Company registration number 03885905 (England and Wales)
SOUTHPOINT ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SOUTHPOINT ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
SOUTHPOINT ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,898
2,301
Investment properties
5
2,850,000
2,850,000
Investments
6
12,104
12,104
2,865,002
2,864,405
Current assets
Debtors
8
979,026
1,100,093
Cash at bank and in hand
10,838
16,049
989,864
1,116,142
Creditors: amounts falling due within one year
9
(189,158)
(169,204)
Net current assets
800,706
946,938
Total assets less current liabilities
3,665,708
3,811,343
Creditors: amounts falling due after more than one year
10
(2,216,677)
(2,227,442)
Provisions for liabilities
(171,524)
(170,985)
Net assets
1,277,507
1,412,916
Capital and reserves
Called up share capital
1,000
1,000
Other reserves
11
1,200,148
1,200,148
Profit and loss reserves
12
76,359
211,768
Total equity
1,277,507
1,412,916
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 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.
SOUTHPOINT ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2025 and are signed on its behalf by:
Mr A N Badrudin
Director
Company Registration No. 03885905
SOUTHPOINT ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
1,000
1,200,148
289,223
1,490,371
Year ended 30 November 2023:
Loss and total comprehensive income for the year
-
-
(7,455)
(7,455)
Dividends
-
-
(70,000)
(70,000)
Balance at 30 November 2023
1,000
1,200,148
211,768
1,412,916
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
14,591
14,591
Dividends
-
-
(150,000)
(150,000)
Balance at 30 November 2024
1,000
1,200,148
76,359
1,277,507
SOUTHPOINT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
1
Accounting policies
Company information
Southpoint Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hampden House, 76 Durham Road, London, SW20 0TL. The principal place of business is 22 Tabor Grove, Wimbledon, London, SW19 4EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable from rental income in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
SOUTHPOINT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
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.
1.8
Financial instruments
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.
SOUTHPOINT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.9
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.
1.10
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 income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
SOUTHPOINT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Tangible fixed assets
Determine whether there are any indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking account of residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycle and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of an asset and projected disposal values.
Valuation of investment properties
As described in note 5 to the financial statements, investment properties are stated at fair value based on the valuation performed by the company director. The director used observable market prices and values in accordance with the RICS Red Book. However, the Covid-19 pandemic has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the property valuation at 30 November 2020.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
SOUTHPOINT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
4
Tangible fixed assets
Office equipment
£
Cost
At 1 December 2023
3,202
Additions
1,863
At 30 November 2024
5,065
Depreciation and impairment
At 1 December 2023
901
Depreciation charged in the year
1,266
At 30 November 2024
2,167
Carrying amount
At 30 November 2024
2,898
At 30 November 2023
2,301
5
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
2,850,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company director Mr A N Badrudin Chartered Surveyor. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
12,004
12,004
12,104
12,104
7
Subsidiaries
Details of the company's subsidiaries at 30 November 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ANB Properties Ltd
England
Ordinary
100.00
ANB Properties Ltd remains dormant since incorporation.
SOUTHPOINT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
34,861
37,475
Other debtors
944,165
1,061,957
979,026
1,099,432
Deferred tax asset
661
979,026
1,100,093
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
46,411
47,966
Corporation tax
3,246
Other taxation and social security
5,234
10,910
Other creditors
134,267
110,328
189,158
169,204
Other creditors include the current portion of the Building Society loan of £11,721 (2023 - £10,606). This loan is secured on the company's investment properties.
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,216,677
2,227,442
Other creditors include Building Society loans in the sum of £2,250,000 (2023 - £2,250,000). These loans are secured on the company's investment properties.
11
Other reserves
2024
2023
£
£
At the beginning and end of the year
1,200,148
1,200,148
The amount of £1,200,148 (2023 - £1,200,148) included in other reserves are at fair values (net of deferred tax) and are not available for distribution as they are unrealised. Based on the current corporation tax rate, the company has a potential tax liability of £170,985 on disposal of its investment properties at fair values.
SOUTHPOINT ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
12
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
211,768
289,223
Adjusted balance
211,768
289,223
Profit/(loss) for the year
14,591
(7,455)
Dividends declared and paid in the year
(150,000)
(70,000)
At the end of the year
76,359
211,768
2024-11-302023-12-01falsefalsefalse21 August 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr A N BadrudinMrs N Lapidus038859052023-12-012024-11-30038859052024-11-30038859052023-11-3003885905core:ComputerEquipment2024-11-3003885905core:ComputerEquipment2023-11-3003885905core:CurrentFinancialInstrumentscore:WithinOneYear2024-11-3003885905core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3003885905core:CurrentFinancialInstruments2024-11-3003885905core:CurrentFinancialInstruments2023-11-3003885905core:Non-currentFinancialInstruments2024-11-3003885905core:Non-currentFinancialInstruments2023-11-3003885905core:ShareCapital2024-11-3003885905core:ShareCapital2023-11-3003885905core:RevaluationReserve2024-11-3003885905core:RevaluationReserve2023-11-3003885905core:RetainedEarningsAccumulatedLosses2024-11-3003885905core:RetainedEarningsAccumulatedLosses2023-11-3003885905core:ShareCapital2022-11-3003885905core:RevaluationReserve2022-11-3003885905core:RetainedEarningsAccumulatedLosses2022-11-30038859052022-11-3003885905core:RetainedEarningsAccumulatedLosses2023-11-3003885905bus:Director12023-12-012024-11-3003885905core:RetainedEarningsAccumulatedLosses2022-12-012023-11-30038859052022-12-012023-11-3003885905core:RetainedEarningsAccumulatedLosses2023-12-012024-11-3003885905core:ComputerEquipment2023-12-012024-11-3003885905core:ComputerEquipment2023-11-30038859052023-11-3003885905core:Subsidiary12023-12-012024-11-3003885905core:Subsidiary112023-12-012024-11-3003885905core:WithinOneYear2024-11-3003885905core:WithinOneYear2023-11-3003885905bus:PrivateLimitedCompanyLtd2023-12-012024-11-3003885905bus:SmallCompaniesRegimeForAccounts2023-12-012024-11-3003885905bus:FRS1022023-12-012024-11-3003885905bus:AuditExemptWithAccountantsReport2023-12-012024-11-3003885905bus:Director22023-12-012024-11-3003885905bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP