REGISTERED NUMBER: 10511880 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

LONDON AND SOUTHERN ESTATES (RETAIL) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G D Swetman

Mrs A M Swetman

M J Swetman

REGISTERED OFFICE:

36a Station Road

New Milton

Hampshire

BH25 6JX

REGISTERED NUMBER:

10511880 (England and Wales)

ACCOUNTANTS:

David Shores & Co Ltd

36a Station Road

New Milton

Hampshire

BH25 6JX

BANKERS:

Svenska Handelsbanken AB

3 Thomas More Square

London

E1W 1WY

SOLICITORS:

Philips

Town Gate

38 London Street

Basingstoke

Hampshire

RG21 7NY

FIXED ASSETS

Investment property

4

300,000

950,000

CURRENT ASSETS

Debtors

5

5,072

4,727

Cash at bank

31,747

29,761

36,819

34,488

CREDITORS

Amounts falling due within one year

6

661,133

639,650

NET CURRENT LIABILITIES

(624,314

)

(605,162

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(324,314

)

344,838

CREDITORS

Amounts falling due after more than one year

7

1,020,000

1,085,000

NET LIABILITIES

(1,344,314

)

(740,162

)

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

8

(1,366,556

)

(716,556

)

Retained earnings

22,142

(23,706

)

SHAREHOLDERS' FUNDS

(1,344,314

)

(740,162

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 June 2025 and were signed on its behalf by:

G D Swetman - Director

Mrs A M Swetman - Director

1.	STATUTORY INFORMATION

London and Southern Estates (Retail) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared as a going concern despite the excess of liabilities over assets following the revaluation of the investment property as required under FRS102. The company has long term borrowing which is currently being serviced satisfactorily and the directors are of the opinion that this will continue to be the case.

Turnover

Turnover represents the rental income chargeable for the period excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Additional notes

Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Provisions

Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

950,000

Revaluations

(650,000

)

At 31 December 2024

300,000

NET BOOK VALUE

At 31 December 2024

300,000

At 31 December 2023

950,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2018

(381,556

)

Valuation in 2020

(135,000

)

Valuation in 2023

(200,000

)

Valuation in 2024

(650,000

)

Cost

1,666,556

300,000

If the property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

1,666,556

1,666,556

The investment property was valued on an open market basis on 31 December 2024 by BNP Paribas Real Estate .

Due to the tenant of the property entering a company voluntary arrangement the fair value of the property has fallen and a revised valuation was obtained.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

5,072

4,727

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

582,291

574,852

Taxation and social security

15,283

3,171

Other creditors

63,559

61,627

661,133

639,650

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other creditors

1,020,000

1,085,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

A & G Finance Limited

Unsecured Loan

1,020,000

1,085,000

1,020,000

1,085,000

8.

RESERVES

Fair

value

reserve

£

At 1 January 2024

(716,556

)

Investment Property

(650,000

)

At 31 December 2024

(1,366,556

)