Company registration number 2142657 (England and Wales)
E. SOURIS & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 10 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
E. SOURIS & SONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
E. SOURIS & SONS LIMITED
BALANCE SHEET
AS AT
10 JANUARY 2024
10 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,210
8,590
Investment properties
4
11,000,000
11,000,000
11,007,210
11,008,590
Current assets
Debtors
5
307,691
55,441
Cash at bank and in hand
995,729
1,046,477
1,303,420
1,101,918
Creditors: amounts falling due within one year
6
(285,556)
(254,722)
Net current assets
1,017,864
847,196
Total assets less current liabilities
12,025,074
11,855,786
Provisions for liabilities
7
(1,813,319)
(1,812,782)
Net assets
10,211,755
10,043,004
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
10,211,655
10,042,904
Total equity
10,211,755
10,043,004
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 10 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 March 2024 and are signed on its behalf by:
John Souris
Director
Company Registration No. 2142657
E. SOURIS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 10 JANUARY 2024
- 2 -
1
Accounting policies
Company information
E. SOURIS & SONS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Clearance was sought from HMRC for the demerger of the company and it was granted. In the next accounting period the company will be preparing accounts up to the demerger date which was 11 January 2024.true
1.3
Reporting period
The reporting period for these accounts was shortened to 10 January 2024 to reflect the Company's financial position before the demerger which took place on the 11 January 2024.
1.4
Turnover
Rent receivable from commercial and residential units is recognised on a straight line basis over the term of the relevant lease / tenancy agreement.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
10% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
E. SOURIS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
E. SOURIS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 10 January 2024
46,570
Depreciation and impairment
At 1 July 2023
37,980
Depreciation charged in the Period
1,380
At 10 January 2024
39,360
Carrying amount
At 10 January 2024
7,210
At 30 June 2023
8,590
4
Investment property
2024
£
Fair value
At 1 July 2023 and 10 January 2024
11,000,000
E. SOURIS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 JANUARY 2024
4
Investment property
(Continued)
- 5 -
Investment properties comprise of commercial and residential units. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 30 January 2023 by Michael Charles Chartered Surveyors RICS (Royal Institution of Chartered Surveyors) accredited, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. As at 10 January 2024, the directors were of the opinion that the fair value of the investment properties had not significantly fluctuated.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
42,541
49,212
Directors' current account
262,758
-
Other debtors
2,392
6,229
307,691
55,441
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,001
11,983
Corporation tax
177,732
113,070
Directors' current account
-
49,475
Other creditors
84,010
67,071
Accruals
19,813
13,123
285,556
254,722
7
Provisions for liabilities
2024
2023
£
£
Deferred tax on fair value gains on investment properties
1,828,409
1,828,409
Deferred tax liabilities
(15,090)
(15,627)
1,813,319
1,812,782
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
E. SOURIS & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 JANUARY 2024
- 6 -
9
Controlling party
The company was controlled throughout the current period and previous year by the two directors by virtue of the fact that they owned 84% (2023: 84%) of the issued share capital of the company.
10
Related party transactions
The directors' current account was overdrawn during the Period and interest totalling £1,358 (2023: £734) was paid on the overdrawn balance at HMRC's official rate of interest. The movement on these loans are as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' current account
2.25
(49,475)
325,688
1,358
(14,813)
262,758
Dividends totalling £0 (2023 - £410,000) were paid in the Period in respect of shares held by the company's directors and shareholders.