0 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 60,000 50,000 110,000 6,000 11,000 17,000 93,000 54,000 1,144,270 550 1,144,820 190,850 953,970 953,420 xbrli:pure xbrli:shares iso4217:GBP 4183202 2023-06-01 2024-05-31 4183202 2024-05-31 4183202 2023-05-31 4183202 2022-06-01 2023-05-31 4183202 2023-05-31 4183202 2022-05-31 4183202 core:NetGoodwill 2023-06-01 2024-05-31 4183202 core:MotorVehicles 2023-06-01 2024-05-31 4183202 bus:Director1 2023-06-01 2024-05-31 4183202 bus:Director2 2023-06-01 2024-05-31 4183202 core:NetGoodwill 2023-05-31 4183202 core:NetGoodwill 2024-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2023-05-31 4183202 core:MotorVehicles 2023-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2024-05-31 4183202 core:WithinOneYear 2024-05-31 4183202 core:WithinOneYear 2023-05-31 4183202 core:AfterOneYear 2024-05-31 4183202 core:AfterOneYear 2023-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2023-06-01 2024-05-31 4183202 core:ShareCapital 2024-05-31 4183202 core:ShareCapital 2023-05-31 4183202 core:OtherReservesSubtotal 2024-05-31 4183202 core:OtherReservesSubtotal 2023-05-31 4183202 core:RetainedEarningsAccumulatedLosses 2024-05-31 4183202 core:RetainedEarningsAccumulatedLosses 2023-05-31 4183202 core:NetGoodwill 2023-05-31 4183202 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 4183202 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-05-31 4183202 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 4183202 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-05-31 4183202 core:Non-currentFinancialInstruments 2024-05-31 4183202 core:Non-currentFinancialInstruments 2023-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2023-05-31 4183202 core:MotorVehicles 2023-05-31 4183202 bus:Director1 2023-05-31 4183202 bus:Director1 2024-05-31 4183202 bus:Director2 2023-05-31 4183202 bus:Director2 2024-05-31 4183202 bus:Director1 2022-05-31 4183202 bus:Director1 2023-05-31 4183202 bus:Director2 2022-05-31 4183202 bus:Director2 2023-05-31 4183202 bus:Director1 2022-06-01 2023-05-31 4183202 bus:SmallEntities 2023-06-01 2024-05-31 4183202 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 4183202 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 4183202 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 4183202 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 4183202
Southernbrook Limited
Filleted Unaudited Financial Statements
31 May 2024
Southernbrook Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
93,000
54,000
Tangible assets
5
3,645,018
3,466,477
Investments
6
953,970
953,420
------------
------------
4,691,988
4,473,897
Current assets
Debtors
7
406,518
328,556
Cash at bank and in hand
5,587
39,815
---------
---------
412,105
368,371
Creditors: amounts falling due within one year
8
871,439
843,070
---------
---------
Net current liabilities
459,334
474,699
------------
------------
Total assets less current liabilities
4,232,654
3,999,198
Creditors: amounts falling due after more than one year
9
2,224,343
2,250,609
Provisions
Taxation including deferred tax
213,339
178,189
------------
------------
Net assets
1,794,972
1,570,400
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Fair value reserve
909,500
759,650
Profit and loss account
884,472
809,750
------------
------------
Shareholders funds
1,794,972
1,570,400
------------
------------
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 comprehensive income 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 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:
J P Derham Esq
Director
Company registration number: 4183202
Southernbrook 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, 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.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
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:
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Intangible assets
Goodwill
£
Cost
At 1 June 2023
60,000
Additions
50,000
---------
At 31 May 2024
110,000
---------
Amortisation
At 1 June 2023
6,000
Charge for the year
11,000
---------
At 31 May 2024
17,000
---------
Carrying amount
At 31 May 2024
93,000
---------
At 31 May 2023
54,000
---------
5. Tangible assets
Freehold property
Long leasehold property
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 June 2023
2,735,000
725,000
20,395
3,690
3,484,085
Disposals
( 20,395)
( 20,395)
Revaluations
130,000
55,000
185,000
------------
---------
--------
-------
------------
At 31 May 2024
2,865,000
780,000
3,690
3,648,690
------------
---------
--------
-------
------------
Depreciation
At 1 June 2023
13,942
3,666
17,608
Charge for the year
6
6
Disposals
( 13,942)
( 13,942)
------------
---------
--------
-------
------------
At 31 May 2024
3,672
3,672
------------
---------
--------
-------
------------
Carrying amount
At 31 May 2024
2,865,000
780,000
18
3,645,018
------------
---------
--------
-------
------------
At 31 May 2023
2,735,000
725,000
6,453
24
3,466,477
------------
---------
--------
-------
------------
The company holds investment property with a cost price of £2,525,271 (2023: £2,525,271). The properties are reflected in the accounts at their fair value at the balance sheet date. The valuation is carried out annually by J Derham Esq, the director with reference to the open market.
6. Investments
Shares in participating interests
£
Cost
At 1 June 2023
1,144,270
Additions
550
------------
At 31 May 2024
1,144,820
------------
Impairment
At 1 June 2023 and 31 May 2024
190,850
------------
Carrying amount
At 31 May 2024
953,970
------------
At 31 May 2023
953,420
------------
7. Debtors
2024
2023
£
£
Trade debtors
19,514
Other debtors
387,004
328,556
---------
---------
406,518
328,556
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,246
11,209
Trade creditors
1,619
2,770
Corporation tax
26,983
3,111
Other creditors
832,591
825,980
---------
---------
871,439
843,070
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,224,343
2,250,609
------------
------------
10. 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
£
£
£
J P Derham Esq
( 28,055)
211,825
183,770
L Musgrove Esq
1,700
1,700
--------
---------
---------
( 26,355)
211,825
185,470
--------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J P Derham Esq
( 57,253)
29,198
( 28,055)
L Musgrove Esq
1,700
1,700
--------
--------
--------
( 55,553)
29,198
( 26,355)
--------
--------
--------
11. 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
£
£
£
£
Resifix Limited
(133,437)
(17,762)
38,776
172,213
Southernbrook Lettings Limited
(38,435)
(103,319)
( 800,697)
( 762,262)
Houserack Limited
6,415
19,000
162,205
155,790
Southernbrook (Gosport) Limited
(750)
(22,090)
( 26,340)
( 25,590)
Southernbrook Estate Management Limited
(2,000)
( 2,000)
---------
---------
---------
---------
J Derham Esq is the managing director and sole shareholder of Houserack Limited. Southernbrook Limited owns one hundred percent of the issued share capital in Southernbrook Lettings Limited, Southernbrook Estate Management Limited and Southernbrook (Gosport) Limited