Registered number
03652191
Southern Territory Limited
Filleted Accounts
31 August 2023
Southern Territory Limited
Registered number: 03652191
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,776,916 19,190,000
Investments 4 1,750,100 1,750,100
23,527,016 20,940,100
Current assets
Debtors 5 8,262,087 8,378,677
Cash at bank and in hand 5,555 10,909
8,267,642 8,389,586
Creditors: amounts falling due within one year 6 (2,197,034) (1,730,702)
Net current assets 6,070,608 6,658,884
Total assets less current liabilities 29,597,624 27,598,984
Creditors: amounts falling due after more than one year 7 (7,673,898) (5,930,369)
Net assets 21,923,726 21,668,615
Capital and reserves
Called up share capital 100 100
Fair value reserve 9 12,159,362 12,159,362
Profit and loss account 9,764,264 9,509,153
Shareholders' funds 21,923,726 21,668,615
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.
A Alexandrou
Director
Approved by the board on 20 August 2024
Southern Territory Limited
Notes to the Accounts
for the year ended 31 August 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from rental income receivable. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from rental income receivable is recognised by the date the rental income relates to.
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:
Investment properties NIL
Investment property is revalued each year at fair value. Any changes in fair value are recognised in the profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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 between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment properties
£
Fair value
At 1 September 2022 19,190,000
Additions 2,586,916
At 31 August 2023 21,776,916
Depreciation
At 31 August 2023 -
Fair value
At 31 August 2023 21,776,916
At 31 August 2022 19,190,000
Investment properties were valued on a fair value basis on 31 August 2023 by the directors Mr G Leonidas and Mr A Alexandrou.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 September 2022 1,750,100
At 31 August 2023 1,750,100
5 Debtors 2023 2022
£ £
Trade debtors 130,571 39,146
Amounts owed by associated companies 8,129,516 8,087,531
Exchange monies for property completion - 250,000
Other debtors 2,000 2,000
8,262,087 8,378,677
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 149,784 166,392
Trade creditors 313,027 324,138
Amounts owed to associated companies 1,183,791 713,467
Other loans 121,692 121,692
Taxation and social security costs 320,626 310,223
Dividends payable 21,775 19,775
Other creditors 86,339 75,015
2,197,034 1,730,702
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,673,898 5,930,369
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,872,710 -
Instalments falling due for payment after more than five years 1,241,064 1,353,888
3,113,774 1,353,888
Secured bank loans 7,823,682 6,096,761
The company has various fixed and floating charges secured over the assets and properties of the company.
9 Fair value reserve 2023 2022
£ £
At 1 September 2022 12,159,362 12,159,362
At 31 August 2023 12,159,362 12,159,362
10 Related party transactions
Included in debtors falling due within one year are balances of:
£589,016 (2022: £585,016) owed by Icospec Limited
£590,000 (2022: £627,100) Atlantic Developments (Cudworth) Limited
£92,926 (2022: £92,926) Marlyn Properties Limited
£1,968,022 (2022: £1,856,733) Friday Hill House Limited
£1,444,981 (2022: £1,519,185) Atlantic Lodge (Housing) Limited

These are companies in which the directors A Alexandrou and G Leonidas have an interest.

Included in debtors falling due within one year are balances of:
£411,015 (2022: £415,115) Atlantic (Hertford) Limited
£1,631,886 (2022: £1,644,386) Southern Territory (UK) Limited
£63 (2022: £63) Southern Territory London Limited
£13,000 (2022 - £13,000) STUK03 Ltd
£46,449 (2022 - £18,949) STUK07 Ltd
£1,333,158 (2022 - £1,315,058) STUK06 Ltd
£9,000 (2022 - £Nil) STUK11 Ltd

These are companies in which the director A Alexandrou has an interest.

Included in creditors falling due with in one year are balances of £487,267 (2022 : £487,267) owed to Waterhouse Properties Limited a company in which the director G Leonidas holds an interest, £1,000 (2022 - £1,000) owed to STUK01 Ltd and £695,524 (2022 - £225,200) owed to STUK10 Ltd, companies in which the director A Alexandrou holds an interest.
11 Controlling party
The company was under the control of its directors throughout the period under review. Each director held 50% of the share capital each.
12 Other information
Southern Territory Limited is a private company limited by shares and incorporated in England. Its registered office is:
Atlantic Business Centre
1 The Green
London
E4 7ES
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