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REGISTERED NUMBER: 08467776 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

SOUTHDOWN PROPERTY LIMITED

SOUTHDOWN PROPERTY LIMITED (REGISTERED NUMBER: 08467776)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTHDOWN PROPERTY LIMITED

COMPANY INFORMATION
for the Year Ended 30 APRIL 2024







DIRECTOR: Mr R J Cammack





REGISTERED OFFICE: 12 Park Avenue South
Harpenden
Hertfordshire
AL5 2EA





REGISTERED NUMBER: 08467776 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

SOUTHDOWN PROPERTY LIMITED (REGISTERED NUMBER: 08467776)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,614 11,152
Investment property 5 21,268,953 21,268,953
21,277,567 21,280,105

CURRENT ASSETS
Debtors 6 - 907
Cash at bank 295,977 213,821
295,977 214,728
CREDITORS
Amounts falling due within one year 7 2,098,796 2,303,146
NET CURRENT LIABILITIES (1,802,819 ) (2,088,418 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,474,748

19,191,687

CREDITORS
Amounts falling due after more than one
year

8

(5,804,500

)

(5,804,500

)

PROVISIONS FOR LIABILITIES 10 (686,590 ) (686,894 )
NET ASSETS 12,983,658 12,700,293

CAPITAL AND RESERVES
Called up share capital 7,675,501 7,675,501
Other reserves 11 2,928,953 2,928,953
Retained earnings 11 2,379,204 2,095,839
SHAREHOLDERS' FUNDS 12,983,658 12,700,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

SOUTHDOWN PROPERTY LIMITED (REGISTERED NUMBER: 08467776)

BALANCE SHEET - continued
30 APRIL 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 January 2025 and were signed by:





Mr R J Cammack - Director


SOUTHDOWN PROPERTY LIMITED (REGISTERED NUMBER: 08467776)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 APRIL 2024

1. STATUTORY INFORMATION

Southdown Property 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents rental receipts excluding VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

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.

In accordance with the Financial Reporting Standards for Smaller Entities (FRS 102 Class 1a effective January 2016), investment properties are revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. No depreciation is provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the generally accepted accounting principle set out in the FRS 102 Class 1a (effective January 2016). The director considers, that because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view, and that it is necessary to adopt the FRS 102 Class 1a (effective January 2016) in order to give a true and fair view.

If this departure had not been made, the profit for the year would have been reduced by depreciation. The amount of depreciation cannot reasonably be quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

SOUTHDOWN PROPERTY LIMITED (REGISTERED NUMBER: 08467776)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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 NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 28,198 - 28,198
Additions - 333 333
At 30 April 2024 28,198 333 28,531
DEPRECIATION
At 1 May 2023 17,046 - 17,046
Charge for year 2,788 83 2,871
At 30 April 2024 19,834 83 19,917
NET BOOK VALUE
At 30 April 2024 8,364 250 8,614
At 30 April 2023 11,152 - 11,152

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 21,268,953
NET BOOK VALUE
At 30 April 2024 21,268,953
At 30 April 2023 21,268,953

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 21,268,953

SOUTHDOWN PROPERTY LIMITED (REGISTERED NUMBER: 08467776)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 APRIL 2024

5. INVESTMENT PROPERTY - continued

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 16,232,509 16,232,509

Investment properties were valued on an open market basis on 30 April 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 907

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 94,843 118,803
Taxation and social security 8,160 -
Other creditors 72,946 62,871
Director's loan account 1,869,515 2,065,993
Accruals and deferred income 53,332 55,479
2,098,796 2,303,146

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 5,122,000 5,122,000
Directors' loan accounts 682,500 682,500
5,804,500 5,804,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,122,000 5,122,000

The debts are covered by registration charges on the properties owned by the company.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 686,590 686,894

SOUTHDOWN PROPERTY LIMITED (REGISTERED NUMBER: 08467776)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 APRIL 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 686,894
Capital allowances (304 )
Balance at 30 April 2024 686,590

11. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 May 2023 2,095,839 2,928,953 5,024,792
Profit for the year 283,365 283,365
At 30 April 2024 2,379,204 2,928,953 5,308,157