Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01property developmentfalse11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11649137 2023-01-01 2023-12-31 11649137 2022-01-01 2022-12-31 11649137 2023-12-31 11649137 2022-12-31 11649137 c:Director1 2023-01-01 2023-12-31 11649137 d:CurrentFinancialInstruments 2023-12-31 11649137 d:CurrentFinancialInstruments 2022-12-31 11649137 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11649137 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11649137 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11649137 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11649137 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 11649137 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 11649137 d:ShareCapital 2023-12-31 11649137 d:ShareCapital 2022-12-31 11649137 d:RetainedEarningsAccumulatedLosses 2023-12-31 11649137 d:RetainedEarningsAccumulatedLosses 2022-12-31 11649137 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11649137 c:OrdinaryShareClass1 2023-12-31 11649137 c:OrdinaryShareClass1 2022-12-31 11649137 c:FRS102 2023-01-01 2023-12-31 11649137 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11649137 c:FullAccounts 2023-01-01 2023-12-31 11649137 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11649137 2 2023-01-01 2023-12-31 11649137 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 11649137














SOUNION LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
SOUNION LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 5

 
SOUNION LIMITED
REGISTERED NUMBER:11649137

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
7,654,375
7,638,404

Debtors: amounts falling due within one year
 5 
10,734
10,395

Cash at bank and in hand
  
112,998
422,086

  
7,778,107
8,070,885

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(2,195,500)
(2,065,527)

Total assets less current liabilities
  
5,582,607
6,005,358

  

Non current liabilities
  

Bank loans
 7 
(6,175,000)
(6,175,000)

Net liabilities
  
(592,393)
(169,642)


Capital and reserves
  

Called up share capital 
 8 
4,000
4,000

Profit and loss account
  
(596,393)
(173,642)

  
(592,393)
(169,642)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
SOUNION LIMITED
REGISTERED NUMBER:11649137
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 August 2024.




C O Chartouni
Director

The notes on pages 3 to 5 form part of these financial statements.
Page 2

 
SOUNION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Sounion Limited is a private limited liability company, incorporated in England and Wales, with its registered office at 1 Hampstead Gate, 1a Frognal, London, NW3 6AL. 
The principal activity of the Company is property development.

The functional and presentation reporting currency is £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through the support of the
shareholder. The director believes that it is appropriate to prepare the financial statements on a going
concern basis which assumes that the company will continue in operational existence with the
continued support of the shareholder.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Land and building development costs

Land and building development costs are accounted for as work in progress and are valued on the
basis of direct costs plus attributable overheads including interest. 

Page 3

 
SOUNION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans from related
parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Stocks

2023
2022
£
£

Land and building development costs
7,654,375
7,638,404


Capitalised within land and building development costs is loan interest of £561,734 (2022 - £561,734). 

5.


Debtors

2023
2022
£
£


Other debtors
-
95

Prepayments and accrued income
10,734
10,300

10,734
10,395

Page 4

 
SOUNION LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,207
4,106

Other creditors
2,182,000
1,982,013

Accruals and deferred income
8,293
79,408

2,195,500
2,065,527


Other loans of £2,182,000 (2022 - £1,982,000) are unsecured, interest free and repayable on demand. 


7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loan
6,175,000
6,175,000


The bank loan is secured by a charge over the company's stock of land and building and a personal guarantee from the director.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,000 (2022 - 4,000) Ordinary shares of £1.00 each
4,000
4,000


 
Page 5