Registered number
05765252
SOUTHGATE PROPERTY MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
30 April 2023
SOUTHGATE PROPERTY MANAGEMENT LIMITED
Report and accounts
Contents
Page
Balance Sheet 1
Notes to the accounts 2 - 4
SOUTHGATE PROPERTY MANAGEMENT LIMITED
Registered number: 05765252
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,955 15,057
Current assets
Debtors 4 85,364 122,080
Cash at bank and in hand 14,292 134
99,656 122,214
Creditors: amounts falling due within one year 5 (125,499) (98,715)
Net current (liabilities)/assets (25,843) 23,499
Total assets less current liabilities (14,888) 38,556
Creditors: amounts falling due after more than one year 6 (21,786) (31,479)
Provisions for liabilities (2,081) (2,860)
Net (liabilities)/assets (38,755) 4,217
Capital and reserves
Called up share capital 100 100
Profit and loss account (38,855) 4,117
Shareholders' funds (38,755) 4,217
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved and authorised for issue by the board on 12 April 2024 and were signed on its behalf by:
A Christou
Director
SOUTHGATE PROPERTY MANAGEMENT LIMITED
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents amounts receivable for rental income from residental property lettings. Turnover is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles 25% reducing balance
Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for the objective evidence of impairment. If the objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right of 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements required management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on the experience snd other factors, including expectations of future events that are believed to ve reasonable under the circumstances.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2022 27,619 22,424 50,043
At 30 April 2023 27,619 22,424 50,043
Depreciation
At 1 May 2022 25,176 9,810 34,986
Charge for the year 949 3,153 4,102
At 30 April 2023 26,125 12,963 39,088
Net book value
At 30 April 2023 1,494 9,461 10,955
At 30 April 2022 2,443 12,614 15,057
4 Debtors 2023 2022
£ £
Trade debtors 76,064 98,819
Other debtors 9,300 23,261
85,364 122,080
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,693 13,246
Trade creditors 8,203 2,867
Taxation and social security costs 502 4,173
Other creditors 107,101 78,429
125,499 98,715
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,786 31,479
7 Controlling party
The ultimate controlling party is A Christou.
8 Other information
Southgate Property Management Limited is a private company limited by shares and incorporated in England. Its registered office is 30 Winchmore Hill Road, Southgate, London N14 6PT.
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