 95) ( 59) ( 154)
At 30 September 2023 0 35,531 54,262 89,793
Net book value
At 30 September 2023 2,178,879 23,926 48,906 2,251,711
At 30 September 2022 2,178,879 25,209 54,400 2,258,488

5. Debtors

2023 2022
£ £
Trade debtors 756 0
Other debtors 30,825 19,986
31,581 19,986

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,221 15,628
Taxation and social security 39,559 48,751
Other creditors 1,531,692 1,574,293
1,589,472 1,638,672

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2