14 false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 300,000 290,000 10,000 300,000 10,000 xbrli:pure xbrli:shares iso4217:GBP 08465957 2023-06-01 2024-05-31 08465957 2024-05-31 08465957 2023-05-31 08465957 2022-06-01 2023-05-31 08465957 2023-05-31 08465957 2022-05-31 08465957 core:NetGoodwill 2023-06-01 2024-05-31 08465957 core:FurnitureFittings 2023-06-01 2024-05-31 08465957 core:MotorVehicles 2023-06-01 2024-05-31 08465957 bus:Director2 2023-06-01 2024-05-31 08465957 bus:Director1 2023-06-01 2024-05-31 08465957 core:NetGoodwill 2023-05-31 08465957 core:NetGoodwill 2024-05-31 08465957 core:FurnitureFittings 2023-05-31 08465957 core:MotorVehicles 2023-05-31 08465957 core:FurnitureFittings 2024-05-31 08465957 core:MotorVehicles 2024-05-31 08465957 core:WithinOneYear 2024-05-31 08465957 core:WithinOneYear 2023-05-31 08465957 core:AfterOneYear 2024-05-31 08465957 core:AfterOneYear 2023-05-31 08465957 core:UKTax 2023-06-01 2024-05-31 08465957 core:UKTax 2022-06-01 2023-05-31 08465957 core:ShareCapital 2024-05-31 08465957 core:ShareCapital 2023-05-31 08465957 core:RetainedEarningsAccumulatedLosses 2024-05-31 08465957 core:RetainedEarningsAccumulatedLosses 2023-05-31 08465957 core:NetGoodwill 2023-05-31 08465957 core:FurnitureFittings 2023-05-31 08465957 core:MotorVehicles 2023-05-31 08465957 bus:Director1 2023-05-31 08465957 bus:Director1 2024-05-31 08465957 bus:Director1 2022-05-31 08465957 bus:Director1 2023-05-31 08465957 bus:Director2 2022-05-31 08465957 bus:Director1 2022-06-01 2023-05-31 08465957 bus:Director2 2022-06-01 2023-05-31 08465957 bus:SmallEntities 2023-06-01 2024-05-31 08465957 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08465957 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 08465957 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08465957 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 08465957
Southernbrook Lettings Limited
Filleted Unaudited Financial Statements
31 May 2024
Southernbrook Lettings Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
10,000
Tangible assets
7
44,923
58,888
--------
--------
44,923
68,888
Current assets
Debtors
8
921,118
867,244
Cash at bank and in hand
195,872
70,901
------------
---------
1,116,990
938,145
Creditors: amounts falling due within one year
9
224,699
284,368
------------
---------
Net current assets
892,291
653,777
---------
---------
Total assets less current liabilities
937,214
722,665
Creditors: amounts falling due after more than one year
10
31,997
43,056
---------
---------
Net assets
905,217
679,609
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
905,117
679,509
---------
---------
Shareholders funds
905,217
679,609
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Southernbrook Lettings Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
L Musgrove Esq
Director
Company registration number: 08465957
Southernbrook Lettings Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1A The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture and fittings
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Equipment
-
15 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
85,408
31,838
Adjustments in respect of prior periods
1,672
19
--------
--------
Total current tax
87,080
31,857
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 3,993)
--------
--------
Tax on profit
87,080
27,864
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
300,000
---------
Amortisation
At 1 June 2023
290,000
Charge for the year
10,000
---------
At 31 May 2024
300,000
---------
Carrying amount
At 31 May 2024
---------
At 31 May 2023
10,000
---------
7. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
4,698
84,779
5,480
94,957
Additions
743
743
Disposals
( 1,510)
( 7,584)
( 1,353)
( 10,447)
-------
--------
-------
--------
At 31 May 2024
3,188
77,195
4,870
85,253
-------
--------
-------
--------
Depreciation
At 1 June 2023
1,958
32,932
1,179
36,069
Charge for the year
239
7,078
610
7,927
Disposals
( 364)
( 2,926)
( 376)
( 3,666)
-------
--------
-------
--------
At 31 May 2024
1,833
37,084
1,413
40,330
-------
--------
-------
--------
Carrying amount
At 31 May 2024
1,355
40,111
3,457
44,923
-------
--------
-------
--------
At 31 May 2023
2,740
51,847
4,301
58,888
-------
--------
-------
--------
8. Debtors
2024
2023
£
£
Trade debtors
53,700
38,115
Other debtors
867,418
829,129
---------
---------
921,118
867,244
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,730
36,304
Corporation tax
85,408
31,883
Social security and other taxes
76,142
55,443
Other creditors
30,419
160,738
---------
---------
224,699
284,368
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
31,997
43,056
--------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss S Abel
294
( 1,111)
( 817)
L Musgrove Esq
----
-------
----
294
( 1,111)
( 817)
----
-------
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Miss S Abel
161
133
294
L Musgrove Esq
3,540
( 3,540)
-------
-------
----
3,701
( 3,407)
294
-------
-------
----
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Southernbrook Limited
38,535
103,319
800,797
762,262
Houserack Limited
50,000
51,050
51,050
Resifix Limited
128,025
2,053
( 128,025)
Southernbrook Estate Management Limited
(4,295)
524
524
Southernbrook (Gosport) Limited
(5,000)
9,130
9,130
Southernbrook (Surrey) Limited
185
(3,446)
( 3,631)
( 3,446)
---------
---------
---------
---------
J Derham Esq is the managing director and sole shareholder of Southernbrook Limited. J Derham Esq is the managing director and sole shareholder of Houserack Limited. Southernbrook limited owns one hundred percent of the issued share capital of Resifix Limited,Southernbrook (Gosport) Limited and ninety percent of Southernbrook Estate Management Limited.