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Registration number: 11581209

Southern Capital Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Southern Capital Estates Limited

(Registration number: 11581209)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

49,045

Investment property

5

4,493,045

4,570,229

 

4,493,045

4,619,274

Current assets

 

Debtors

6

40,940

11,439

Cash at bank and in hand

 

20,509

32,673

 

61,449

44,112

Creditors: Amounts falling due within one year

7

(69,978)

(83,203)

Net current liabilities

 

(8,529)

(39,091)

Total assets less current liabilities

 

4,484,516

4,580,183

Creditors: Amounts falling due after more than one year

7

(2,928,839)

(2,949,824)

Net assets

 

1,555,677

1,630,359

Capital and reserves

 

Called up share capital

8

200

200

Share premium reserve

1,598,233

1,598,233

Other reserves

48,840

9,972

Profit and loss account

(91,596)

21,954

Shareholders' funds

 

1,555,677

1,630,359

For the financial year ending 31 August 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 22 May 2025 and signed on its behalf by:
 



 

Mr A G Raimondo
Director

 

Southern Capital Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
125 The Dumont
27 Albert Embankment
London
SE1 7AQ

2

Accounting policies

Basis of preparation

These financial statements have been prepared using the historical cost convention in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The presentation currency is sterling.

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.

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

Revenue recognition
Turnover comprises rental income received or receivable in the ordinary course of the company's activities.

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 current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax
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.

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Investment assets

Investment assets are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Cash
Cash comprises cash on hand and all deposits.

 

Southern Capital Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

4

Investment assets

Investment assets
£

Total
£

Valuation

At 1 September 2023

49,045

49,045

Disposals

(49,045)

(49,045)

At 31 August 2024

-

-

5

Investment property

2024
£

2023
£

At 1 September

4,570,229

4,940,100

Disposals

-

(379,843)

Fair value adjustments

(77,184)

9,972

At 31 August

4,493,045

4,570,229

The properties were valued by the directors at their market value using current market data for similar properties in the same areas.

 

Southern Capital Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Debtors

2024
£

2023
£

Other debtors

30,061

4,750

Prepayments

10,879

6,689

40,940

11,439

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Bank loans

2,669

5,198

Taxation and social security

22,904

7,554

Other creditors

36,348

30,375

Directors' loans

4,466

27,627

Accruals

3,591

12,449

69,978

83,203

Creditors include bank loans which are secured by a government guarantee in the sum of £2,669 (2023 - £5,198).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank loans

2,928,839

2,949,824

2,928,839

2,949,824

Creditors include bank loans which are secured by a government guarantee or against the properties they relate to in the sum of £2,928,839 (2023 - £2,949,824). Of this amount, £2,699,120 (2023 - £2,699,922) is repayable, other than by instalments, after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £0.01 each

8,161

82

10,000

100

Ordinary B of £0.01 each

8,161

82

10,000

100

Ordinary C of £0.01 (2023 - £0) each

1,839

18

-

-

Ordinary C of £0.01 (2023 - £0) each

1,839

18

-

-

 

20,000

200

20,000

200