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Registered number: 06127620
South Western Property Developments Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Cooper Associates Accountants Ltd
Unaudited Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mr T Hart
Secretary Mr T Hart
Company Number 06127620
Registered Office 40 St James Buildings
St. James Street
Taunton
TA1 1JR
Accountants Cooper Associates Accountants Ltd
40 St James Buildings
St James Street
Taunton
Somerset
TA1 1JR
Page 1
Page 2
Balance Sheet
Registered number: 06127620
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 685,000 685,000
685,000 685,000
CURRENT ASSETS
Debtors 6 1,374 -
Cash at bank and in hand 6,088 7,376
7,462 7,376
Creditors: Amounts Falling Due Within One Year 7 (21,288 ) (15,713 )
NET CURRENT ASSETS (LIABILITIES) (13,826 ) (8,337 )
TOTAL ASSETS LESS CURRENT LIABILITIES 671,174 676,663
Creditors: Amounts Falling Due After More Than One Year 8 (435,825 ) (435,500 )
NET ASSETS 235,349 241,163
CAPITAL AND RESERVES
Called up share capital 10 2 2
Fair Value Reserve 11 131,504 131,504
Profit and Loss Account 103,843 109,657
SHAREHOLDERS' FUNDS 235,349 241,163
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Page 3
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T Hart
Director
21st October 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
South Western Property Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06127620 . The registered office is 40 St James Buildings, St. James Street, Taunton, TA1 1JR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises rental income generated from the investment property owned by the company.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Financial Instruments
The company holds the following financial instruments:
  • Short term trade and other debtors and creditors;
  • Bank loans; and
  • Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
...CONTINUED
Page 4
Page 5
2.5. Financial Instruments - continued
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 March 2023 375
Disposals (375 )
Depreciation
As at 1 March 2023 375
Disposals (375 )
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 and 29 February 2024 685,000
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,374 -
1,374 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,649 -
Corporation tax 4,963 3,905
Other creditors 6,500 6,500
Accruals and deferred income 7,293 4,958
Director's loan account 883 350
21,288 15,713
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 435,825 435,500
435,825 435,500
9. Secured Creditors
A fixed charge over the assets of the company exists with National Westminister Bank PLC on bank loans due after one year.
2024 2023
£ £
Bank loans and overdrafts 435,825 435,500
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Reserves
Fair Value Reserve
£
As at 1 March 2023 131,504
As at 29 February 2024 131,504
Page 6