Great Southwark Limited
Unaudited Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 11579759 (England and Wales)
Great Southwark Limited
Company Information
Directors
N Goysookho
T Mahatharadol
T Soukpornchaikul
N Tirawattanagool
T Bunnag
Company number
11579759
Registered office
C/O Company Secretarial Department
280 Bishopsgate
London
United Kingdom
EC2M 4AG
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Great Southwark Limited
Contents
Page
Balance sheet
3
Notes to the financial statements
6 - 12
Great Southwark Limited
Profit and Loss Account
For the year ended 31 December 2024
Page 1
2024
2023
Notes
£
£
Turnover
2
587,787
564,814
Cost of sales
(196,875)
(178,729)
Gross profit
390,912
386,085
Administrative expenses
(32,727)
(48,632)
Operating profit
4
358,185
337,453
Interest receivable and similar income
6
17,974
9,542
Profit before taxation
376,159
346,995
Tax on profit
8
(94,040)
(81,615)
Profit for the financial year
282,119
265,380
Great Southwark Limited
Statement of Comprehensive Income
For the year ended 31 December 2024
Page 2
2024
2023
£
£
Profit for the year
282,119
265,380
Other comprehensive income
-
-
Total comprehensive income for the year
282,119
265,380
Great Southwark Limited
Balance Sheet
As at 31 December 2024
Page 3
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
9
20,345,206
20,345,206
Current assets
Debtors
10
48,434
44,513
Cash at bank and in hand
1,335,612
1,042,094
1,384,046
1,086,607
Creditors: amounts falling due within one year
11
(210,126)
(194,806)
Net current assets
1,173,920
891,801
Net assets
21,519,126
21,237,007
Capital and reserves
Called up share capital
13
20,000,000
20,000,000
Profit and loss reserves
1,519,126
1,237,007
Total equity
21,519,126
21,237,007

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 16 April 2025 and are signed on its behalf by:
T  Mahatharadol
T  Soukpornchaikul
Director
Director
Company Registration No. 11579759
Great Southwark Limited
Statement of Changes in Equity
For the year ended 31 December 2024
Page 4
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
20,000,000
971,627
20,971,627
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
265,380
265,380
Balance at 31 December 2023
20,000,000
1,237,007
21,237,007
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
282,119
282,119
Balance at 31 December 2024
20,000,000
1,519,126
21,519,126
Great Southwark Limited
Statement of Cash Flows
For the year ended 31 December 2024
Page 5
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
357,159
307,512
Income taxes paid
(81,615)
(93,560)
Net cash inflow from operating activities
275,544
213,952
Investing activities
Interest received
17,974
9,542
Net cash generated from investing activities
17,974
9,542
Net increase in cash and cash equivalents
293,518
223,494
Cash and cash equivalents at beginning of year
1,042,094
818,600
Cash and cash equivalents at end of year
1,335,612
1,042,094
Great Southwark Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 6
1
Accounting policies
Company information

Great Southwark Limited is a private company limited by shares incorporated in England and Wales. The registered office is 280 Bishopsgate, London, United Kingdom, EC2M 4AG.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the amounts receivable during the period in respect of rental income.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Great Southwark Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 7
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Great Southwark Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 8
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
587,787
564,814
2024
2023
£
£
Turnover analysed by geographical market
Analysis per statutory database
-
-
Statutory database analysis does not agree to the trial balance by:
587,787
564,814
2024
2023
£
£
Other significant revenue
Interest income
17,974
9,542
3
Exceptional item
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Great Southwark Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 9
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
7
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
-
0
-
0

Borrowing costs excluded from interest payable and included in the cost of assets during the year are as follows:

Construction contracts
92,908
74,139
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
94,040
81,615
9
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
20,345,206

The value of the investment property represents the purchase consideration paid for the property in March 2019 and costs associated with the acquisition and furnishing of the property in preparation for rental. The directors consider the fair value has not changed from this at the balance sheet date.

Great Southwark Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 10
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
47,335
43,396
Other debtors
1,099
1,117
48,434
44,513
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,968
14,323
Corporation tax
94,040
81,615
Other creditors
96,368
96,368
Accruals and deferred income
2,750
2,500
210,126
194,806
12
Other creditors falling due within one year
2024
2023
£
£
Trade creditors
16,968
14,323
Other creditors
96,368
96,368
113,336
110,691
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000,000
20,000,000
20,000,000
20,000,000
14
Parent company

The ultimate parent and controlling party is BBTV Bond Street Building Limited, a company incorporated in Hong Kong, which prepares consolidated accounts of which this company is a member. Copies of these accounts can be obtained from the registered office at Room 2101, Hong Kong Trade Centre, 161-7 Des Voeux Road, Central Hong Kong.

Great Southwark Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 11
15
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
282,119
265,380
Adjustments for:
Taxation charged
94,040
81,615
Investment income
(17,974)
(9,542)
Movements in working capital:
Increase in debtors
(3,921)
(8,260)
Increase/(decrease) in creditors
2,895
(21,681)
Cash generated from operations
357,159
307,512
16
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,042,094
293,518
1,335,612
Great Southwark Limited
Schedules to the Profit and Loss Account (Continued)
For the year ended 31 December 2024
Page 12
17
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January
31 December
2023
2023
£
£
Equity as reported under previous UK GAAP and under FRS 102
20,971,627
21,237,007
Reconciliation of profit for the financial period
2023
£
Profit as reported under previous UK GAAP and under FRS 102
265,380
Notes to reconciliations on adoption of FRS 102
18
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
265,380
Profit as adjusted
265,380
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