2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09692773 2023-08-01 2024-07-31 09692773 2024-07-31 09692773 2023-07-31 09692773 2022-08-01 2023-07-31 09692773 2023-07-31 09692773 2022-07-31 09692773 core:FurnitureFittings 2023-08-01 2024-07-31 09692773 bus:Director1 2023-08-01 2024-07-31 09692773 bus:Director2 2023-08-01 2024-07-31 09692773 core:FurnitureFittings 2023-07-31 09692773 core:FurnitureFittings 2024-07-31 09692773 core:WithinOneYear 2024-07-31 09692773 core:WithinOneYear 2023-07-31 09692773 core:ShareCapital 2024-07-31 09692773 core:ShareCapital 2023-07-31 09692773 core:RevaluationReserve 2024-07-31 09692773 core:RevaluationReserve 2023-07-31 09692773 core:RetainedEarningsAccumulatedLosses 2024-07-31 09692773 core:RetainedEarningsAccumulatedLosses 2023-07-31 09692773 core:FurnitureFittings 2023-07-31 09692773 bus:SmallEntities 2023-08-01 2024-07-31 09692773 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09692773 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 09692773 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09692773 bus:FullAccounts 2023-08-01 2024-07-31 09692773 core:InvestmentPropertyIncludedWithinPPE 2023-07-31 09692773 core:InvestmentPropertyIncludedWithinPPE 2023-08-01 2024-07-31 09692773 core:InvestmentPropertyIncludedWithinPPE 2024-07-31
COMPANY REGISTRATION NUMBER: 09692773
Southwold Holdings Limited
Unaudited financial statements
31 July 2024
Southwold Holdings Limited
Statement of financial position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,387,026
1,221,642
Current assets
Stocks
53,667
Debtors
6
175,367
196,686
Cash at bank and in hand
438,936
640,303
---------
---------
614,303
890,656
Creditors: Amounts falling due within one year
7
( 9,518)
( 55,952)
---------
---------
Net current assets
604,785
834,704
-----------
-----------
Total assets less current liabilities
1,991,811
2,056,346
Provisions
Taxation including deferred tax
( 4,901)
( 421)
-----------
-----------
Net assets
1,986,910
2,055,925
-----------
-----------
Capital and reserves
Called up share capital
300
300
Revaluation reserve
13,709
14,806
Profit and loss account
1,972,901
2,040,819
-----------
-----------
Shareholders funds
1,986,910
2,055,925
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 July 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 .
Southwold Holdings Limited
Statement of financial position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
P G Huggins
N J Huggins
Director
Director
Company registration number: 09692773
Southwold Holdings Limited
Notes to the financial statements
Year ended 31 July 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 8 Lakeside Close, Reydon, Southwold, IP18 6YA.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Rental income is recognised on an accruals basis.
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.
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:
Fixtures and fittings
-
10% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Investment property
Total
£
£
£
Cost
At 1 August 2023
7,663
1,218,932
1,226,595
Additions
228
165,929
166,157
------
-----------
-----------
At 31 July 2024
7,891
1,384,861
1,392,752
------
-----------
-----------
Depreciation
At 1 August 2023
4,953
4,953
Charge for the year
773
773
------
-----------
-----------
At 31 July 2024
5,726
5,726
------
-----------
-----------
Carrying amount
At 31 July 2024
2,165
1,384,861
1,387,026
------
-----------
-----------
At 31 July 2023
2,710
1,218,932
1,221,642
------
-----------
-----------
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. If a reliable measuure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measureable on an on-going basis.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 July 2024
Aggregate cost
1,366,582
Aggregate depreciation
-----------
Carrying value
1,366,582
-----------
At 31 July 2023
Aggregate cost
1,200,653
Aggregate depreciation
-----------
Carrying value
1,200,653
-----------
6. Debtors
2024
2023
£
£
Other debtors
175,367
196,686
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Social security and other taxes
4,771
53,572
Other creditors
4,747
2,380
------
-------
9,518
55,952
------
-------
8. Directors' advances, credits and guarantees
Included within debtors at the year end are directors loan accounts totalling £125,736 (2023 - £147,055). Interest of £3,034 has been charged on this loan at the official rate. The maximum total overdrawn balance during the year was £147,567.