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Registered number: 12777027














SOUTHERN COUNTIES PROPERTY CO LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MARCH 2024

 
SOUTHERN COUNTIES PROPERTY CO LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 6


 
SOUTHERN COUNTIES PROPERTY CO LIMITED
REGISTERED NUMBER:12777027

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
930,000
930,000

Current assets
  

Debtors: amounts falling due within one year
 5 
-
2,213

Cash at bank and in hand
  
8,638
14,886

  
8,638
17,099

Creditors: amounts falling due within one year
 6 
(915,408)
(801,620)

Net current liabilities
  
 
 
(906,770)
 
 
(784,521)

Total assets less current liabilities
  
23,230
145,479

Creditors: amounts falling due after more than one year
 7 
-
(136,153)

  

Net assets
  
23,230
9,326


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
23,229
9,325

  
23,230
9,326


Page 1

 
SOUTHERN COUNTIES PROPERTY CO LIMITED
REGISTERED NUMBER:12777027
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 17 October 2024.




R Gilbert
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
SOUTHERN COUNTIES PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Southern Counties Property Co Limited is a limited liability company registered in England and Wales. Its registered office address is at Unit 9 Totman Crescent, Brook Road Industrial Estate, Rayleigh, Essex, SS6 7UY.
The principal activity of the Company during the year was that of a rental property. 
The financial statements are presented in £ sterling, which is the functional currency of the Company. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied in the year exclusive of trade discounts and excluding Value Added Tax.
Turnover comprises rent receivable during the year.  Rent receivable is recognised in the period to which it relates. 

 
2.3

Interest income

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

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

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.

Page 3

 
SOUTHERN COUNTIES PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by the Directors 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. Changes in fair value are recognised in profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the period was 3 (2023 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
930,000



At 31 March 2024
930,000

The 2024 valuations were made by directors, on an open market value for existing use basis.



At 31 March 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
930,000
930,000


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
-
2,213


Page 4

 
SOUTHERN COUNTIES PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
38,965

Amounts owed to group undertakings
735,575
635,575

Other taxation and social security
5,957
3,205

Other creditors
173,876
123,875

915,408
801,620



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
136,153



8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
38,965


Amounts falling due 2-5 years

Bank loans
-
136,153


-
175,118



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1


Page 5

 
SOUTHERN COUNTIES PROPERTY CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.


Related party transactions

Included within other creditors is an amount of £735,575 (2023: £635,575) due to entities under common control. The amount is interest free and payable on demand. 






 
Page 6