REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
EDWARD PROPERTIES (SOUTHERN) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
EDWARD PROPERTIES (SOUTHERN) LIMITED |
EDWARD PROPERTIES (SOUTHERN) LIMITED (REGISTERED NUMBER: 13058050) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 2 |
EDWARD PROPERTIES (SOUTHERN) LIMITED (REGISTERED NUMBER: 13058050) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 6 |
Net (liabilities)/assets | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | ( |
) |
Shareholders' funds | ( |
) |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
EDWARD PROPERTIES (SOUTHERN) LIMITED (REGISTERED NUMBER: 13058050) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | Statutory information |
Edward Properties (Southern) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 13058050. The registered office address is 7&8 Church Street, Wimborne, Dorset, BH21 1JH and the business address is 404 Ringwood Road, Ferndown, Dorset, BH22 9AU. |
2. | Accounting policies |
Basis of preparing the financial statements |
The company has made a loss during the year and has a deficiency of assets at the year end of £12,068. The directors have confirmed their support of the company over the next 12 months, in order that it can meet its day to day working capital requirements. |
Preparation of consolidated financial statements |
The financial statements present information about the company as an individual undertaking and not about its group. The company is a wholly owned subsidiary within a small-sized group. The group has taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. |
Turnover |
Turnover represents rental income received from operating leases, which is recognised on a straight line basis over the term of the lease. |
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 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 initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
EDWARD PROPERTIES (SOUTHERN) LIMITED (REGISTERED NUMBER: 13058050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 March 2023 |
and 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
Investment properties were valued on an open market basis on 29 February 2024 by the directors. |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Tax |
Accruals and deferred income |
6. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 762,610 | 787,496 |
7. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The Aldermore Bank loans are secured by legal charges over the freehold of the following properties: |
27 Buckthorn Lane, Wimborne, Dorset dated 23 July 2021, |
29 Buckthorn Lane, Wimborne, Dorset dated 6 August 2021, |
17 Mosaic Mews, Blandford St. Mary, Dorset dated 29 April 2022, and |
19 Mosaic Mews, Blandford St. Mary, Dorset dated 29 April 2022. |
EDWARD PROPERTIES (SOUTHERN) LIMITED (REGISTERED NUMBER: 13058050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 1 | 1 |
9. | Ultimate controlling party |
The company is ultimately controlled by one of the directors, Mr S Seyed-Rezai, by virtue of his 60% holding in the voting share capital of the the parent company, Edward Holdings (UK) Limited. |