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Registered number: 10315493
Sohot Property London Limited
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 August 2023
Director's Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Director's Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—10
Page 1
Company Information
Director S P Flower
Company Number 10315493
Registered Office Exceed Uk Ltd, 81 St. Judes Road
Englefield Green
Egham
Surrey
TW20 0DF
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 August 2023.
Principal Activity
The company's principal activity continues to be that of other letting and operating of owned or leased real estate.
Directors
The director who held office during the year were as follows:
S P Flower
Small Company Rules
This report has 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.
On behalf of the board
S P Flower
Director
08/04/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 August 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
08/04/2024
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 3
Page 4
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 67,072 20,961
GROSS PROFIT 67,072 20,961
Administrative expenses (25,154 ) (24,492 )
OPERATING PROFIT/(LOSS) 41,918 (3,531 )
Profit on disposal of fixed assets 15,785 -
Interest payable and similar charges (17,952 ) (8,768 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 39,751 (12,299 )
The notes on pages 8 to 10 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 370,000
- 370,000
CURRENT ASSETS
Debtors 5 28,551 -
Cash at bank and in hand 3,909 1,730
32,460 1,730
Creditors: Amounts Falling Due Within One Year 6 (62,105 ) (137,928 )
NET CURRENT ASSETS (LIABILITIES) (29,645 ) (136,198 )
TOTAL ASSETS LESS CURRENT LIABILITIES (29,645 ) 233,802
Creditors: Amounts Falling Due After More Than One Year 7 - (252,413 )
NET LIABILITIES (29,645 ) (18,611 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve - 50,785
Profit and Loss Account (29,646 ) (69,397 )
SHAREHOLDERS' FUNDS (29,645) (18,611)
Page 5
Page 6
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
S P Flower
Director
08/04/2024
The notes on pages 8 to 10 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 September 2021 1 50,785 (57,098 ) (6,312)
Loss for the year and total comprehensive income - - (12,299 ) (12,299)
As at 31 August 2022 and 1 September 2022 1 50,785 (69,397 ) (18,611)
Profit for year - - 39,751 39,751
Revaluation reverse - (50,785) - (50,785)
Other comprehensive income for the year - (50,785 ) - (50,785 )
Total comprehensive income for the year - (50,785) 39,751 (11,034)
As at 31 August 2023 1 - (29,646 ) (29,645)
Page 7
Page 8
Notes to the Financial Statements
1. General Information
Sohot Property London Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10315493 . The registered office is Exceed Uk Ltd, 81 St. Judes Road, Englefield Green, Egham, Surrey, TW20 0DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has formed a judgement at the time of approving the Annual Financial Statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the director has adopted the going concern basis in preparing the accounts.
2.3. Turnover
Turnover represents rents receivable on properties within the UK. Rents are receivable on a monthly basis and where payments are receivable from tenants for periods ending after the balance sheet date, the relevant proportion of rent receivable is recorded as deferred income and included as part of creditors due within one year.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. No revaluation adjustment has been made in the current year.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 8
Page 9
4. Tangible Assets
Investment Properties
£
Cost
As at 1 September 2022 370,000
Disposals (370,000 )
Net Book Value
As at 31 August 2023 -
As at 1 September 2022 370,000
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 28,551 -
28,551 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 180 2,617
Other creditors 61,925 135,311
62,105 137,928
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Kent Reliance Mortgage (14 Vanbrugh Court) - 252,413
- 252,413
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1 each 1 1
Page 9
Page 10
9. Related Party Transactions
At the balance sheet date, the company owed the director £60,245 (2022: £106,675). The loan is interest free, unsecured, of no fixed term, and repayable on demand.
Included under other debtors is an amount owed by a related party company, SoHot Stays Limited, of £28,551 (2022: £24,000 owed to SoHot Stays Limited). The loan is interest free, unsecured, of no fixed term, and repayable on demand.
The controlling party is the company director by virtue of his shareholding.
10. Taxation
The Company has carried forward losses of £45,336 (2022: £69,302) which it can utilise against future taxable profits.
Page 10