Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-06-01No description of principal activity22true 05467379 2023-06-01 2024-05-31 05467379 2022-06-01 2023-05-31 05467379 2024-05-31 05467379 2023-05-31 05467379 c:Director1 2023-06-01 2024-05-31 05467379 c:Director3 2023-06-01 2024-05-31 05467379 c:RegisteredOffice 2023-06-01 2024-05-31 05467379 d:ComputerEquipment 2023-06-01 2024-05-31 05467379 d:ComputerEquipment 2024-05-31 05467379 d:ComputerEquipment 2023-05-31 05467379 d:FreeholdInvestmentProperty 2023-06-01 2024-05-31 05467379 d:FreeholdInvestmentProperty 2024-05-31 05467379 d:FreeholdInvestmentProperty 2023-05-31 05467379 d:CurrentFinancialInstruments 2024-05-31 05467379 d:CurrentFinancialInstruments 2023-05-31 05467379 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 05467379 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05467379 d:ShareCapital 2024-05-31 05467379 d:ShareCapital 2023-05-31 05467379 d:RetainedEarningsAccumulatedLosses 2024-05-31 05467379 d:RetainedEarningsAccumulatedLosses 2023-05-31 05467379 c:FRS102 2023-06-01 2024-05-31 05467379 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05467379 c:FullAccounts 2023-06-01 2024-05-31 05467379 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05467379 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 05467379 2 2023-06-01 2024-05-31 05467379 6 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 05467379










SOUTHQUAY ENTERPRISES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
SOUTHQUAY ENTERPRISES LIMITED
 
 
COMPANY INFORMATION


Directors
Mr J. Edwards 
Mrs S Edwards 




Registered number
05467379



Registered office
Charity Hall
Charity Lane

Woodbridge

Suffolk

IP13 7HJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
SOUTHQUAY ENTERPRISES LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
SOUTHQUAY ENTERPRISES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUTHQUAY ENTERPRISES LIMITED
FOR THE YEAR ENDED 31 MAY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Southquay Enterprises Limited for the year ended 31 May 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Southquay Enterprises Limited, as a body, in accordance with the terms of our engagement letter dated 3 November 2023Our work has been undertaken solely to prepare for your approval the financial statements of Southquay Enterprises Limited  and state those matters that we have agreed to state to the Board of directors of Southquay Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southquay Enterprises Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Southquay Enterprises Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Southquay Enterprises Limited. You consider that Southquay Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Southquay Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
25 February 2025
Page 1

 
SOUTHQUAY ENTERPRISES LIMITED
REGISTERED NUMBER: 05467379

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
10
-

Investment property
 6 
1,941,263
1,685,552

  
1,941,273
1,685,552

Current assets
  

Stocks
 7 
1,055,314
1,232,861

Debtors: amounts falling due within one year
 8 
3,450,262
3,050,287

Cash at bank and in hand
  
1,226,304
377,969

  
5,731,880
4,661,117

Creditors: amounts falling due within one year
 9 
(7,071,323)
(6,006,265)

Net current liabilities
  
 
 
(1,339,443)
 
 
(1,345,148)

Total assets less current liabilities
  
601,830
340,404

  

Net assets
  
601,830
340,404


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
601,730
340,304

  
601,830
340,404


Page 2

 
SOUTHQUAY ENTERPRISES LIMITED
REGISTERED NUMBER: 05467379
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 February 2025.




Mr J. Edwards
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SOUTHQUAY ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Southquay Enterprises Limited is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Charity Hall, Charity Lane, Bedfield, Woodbridge, Suffolk, IP13 7HJ.
The Company's principal activity is property development in England.

2.Accounting policies

 

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.1

Turnover

Turnover comprises revenue recognised by the company in respect of poperty sales and rental income. Property sales income is recognised on date of completion. Rental income is recognised on an accruals basis.

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SOUTHQUAY ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Stocks

Work in progress is valued at cost, based on expenses incurred to date including the purchase of land, legal and professional fees and disbursements.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
SOUTHQUAY ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
SOUTHQUAY ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 June 2023
537



At 31 May 2024

537



Depreciation


At 1 June 2023
537



At 31 May 2024

537



Net book value



At 31 May 2024
-



At 31 May 2023
-


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
10



At 31 May 2024
10




Page 7

 
SOUTHQUAY ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
1,685,552


Additions at cost
255,711



At 31 May 2024
1,941,263

The 2024 valuations were made by respective selling agents , on an open market value for existing use basis.






7.


Stocks

2024
2023
£
£

Work in progress
1,055,314
1,232,861

1,055,314
1,232,861


Page 8

 
SOUTHQUAY ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Debtors

2024
2023
£
£


Other debtors
3,439,060
3,040,103

Prepayments and accrued income
11,202
10,184

3,450,262
3,050,287



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
121,973
30,370

Other creditors
6,939,905
5,971,572

Accruals and deferred income
9,445
4,323

7,071,323
6,006,265



10.


Related party transactions

As at 31 May 2024, the company owed the directors £23,720 (2023: £230,387). The loan was interest free and repayable on demand. 

 
Page 9