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Registration number: 00587524

Southbourne Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Southbourne Investments Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Southbourne Investments Limited

(Registration number: 00587524)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

780

280

Investment property

5

1,215,000

1,210,000

 

1,215,780

1,210,280

Current assets

 

Debtors

6

28,319

13,740

Cash at bank and in hand

 

96,330

260,005

 

124,649

273,745

Creditors: Amounts falling due within one year

7

(143,470)

(214,028)

Net current (liabilities)/assets

 

(18,821)

59,717

Total assets less current liabilities

 

1,196,959

1,269,997

Provisions for liabilities

(222,390)

(221,440)

Net assets

 

974,569

1,048,557

Capital and reserves

 

Called up share capital

8

1,000

1,000

Other reserves

948,085

944,035

Retained earnings

25,484

103,522

Shareholders' funds

 

974,569

1,048,557

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
D A Brown
Director

 

Southbourne Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
63 Grange Road
Dorridge
Solihull
West Midlands
B93 8QS

These financial statements were authorised for issue by the Board on 14 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group..

Going concern

The financial statements have been prepared on a going concern basis.

 

Southbourne Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% reducing balance

 

Southbourne Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 4 (2023: 4).

 

Southbourne Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

2,786

2,786

Additions

869

869

At 30 June 2024

3,655

3,655

Depreciation

At 1 July 2023

2,506

2,506

Charge for the year

369

369

At 30 June 2024

2,875

2,875

Carrying amount

At 30 June 2024

780

780

At 30 June 2023

280

280

5

Investment properties

2024
£

At 1 July

1,210,000

Fair value adjustments

5,000

At 30 June

1,215,000

The carrying value of the investment properties is based upon the director's assessment of open market value.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,616

(7,963)

Other debtors

21,703

21,703

 

28,319

13,740

 

Southbourne Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

136,411

187,440

Taxation and social security

 

1,908

19,815

Accruals and deferred income

 

1,282

1,282

Other creditors

 

3,869

5,491

 

143,470

214,028

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Dividends

2024

2023

£

£

Interim dividend of £8,667.05 (2023 - £22,732.50) per ordinary share

86,671

227,324

 

 

10

Related party transactions

Summary of transactions with parent

Loan from parent company

Summary of transactions with other related parties

Loan to a business owned by a direct relative of a director

Loans to related parties

 

Southbourne Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024

Other related parties
£

Total
£

At start of period

20,000

20,000

At end of period

20,000

20,000

2023

Other related parties
£

Total
£

At start of period

20,000

20,000

At end of period

20,000

20,000

Terms of loans to related parties

Interest free loan repayable on demand
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

187,439

187,439

Advanced

86,671

86,671

Repaid

(137,699)

(137,699)

At end of period

136,411

136,411

2023

Parent
£

Total
£

At start of period

26,900

26,900

Advanced

227,324

227,324

Repaid

(66,785)

(66,785)

At end of period

187,439

187,439

Terms of loans from related parties

Interest free loan repayable on demand
 

11

Parent and ultimate parent undertaking

The company's immediate parent is Middleton Holdings Limited, incorporated in England.

 The ultimate controlling party is R M and A E Brown in concert.