REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
EDWARD SOWDEN LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
EDWARD SOWDEN LIMITED |
EDWARD SOWDEN LIMITED (REGISTERED NUMBER: 02482925) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EDWARD SOWDEN LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Park House |
200 Drake Street |
Rochdale |
Lancashire |
OL16 1PJ |
EDWARD SOWDEN LIMITED (REGISTERED NUMBER: 02482925) |
ABRIDGED BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
EDWARD SOWDEN LIMITED (REGISTERED NUMBER: 02482925) |
ABRIDGED BALANCE SHEET - continued |
31 MAY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
EDWARD SOWDEN LIMITED (REGISTERED NUMBER: 02482925) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Edward Sowden Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents property rentals due and net invoiced sales of goods and services, excluding V.A.T. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Computer equipment | - |
All land and buildings owned by the company was previously shown as fixed assets irrespective of their investment potential. As such, the provisions relating to investment properties as set out in the Financial Reporting Standard for Smaller Entities had not been applied. During the year the decision was made to show as Investment properties at fair value. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Group accounts |
The company and its subsidiary company are a small group. The company has therefore taken advantage of the exemption provided by section 248 of the Companies Act 1985 not to prepare group accounts. |
Fixed asset investments |
Fixed asset investments other than property were stated at cost less provision for permanent diminution in value of those investments. Where the investment is quoted it is now included at the year end valuation |
EDWARD SOWDEN LIMITED (REGISTERED NUMBER: 02482925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2022 |
Additions |
Reclassification/transfer | ( |
) |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 June 2022 | 780,242 |
Revaluations | 30,777 |
Reclassification/transfer | 150,000 |
At 31 May 2023 | 961,019 |
PROVISIONS |
At 1 June 2022 |
and 31 May 2023 | 53,461 |
NET BOOK VALUE |
At 31 May 2023 | 907,558 |
At 31 May 2022 | 726,781 |
Cost or valuation at 31 May 2023 is represented by: |
Totals |
£ |
Valuation in 2023 | 30,777 |
Cost | 930,242 |
961,019 |
If the fixed asset investment had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 930,242 | 780,242 |
EDWARD SOWDEN LIMITED (REGISTERED NUMBER: 02482925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
The Aviva investment was reclassified during the year as listed. |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Aviva General Investment |
Account | - | 150,000 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: inside the UK |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Revaluations | 7,278,435 |
Reclassification/transfer | 1,576,565 |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2023 | 6,404,107 |
Cost | 2,450,893 |
8,855,000 |
If the property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,450,893 | - |
Aggregate depreciation | (923,345 | ) | - |
Investment property was valued on on a market value basis on 17 January 2023 by Longden Cook . |
7. | RELATED PARTY DISCLOSURES |
Included in debtors is an investment of £1,260,000 in a partnership where the Edward Sowden Limited is a 50% partner. |
In other creditors, £34,370 relates to the amount owed by Edward Sowden Limited in respect of the partnership trading to 31 March 2023. |