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COMPANY REGISTRATION NUMBER: 01894493
Southcrown Limited
Filleted Unaudited Financial Statements
31 January 2025
Southcrown Limited
Financial Statements
Year ended 31 January 2025
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Southcrown Limited
Balance Sheet
31 January 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
4
8,330,000
8,515,000
Investments
5
500,000
------------
------------
8,330,000
9,015,000
Current assets
Debtors: due within one year
6
48,245
297,017
Cash at bank and in hand
55,227
111,155
---------
---------
103,472
408,172
Creditors: amounts falling due within one year
7
( 364,759)
( 459,382)
---------
---------
Net current liabilities
( 261,287)
( 51,210)
------------
------------
Total assets less current liabilities
8,068,713
8,963,790
Creditors: amounts falling due after more than one year
8
( 2,242,500)
( 2,317,500)
Provisions
( 953,338)
( 999,588)
------------
------------
Net assets
4,872,875
5,646,702
------------
------------
Southcrown Limited
Balance Sheet (continued)
31 January 2025
2025
2024
Note
£
£
Capital and reserves
Called up share capital
10,000
10,000
Capital redemption reserve
70,000
70,000
Profit and loss account
4,792,875
5,566,702
------------
------------
Shareholders funds
4,872,875
5,646,702
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 January 2025 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 .
These financial statements were approved by the board of directors and authorised for issue on 9 April 2025 , and are signed on behalf of the board by:
Mr B. Stewart
Director
Company registration number: 01894493
Southcrown Limited
Notes to the Financial Statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Longbridge Road, Barking, Essex, IG11 8RT.
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.
Turnover
The turnover shown in the profit and loss account represents net rents receivable.
Taxation
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
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 measure 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 measurable on an on-going basis. Investments are initially recorded at cost and are regarded as monetary assets. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.
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
-
20% per annum on net book value
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.
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 balance sheet 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 February 2024
8,515,000
2,992
8,517,992
Revaluations
( 185,000)
( 185,000)
------------
-------
------------
At 31 January 2025
8,330,000
2,992
8,332,992
------------
-------
------------
Depreciation
At 1 February 2024 and 31 January 2025
2,992
2,992
------------
-------
------------
Carrying amount
At 31 January 2025
8,330,000
8,330,000
------------
-------
------------
At 31 January 2024
8,515,000
8,515,000
------------
-------
------------
The investment properties were revalued by the directors on 31st January 2025 using comparable evidence on an open market basis.
5. Investments
Other investments other than loans
£
Cost
At 1 February 2024
500,000
Other movements
( 500,000)
---------
At 31 January 2025
---------
Impairment
At 1 February 2024 and 31 January 2025
---------
Carrying amount
At 31 January 2025
---------
At 31 January 2024
500,000
---------
6. Debtors
Debtors falling due within one year are as follows:
2025
2024
£
£
Other debtors
48,245
297,017
--------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
145
996
Amounts owed to group undertakings and undertakings in which the company has a participating interest
74,998
74,998
Corporation tax
38,307
30,868
Loan account - Jock Stewart & Sons Ltd
77
77
Other creditors
251,232
352,443
---------
---------
364,759
459,382
---------
---------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,242,500
2,317,500
------------
------------
The bank loans are secured on the investment properties held in the company.
9. Reserves
The Profit and Loss account includes non-distributable reserves of £4,150,721 (2024 - £4,289,471.)