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Registration number: 09172468

Southside Street Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Southside Street Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

Southside Street Limited

Company Information

Director

Mrs A Oxinou

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Southside Street Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Southside Street Limited for the year ended 31 December 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Southside Street Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Southside Street Limited and state those matters that we have agreed to state to the Board of Directors of Southside Street Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southside Street Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Southside Street Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Southside Street Limited. You consider that Southside Street Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Southside Street Limited. 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 statutory accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

5 August 2024

 

Southside Street Limited

(Registration number: 09172468)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

189,001

193,897

Investment property

5

628,595

628,595

 

817,596

822,492

Current assets

 

Debtors

6

80,000

80,009

Cash at bank and in hand

 

6,709

13,152

 

86,709

93,161

Creditors: Amounts falling due within one year

7

(287,478)

(295,813)

Net current liabilities

 

(200,769)

(202,652)

Total assets less current liabilities

 

616,827

619,840

Creditors: Amounts falling due after more than one year

7

(225,618)

(274,233)

Provisions for liabilities

(82,478)

(63,018)

Net assets

 

308,731

282,589

Capital and reserves

 

Called up share capital

10

10

Revaluation reserve

59,496

65,624

Retained earnings

249,225

216,955

Shareholders' funds

 

308,731

282,589

 

Southside Street Limited

(Registration number: 09172468)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 August 2024
 

.........................................

Mrs A Oxinou

Director

 

Southside Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
10 Quay Road
Barbican
Plymouth
Devon
PL1 2JZ

These financial statements were authorised for issue by the director on 5 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the rent received from tenants of the company’s investment properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Southside Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% Straight line method

Fixtures & Fittings

15% Reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

 

Southside Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

200,000

15,647

215,647

Additions

-

936

936

At 31 December 2023

200,000

16,583

216,583

Depreciation

At 1 January 2023

18,239

3,511

21,750

Charge for the year

4,000

1,832

5,832

At 31 December 2023

22,239

5,343

27,582

Carrying amount

At 31 December 2023

177,761

11,240

189,001

At 31 December 2022

181,761

12,136

193,897

Included within the net book value of land and buildings above is £177,761 (2022 - £181,761) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Property was revalued on 31 December 2019. An independent valuer was not involved.
The most recent valuation of the property was undertaken by the director on 31 December 2019.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £98,505 (2022 - £100,744).

5

Investment properties

2023
£

At 1 January

628,595

Additions

-

Disposals

-

Fair value adjustments

-

At 31 December

628,595

The most recent valuation of the property was undertaken by the director on 31 December 2020. The director believes that the value remains unchanged from the value declared on 31 December 2019.

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

 

Southside Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Other debtors

80,000

80,009

80,000

80,009

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

48,049

43,525

Trade creditors

 

2,493

-

Taxation and social security

 

22,764

19,469

Accruals and deferred income

 

5,855

5,441

Other creditors

 

208,317

227,378

 

287,478

295,813

Creditors include bank loans which are secured against freehold property and investment property of £48,049 (2022 - £43,525 ).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

225,618

274,233

Creditors include bank loans which are secured against freehold property and investment property of £225,618 (2022 - £274,2330).