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REGISTERED NUMBER: 00318668 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SOUTHGATE PROPERTIES LIMITED

SOUTHGATE PROPERTIES LIMITED (REGISTERED NUMBER: 00318668)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTHGATE PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 MARCH 2024







DIRECTORS: J C Ancell
R I Dudding





SECRETARY: J C Ancell





REGISTERED OFFICE: Lonsto House
276 Chase Road
London
N14 6HA





REGISTERED NUMBER: 00318668 (England and Wales)





ACCOUNTANTS: SRG Newmans Limited
Five Ways
57-59 Hatfield Road
Potters Bar
Hertfordshire
EN6 1HS

SOUTHGATE PROPERTIES LIMITED (REGISTERED NUMBER: 00318668)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 865,468 865,468

CURRENT ASSETS
Debtors 5 22,673 2,431

CREDITORS
Amounts falling due within one year 6 22,282 27,630
NET CURRENT ASSETS/(LIABILITIES) 391 (25,199 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

865,859

840,269

PROVISIONS FOR LIABILITIES 64,190 64,190
NET ASSETS 801,669 776,079

CAPITAL AND RESERVES
Called up share capital 15,036 15,036
Share premium 910 910
Retained earnings 785,723 760,133
801,669 776,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SOUTHGATE PROPERTIES LIMITED (REGISTERED NUMBER: 00318668)

BALANCE SHEET - continued
31 MARCH 2024


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 Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





R I Dudding - Director


SOUTHGATE PROPERTIES LIMITED (REGISTERED NUMBER: 00318668)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2024

1. STATUTORY INFORMATION

Southgate Properties 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.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the income statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the income statement.

SOUTHGATE PROPERTIES LIMITED (REGISTERED NUMBER: 00318668)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Lease premiums
Lease premiums are recognised in the income statement in the accounting period that is was received. The value of the leasehold increases in value when the lease premium is received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 865,468
NET BOOK VALUE
At 31 March 2024 865,468
At 31 March 2023 865,468

The 2024 valuations were made by Mr R I Dudding, a director of the company, on an open market value for existing use basis.

Mr R I Dudding is qualified to make the valuation on the basis of his knowledge and experience of the residential and commercial property market.

The historic cost of freehold land and buildings is £418,543 (2023: £418,543).

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 208,295
Valuation in 2017 238,630
Cost 418,543
865,468

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 700 2,431
Amounts owed by group undertakings 21,973 -
22,673 2,431

SOUTHGATE PROPERTIES LIMITED (REGISTERED NUMBER: 00318668)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 865 8,483
Amounts owed to group undertakings - 939
Taxation and social security 8,513 6,048
Other creditors 12,904 12,160
22,282 27,630

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the Trustees of Dudding Property Settlement Trust by virtue of its controlling shareholding in the company.

8. RETAINED EARNINGS

Included in retained earnings is £382,734 (2023: £382,734) of profits that are not available for distribution as they are unrealised.