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Company No: 12059014 (England and Wales)

SOUTHLEA INVESTMENTS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SOUTHLEA INVESTMENTS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SOUTHLEA INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
SOUTHLEA INVESTMENTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,088 5,451
Investment property 4 9,050,886 1,814,164
9,054,974 1,819,615
Current assets
Debtors 5 5,223 8,721
Cash at bank and in hand 255,012 4,589
260,235 13,310
Creditors: amounts falling due within one year 6 ( 6,052,679) ( 919,697)
Net current liabilities (5,792,444) (906,387)
Total assets less current liabilities 3,262,530 913,228
Creditors: amounts falling due after more than one year 7 ( 2,160,000) ( 1,184,727)
Provision for liabilities ( 273,263) 0
Net assets/(liabilities) 829,267 ( 271,499)
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 829,266 ( 271,500 )
Total shareholder's funds/(deficit) 829,267 ( 271,499)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Southlea Investments Ltd (registered number: 12059014) were approved and authorised for issue by the Board of Directors on 20 November 2024. They were signed on its behalf by:

Giovanni Fragapane
Director
SOUTHLEA INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SOUTHLEA INVESTMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southlea Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 July 2023 6,814 6,814
At 30 June 2024 6,814 6,814
Accumulated depreciation
At 01 July 2023 1,363 1,363
Charge for the financial year 1,363 1,363
At 30 June 2024 2,726 2,726
Net book value
At 30 June 2024 4,088 4,088
At 30 June 2023 5,451 5,451

4. Investment property

Investment property
£
Valuation
As at 01 July 2023 1,814,164
Additions resulting from business combinations 5,918,145
Fair value movement 1,318,577
As at 30 June 2024 9,050,886

Valuation

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

5. Debtors

2024 2023
£ £
Trade debtors 3,005 0
Prepayments 2,218 0
VAT recoverable 0 8,721
5,223 8,721

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,856 26,265
Amounts owed to directors 5,889,246 802,729
Accruals and deferred income 23,976 9,556
Other creditors 125,601 81,147
6,052,679 919,697

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 2,160,000 1,184,727

Handelsbanken PLC has a charge over all the assets of the company in respect of the bank loan.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amount owed to the directors by the company 5,889,246 802,729

There are no interest charges on the above amounts and no set repayment date

10. Profit and loss account

2024 2023
£ £
Profit and loss account - distributable (216,047) (271,500)
Profit and loss account - non-distributable 1,045,313 0
829,266 (271,500)

Profit and loss account - distributable

This reserve represents the cumulative profits and losses that can be distributed.

Profit and loss account - non-distributable

This reserve represents the cumulative gains and losses, and respective deferred tax on these gains and losses, on the fair value movements of investment properties.