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Company No: 09447301 (England and Wales)

SOMERSET LAND LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

SOMERSET LAND LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

SOMERSET LAND LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
SOMERSET LAND LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Mr S F C Jeffery
REGISTERED OFFICE Ground Floor Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX
United Kingdom
BUSINESS ADDRESS Chilcotts Farm
Pitminster
Taunton
TA3 7AZ
COMPANY NUMBER 09447301 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
SOMERSET LAND LIMITED

BALANCE SHEET

As at 30 November 2023
SOMERSET LAND LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 303,162 312,793
Investment property 6 203,861 203,861
Investments 7 1 1
507,024 516,655
Current assets
Debtors 8 1,181,270 1,090,185
Cash at bank and in hand 661 4,431
1,181,931 1,094,616
Creditors: amounts falling due within one year 9 ( 3,902) ( 2,536)
Net current assets 1,178,029 1,092,080
Total assets less current liabilities 1,685,053 1,608,735
Net assets 1,685,053 1,608,735
Capital and reserves
Called-up share capital 10 1,000 1,000
Profit and loss account 1,684,053 1,607,735
Total shareholder's funds 1,685,053 1,608,735

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Somerset Land Limited (registered number: 09447301) were approved and authorised for issue by the Director on 20 June 2024. They were signed on its behalf by:

Mr S F C Jeffery
Director
SOMERSET LAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
SOMERSET LAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Somerset Land Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The principal place of business is Chilcotts Farm, Pitminster, Taunton, TA3 7AZ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of furnished holiday letting accommodation, residential and commercial letting. Turnover is stated net of returns, rebates and discounts and is recognised when the period of letting has been completed.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

The director is satisfied, having considered the current financial position and performance of the company, that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the director has considered recoverability of debtors, future contracts and cash flow projections (from the date of approval of these financial statements) to take account of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.

3. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 November 2022 £ £ £
Turnover 24,903 7,091 31,994
Other operating income 7,091 (7,091) 0

All rental income has been treated as turnover for the year ended 30 November 2023. The 2022 figures have been adjusted to show the same. Previously, furnished holiday letting income was shown as turnover and commercial letting as other operating income.

4. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

5. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 December 2022 338,556 43,025 381,581
At 30 November 2023 338,556 43,025 381,581
Accumulated depreciation
At 01 December 2022 37,199 31,589 68,788
Charge for the financial year 6,772 2,859 9,631
At 30 November 2023 43,971 34,448 78,419
Net book value
At 30 November 2023 294,585 8,577 303,162
At 30 November 2022 301,357 11,436 312,793

6. Investment property

Investment property
£
Valuation
As at 01 December 2022 203,861
As at 30 November 2023 203,861

Valuation

There has been no valuation of the investment property by an independent valuer.

7. Fixed asset investments

Investments in joint ventures Total
£ £
Cost or valuation before impairment
At 01 December 2022 1 1
At 30 November 2023 1 1
Carrying value at 30 November 2023 1 1
Carrying value at 30 November 2022 1 1

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.11.2023
Ownership
30.11.2022
Swanmore Estates Limited Rumwell Hall, Rumwell, Taunton, Somerset, TA4 1EL Property developers Ordinary 50.00% 50.00%

8. Debtors

2023 2022
£ £
Corporation tax 0 3,915
Other debtors 1,181,270 1,086,270
1,181,270 1,090,185

9. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,728 27
Taxation and social security 658 0
Other creditors 1,516 2,509
3,902 2,536

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 £1.00 Ordinary shares of £ 1.00 each 1,000 1,000

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.