Registration number:
Southampton Way Limited
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Brebners
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Southampton Way Limited
Statement of Financial Position as at 31 January 2024
Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
10,000 |
10,000 |
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Retained earnings |
(725,079) |
(133,411) |
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Shareholders' deficit |
(715,079) |
(123,411) |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
.........................................
Mr A R Court
Director
Company registration number: 12390266
Southampton Way Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property development.
Audit Report |
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a loss for the year ended 31 January 2024 and had net liabilities at that date of £715,079.
At 31 January 2024 an amount of £3,246,227 was due to related undertakings who have confirmed they will not call for repayment until such time as the company has sufficient working capital and will continue to provide working capital facilities as required whilst the company undertakes its current development project. The directors' view is that this project remains financially viable and that sufficient funding is available to ensure the project can be completed.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Southampton Way Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Where interest payable is directly attributable to the acquisition of development property included in stock, the interest incurred is capitalised as part of the cost, subject to value considerations.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company during the year, was
Southampton Way Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
Stocks |
2024 |
2023 |
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Work in progress |
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Work in progress includes an amount of £1,234,823 (2023: £1,313,885) in respect of capitalised interest.
Debtors |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
- |
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Other creditors |
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Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Other loans |
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The other loans are secured by a fixed charge over the development property included in stock and a fixed and floating charge over the other assets and undertakings of the company.