Company registration number 01543682 (England and Wales)
SOUTH OF THE BORDER HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SOUTH OF THE BORDER HOLDINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SOUTH OF THE BORDER HOLDINGS LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
631,599
634,941
Investment properties
4
21,000,000
21,000,000
Investments
5
2,490,000
3,752,616
24,121,599
25,387,557
Current assets
Stocks
150,180
117,229
Debtors
6
975,138
252,244
Cash at bank and in hand
541,697
475,634
1,667,015
845,107
Creditors: amounts falling due within one year
7
(298,699)
(361,619)
Net current assets
1,368,316
483,488
Total assets less current liabilities
25,489,915
25,871,045
Creditors: amounts falling due after more than one year
8
-
0
(208,373)
Provisions for liabilities
(4,966,978)
(4,967,315)
Net assets
20,522,937
20,695,357
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
9
20,522,837
20,695,257
Total equity
20,522,937
20,695,357
SOUTH OF THE BORDER HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 21 January 2025
Mr P Tutton
Director
Company Registration No. 01543682
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

South Of The Border Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

1.1
Reporting period

The year end was extended by 6 month due to the companies largest tenant being placed in administration. The complexity that occurs in these circumstance needed the directors immediate attention. The comparative amounts in the financial statements (including the related notes) are therefore not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover receivable for services has a number of constituent parts and are accounted for as follows:

Rental income is recognised in the period in to which the lease period relates.

Service charges are recognised in the quarter to which the lease period relates.

Property management services are recognised in the period the works are carried out.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Comprises freehold land - land not depreciated
Land and buildings Leasehold
Over the life of the lease
Plant and machinery
2% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
5
5
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
107,059
1,510,417
1,617,476
Additions
-
0
26,716
26,716
At 30 April 2024
107,059
1,537,133
1,644,192
Depreciation and impairment
At 1 November 2022
3,306
979,229
982,535
Depreciation charged in the period
826
29,232
30,058
At 30 April 2024
4,132
1,008,461
1,012,593
Carrying amount
At 30 April 2024
102,927
528,672
631,599
At 31 October 2022
103,753
531,188
634,941
4
Investment property
2024
£
Fair value
At 1 November 2022 and 30 April 2024
21,000,000

Investment property comprises £21,000,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30th April 2024 by the Director.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2022
£
£
Cost
1,159,417
1,159,417
Accumulated depreciation
-
-
Carrying amount
1,159,417
1,159,417
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
5
Fixed asset investments
2024
2022
£
£
Other investments other than loans
2,490,000
3,752,616
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2022
3,752,616
Disposals
(1,262,616)
At 30 April 2024
2,490,000
Carrying amount
At 30 April 2024
2,490,000
At 31 October 2022
3,752,616
6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
85,503
157,587
Amounts owed by group undertakings
793,502
-
0
Other debtors
58,153
94,657
937,158
252,244
Deferred tax asset
37,980
-
0
975,138
252,244

The amounts owed by group undertakings are interest free, with no security and no fixed repayment terms.

7
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
80,788
165,196
Taxation and social security
41,729
54,313
Other creditors
176,182
142,110
298,699
361,619
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 8 -
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Other creditors
-
0
208,373

The amounts owed to group undertakings (included in other creditors) are interest free, with no security and no fixed repayment terms.

9
Profit and loss reserves
2024
2022
£
£
At the beginning of the period
20,695,257
21,702,432
Loss for the period
(116,420)
(982,175)
Dividends declared and paid in the period
(56,000)
(25,000)
At the end of the period
20,522,837
20,695,257

Included within profit and loss reserves are non-distributable profits, as set out below:

2024
2022
£
£
Non-distributable profits included above
At the beginning of the period
15,005,307
16,165,771
Non distributable profits in the period
-
(1,160,464)
At the end of the period
15,005,307
15,005,307
Distributable profits
5,517,530
5,689,950
10
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2022
£
£
331,770
1,327,080
SOUTH OF THE BORDER HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 9 -
11
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2022
Amounts due to related parties
£
£
Entities with control
-
0
208,343

The following amounts were outstanding at the reporting end date:

2024
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
793,502
-
12
Parent company

The ultimate parent company of South Of The Border Holdings Ltd is Tuberg Property Co. Limited and its registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU

2024-04-302022-11-01false21 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr P TuttonMr D Wilcockfalsefalse015436822022-11-012024-04-30015436822024-04-30015436822022-10-3101543682core:LandBuildings2024-04-3001543682core:OtherPropertyPlantEquipment2024-04-3001543682core:LandBuildings2022-10-3101543682core:OtherPropertyPlantEquipment2022-10-3101543682core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3001543682core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3101543682core:CurrentFinancialInstruments2024-04-3001543682core:CurrentFinancialInstruments2022-10-3101543682core:Non-currentFinancialInstruments2024-04-3001543682core:Non-currentFinancialInstruments2022-10-3101543682core:ShareCapital2024-04-3001543682core:ShareCapital2022-10-3101543682core:RetainedEarningsAccumulatedLosses2024-04-3001543682core:RetainedEarningsAccumulatedLosses2022-10-3101543682core:RetainedEarningsAccumulatedLosses2022-10-3101543682core:RetainedEarningsAccumulatedLosses2021-10-3101543682bus:Director12022-11-012024-04-3001543682core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012024-04-3001543682core:LandBuildingscore:LongLeaseholdAssets2022-11-012024-04-3001543682core:PlantMachinery2022-11-012024-04-3001543682core:FurnitureFittings2022-11-012024-04-3001543682core:MotorVehicles2022-11-012024-04-30015436822021-11-012022-10-3101543682core:LandBuildings2022-10-3101543682core:OtherPropertyPlantEquipment2022-10-31015436822022-10-3101543682core:LandBuildings2022-11-012024-04-3001543682core:OtherPropertyPlantEquipment2022-11-012024-04-3001543682core:WithinOneYear2024-04-3001543682core:WithinOneYear2022-10-3101543682core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-04-3001543682bus:PrivateLimitedCompanyLtd2022-11-012024-04-3001543682bus:SmallCompaniesRegimeForAccounts2022-11-012024-04-3001543682bus:FRS1022022-11-012024-04-3001543682bus:AuditExemptWithAccountantsReport2022-11-012024-04-3001543682bus:CompanySecretary12022-11-012024-04-3001543682bus:FullAccounts2022-11-012024-04-30xbrli:purexbrli:sharesiso4217:GBP