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Registration number: 08026673

Southwest Properties (Exmouth) Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Southwest Properties (Exmouth) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Southwest Properties (Exmouth) Limited

Company Information

Directors

Mrs Joanna Elizabeth Munnings

Mr Guy Philip Munnings

Company secretary

Mrs Joanna Elizabeth Munnings

Mr Guy Philip Munnings

Registered office

EAGLE HOUSE
44 THE STRAND
EXMOUTH
DEVON
EX8 1AL

Accountants

Southon & Co
Chartered Certified Accountants
6 -10 The Parade
Exmouth
Devon
EX8 1RL

 

Southwest Properties (Exmouth) Limited

Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,426,459

5,226,459

Investments

5

5,571,674

5,571,674

 

10,998,133

10,798,133

Current assets

 

Stocks

6

384,544

-

Debtors

7

3,448,334

960,485

Cash at bank and in hand

 

1,275,033

720,472

 

5,107,911

1,680,957

Creditors: Amounts falling due within one year

(3,359,757)

(175,694)

Net current assets

 

1,748,154

1,505,263

Total assets less current liabilities

 

12,746,287

12,303,396

Accruals and deferred income

 

-

(1,250)

Net assets

 

12,746,287

12,302,146

Capital and reserves

 

Called up share capital

8

1,169

1,169

Share premium reserve

11,920,765

11,920,765

Retained earnings

824,353

380,212

Shareholders' funds

 

12,746,287

12,302,146

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Southwest Properties (Exmouth) Limited

Abridged Balance Sheet as at 30 April 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................

Mrs Joanna Elizabeth Munnings

Company secretary and director

Registration number: 08026673

 

Southwest Properties (Exmouth) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
EAGLE HOUSE
44 THE STRAND
EXMOUTH
DEVON
EX8 1AL

These financial statements were authorised for issue by the Board on 28 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

 

Southwest Properties (Exmouth) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Southwest Properties (Exmouth) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 May 2023

5,226,459

5,226,459

Additions

200,000

200,000

At 30 April 2024

5,426,459

5,426,459

Depreciation

Carrying amount

At 30 April 2024

5,426,459

5,426,459

At 30 April 2023

5,226,459

5,226,459

Included within the net book value of land and buildings above is £5,426,459 (2023 - £5,226,459) in respect of freehold land and buildings.
 

 

Southwest Properties (Exmouth) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

5

Investments

Total
£

Cost or valuation

At 1 May 2023

5,571,674

Provision

Carrying amount

At 30 April 2024

5,571,674

At 30 April 2023

5,571,674

2024
£

2023
£

6

Stocks

2024
£

2023
£

Other inventories

384,544

-

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.02 each

70,112

1,169

70,112

1,169

       

9

Dividends

 

Southwest Properties (Exmouth) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

2024

2023

£

£

Final dividend of £100,000.00 (2023 - £100,000.00) per ordinary share

100,000

100,000

Interim dividend of £Nil (2023 - £Nil) per ordinary share

-

-

100,000

100,000

 

 

10

Related party transactions

 

Southwest Properties (Exmouth) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

40,769