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REGISTERED NUMBER: 08388740 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

SL Properties Southern Limited

SL Properties Southern Limited (Registered number: 08388740)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SL Properties Southern Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: R Singh





REGISTERED OFFICE: c/o Ency Associates
Printware Court
Cumberland Business Centre
Portsmouth
Hampshire
PO5 1DS





REGISTERED NUMBER: 08388740 (England and Wales)





ACCOUNTANTS: Ency Associates
Chartered Certified Accountants
Printware Court
Cumberland Business Centre
Northumberland Road
Portsmouth
Hampshire
PO5 1DS

SL Properties Southern Limited (Registered number: 08388740)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Investments 4 - -
Investment property 5 2,100,000 2,100,000
2,100,000 2,100,000

CURRENT ASSETS
Debtors 6 901,313 401,561
Cash at bank 27,262 26,889
928,575 428,450
CREDITORS
Amounts falling due within one year 7 85,981 844,964
NET CURRENT ASSETS/(LIABILITIES) 842,594 (416,514 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,942,594

1,683,486

CREDITORS
Amounts falling due after more than
one year

8

(1,295,510

)

(17,946

)

PROVISIONS FOR LIABILITIES (287,909 ) (300,090 )
NET ASSETS 1,359,175 1,365,450

SL Properties Southern Limited (Registered number: 08388740)

Balance Sheet - continued
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 10 1,359,171 1,365,446
SHAREHOLDERS' FUNDS 1,359,175 1,365,450

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





R Singh - Director


SL Properties Southern Limited (Registered number: 08388740)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

SL Properties Southern Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis. This is considered appropriate because the director has indicated his ongoing financial support.

Turnover
Turnover represents gross rental income received from investment properties.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

SL Properties Southern Limited (Registered number: 08388740)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. FIXED ASSET INVESTMENTS

SL Properties Southern Limited hold the following shares in companies registered in England & Wales:

Company Name Registered Number Nominal value held % held

SL Rental Southampton Limited 08437151 £12 100%
Raleton Limited 07543397 £50 50%

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 2,100,000
NET BOOK VALUE
At 29 February 2024 2,100,000
At 28 February 2023 2,100,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2016 6,430
Valuation in 2018 81,184
Valuation in 2022 540,000
Valuation in 2023 650,000
Cost 822,386
2,100,000

The investment properties were valued on an open market value basis on 8 November 2022 by Symonds & Sampson LLP .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 901,313 401,561

SL Properties Southern Limited (Registered number: 08388740)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 30,240 709,424
Taxation and social security - 10,013
Other creditors 55,741 125,527
85,981 844,964

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 1,295,510 17,946

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 1,183,559 -

9. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 1,305,651 701,448

Lloyds TSB Bank plc created a debenture charge on 10/05/2013.

Shawbrook Bank Limited created a charge on 27/04/2023 over the freehold properties registered at HM Land Registry under title numbers HP346551, PM28066 and PM21201.

10. RESERVES
Retained
earnings
£   

At 1 March 2023 1,365,446
Deficit for the year (6,275 )
At 29 February 2024 1,359,171

11. ULTIMATE CONTROLLING PARTY

The controlling party is R Singh.