REGISTERED NUMBER: |
Southwark Residential Limited |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Southwark Residential Limited |
Report of the Director and |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
Southwark Residential Limited (Registered number: 03468046) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 5 |
Southwark Residential Limited |
Company Information |
for the year ended 30 April 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Southwark Residential Limited (Registered number: 03468046) |
Report of the Director |
for the year ended 30 April 2024 |
The director presents his report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of letting property. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Southwark Residential Limited (Registered number: 03468046) |
Income Statement |
for the year ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
(3,447 | ) | (2,097 | ) |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | ( |
) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) |
Southwark Residential Limited (Registered number: 03468046) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved by the director and authorised for issue on |
Southwark Residential Limited (Registered number: 03468046) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Southwark Residential Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off assets over its estimated useful life: |
Long Leasehold Property .1% using fixed rate method |
Plant and Machinery 15% using reduced balance basis |
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 |
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. |
In addition deferred taxation includes a provision for taxation which would occur on the sale of investment properties. It is calculated with reference to the director's valuation at the balance sheet date at the rate then chargeable. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation |
Southwark Residential Limited (Registered number: 03468046) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included in cost of land and buildings is freehold land of £ 52,500 (2023 - £ 0 ) which is not depreciated. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 | 2,218 |
Charge for year | 189 |
At 30 April 2024 | 2,407 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The investment properties include both long leasehold and freehold property. The cost brought forward of the freehold property was £52,500. The freehold properties have not been revalued during the year. The freehold buildings have not being depreciated which is not in accordance with approved accounting standards. |
The long leasehold property is valued at £190,250 at the end of the year by the director. This has been depreciated over the remaining term of the lease. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Southwark Residential Limited (Registered number: 03468046) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2023 |
and 30 April 2024 |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
1. The director has loaned £55,571 interest free unsecured repayable on demand. There was no change to this amount during the year . |
2. the company has rented furniture from Fowler and Hare [Anglesey] Limited to the value of £270. Nothing was owed to Southwark Residential Limited at the year end representing an over payment. |
3. The company employed Fowler and Hare [Anglesey] Limited to prepare leases. The amount charged was £360 and the amount owing at the year end was £120. |
4. The company contracted with Fowler and Hare [Porthmadog] Limited to carry out the bookkeeping for it. charging Southwark Residential Limited £130.The amount outstanding at the year end was £130. |
5. Fowler and Hare [Anglesey] Limited was employed as a service company to manage the four flats at Crofton House, one of the long leaseholds belonging to Southwark Residential Limited. The company's share of the management fee was £155 and nothing was due at the year end. |
6. The company paid Holidays in Wales Limited £648 for managing the company's property. £648 was due at the year end. |
7. The ground rent due on the long leasehold property was £25 payable to Holidays in Wales Limited. No balance was due at the year end. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is Peter Hamilton Fowler. |