Registration number:
Southern Capital Estates Limited
for the Year Ended 31 August 2023
Southern Capital Estates Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Southern Capital Estates Limited
(Registration number: 11581209)
Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Other reserves |
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Profit and loss account |
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( |
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Shareholders' funds |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Southern Capital Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Basis of preparation
These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The presentation currency is sterling.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises rental income received or receivable and the proceeds of property sales in the ordinary course of the company's activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Investment property
Investment assets
Investment assets are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.
Southern Capital Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Cash
Cash comprises cash on hand and all deposits.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment assets |
Investment assets |
Total |
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Valuation |
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At 1 September 2022 |
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Revaluations |
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At 31 August 2023 |
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The investment assets have been valued by the directors using the market rate at 31 August 2023.
Investment properties |
2023 |
2022 |
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At 1 September |
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- |
Additions |
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5,631,855 |
Disposals |
( |
(701,569) |
Fair value adjustments |
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9,814 |
At 31 August |
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4,940,100 |
The properties were valued by the directors at their market value using current market data for similar properties in the same areas.
Southern Capital Estates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Debtors |
Current |
2023 |
2022 |
Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Bank loans |
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Taxation and social security |
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Other creditors |
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Directors' loans |
27,627 |
207,351 |
Accruals |
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Creditors include bank loans which are secured by a government guarantee in the sum of £5,198 (2022 - £5,070).
Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Bank loans |
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Creditors include bank loans which are secured by a government guarantee or against the properties they relate to in the sum of £2,949,824 (2022 - £3,177,879). Of this amount, £2,699,922 (2022 - £2,922,779) is repayable, other than by instalments, after more than five years.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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100 |
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100 |
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Related party transactions |
Directors’ loan
The directors provided the company with a loan on which interest was charged at market rate.