London and Southern Estates Limited - Limited company accounts 25.1

REGISTERED NUMBER: 04335013 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202

FOR

LONDON AND SOUTHERN ESTATES LIMITED

AND SUBSIDIARIES

Page

Company Information

1

Report of the Directors

2

Consolidated Profit and Loss Account

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Consolidated Statement of Changes in Equity

8

Company Statement of Changes in Equity

9

Notes to the Consolidated Financial Statements

10

DIRECTORS:

G D Swetman

A M Swetman

M J Swetman

SECRETARY:

G D Swetman

REGISTERED OFFICE:

36a Station Road

New Milton

Hampshire

BH25 6JX

REGISTERED NUMBER:

04335013 (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:

Phillips

Town Gate

38 London Street

Basingstoke

Hampshire

RG21 7NY

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of commercial property management and development.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

G D Swetman

A M Swetman

M J Swetman

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

G D Swetman - Director

22 August 2025

TURNOVER

353,823

374,001

Administrative expenses

30,345

(2,343,704

)

323,478

2,717,705

Other operating income

434,517

8

OPERATING PROFIT

4

757,995

2,717,713

Interest receivable and similar income

144,836

29,779

902,831

2,747,492

Interest payable and similar expenses

60,400

235,516

PROFIT BEFORE TAXATION

842,431

2,511,976

Tax on profit

210,284

541,094

PROFIT FOR THE FINANCIAL YEAR

632,147

1,970,882

Profit attributable to:

Owners of the parent

549,704

1,611,860

Non-controlling interests

82,443

359,022

632,147

1,970,882

FIXED ASSETS

Tangible assets

6

18,404

23,299

Investments

7

-

Investment property

8

4,740,000

6,046,690

4,758,404

6,069,989

CURRENT ASSETS

Debtors

9

5,522

171,529

Cash at bank

3,301,319

4,106,570

3,306,841

4,278,099

CREDITORS

Amounts falling due within one year

10

353,038

1,796,338

NET CURRENT ASSETS

2,953,803

2,481,761

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,712,207

8,551,750

CREDITORS

Amounts falling due after more than one
year

11

(1,395,000

)

(1,560,000

)

PROVISIONS FOR LIABILITIES

(149,369

)

(152,832

)

NET ASSETS

6,167,838

6,838,918

CAPITAL AND RESERVES

Called up share capital

1,000

Revaluation reserve

12

1,127,095

1,197,654

Fair value reserve

12

(1,366,556

)

(716,556

)

Retained earnings

5,609,674

5,075,995

SHAREHOLDERS' FUNDS

5,371,213

5,558,093

NON-CONTROLLING INTERESTS

13

796,625

1,280,825

TOTAL EQUITY

6,167,838

6,838,918

The company and the group are 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 and the group 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 group 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 and the group as at the end of each financial year and of the group's 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 and the group.

The financial statements have been prepared 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 22 August 2025 and were signed on its behalf by:

G D Swetman - Director

FIXED ASSETS

Tangible assets

6

17,256

21,948

Investments

7

1,280

Investment property

8

-

18,536

23,228

CURRENT ASSETS

Debtors

9

849,416

798,009

Cash at bank

11,172

26,248

860,588

824,257

CREDITORS

Amounts falling due within one year

10

103,294

130,145

NET CURRENT ASSETS

757,294

694,112

TOTAL ASSETS LESS CURRENT
LIABILITIES

775,830

717,340

CREDITORS

Amounts falling due after more than one
year

11

125,000

NET ASSETS

650,830

592,340

CAPITAL AND RESERVES

Called up share capital

1,000

Retained earnings

649,830

591,340

SHAREHOLDERS' FUNDS

650,830

592,340

Company's profit for the financial year

58,490

36,594

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 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 24 February 2025 and were signed on its behalf by:

A M Swetman - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

Balance at 1 January 2023

1,000

3,464,135

3,775,224

Changes in equity

Total comprehensive income

-

1,611,860

(2,577,570

)

Balance at 31 December 2023

1,000

5,075,995

1,197,654

Changes in equity

Total comprehensive income

-

533,679

(70,559

)

Balance at 31 December 2024

1,000

5,609,674

1,127,095

Fair

value

Non-controlling

Total

reserve

Total

interests

equity

£

Balance at 1 January 2023

(516,556

)

6,723,803

921,803

7,645,606

Changes in equity

Total comprehensive income

(200,000

)

(1,165,710

)

359,022

(806,688

)

Balance at 31 December 2023

(716,556

)

5,558,093

1,280,825

6,838,918

Changes in equity

Total comprehensive income

(650,000

)

(186,880

)

(484,220

)

(671,100

)

Balance at 31 December 2024

(1,366,556

)

5,371,213

796,605

6,167,818

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 January 2023

1,000

554,746

555,746

Changes in equity

Total comprehensive income

-

36,594

Balance at 31 December 2023

1,000

591,340

592,340

Changes in equity

Total comprehensive income

-

58,490

Balance at 31 December 2024

1,000

649,830

650,830

1.	STATUTORY INFORMATION

London and Southern Estates Limited and Subsidiaries 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 General 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

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 Consolidated 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Employment 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.

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.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

Depreciation - owned assets

6,152

9,383

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1 January 2024

55,862

Additions

1,257

Disposals

(171

)

At 31 December 2024

56,948

DEPRECIATION

At 1 January 2024

32,563

Charge for year

6,152

Eliminated on disposal

(171

)

At 31 December 2024

38,544

NET BOOK VALUE

At 31 December 2024

18,404

At 31 December 2023

23,299

Company

Plant and

machinery

etc

£

COST

At 1 January 2024

53,662

Additions

1,257

Disposals

(171

)

At 31 December 2024

54,748

DEPRECIATION

At 1 January 2024

31,714

Charge for year

5,949

Eliminated on disposal

(171

)

At 31 December 2024

37,492

NET BOOK VALUE

At 31 December 2024

17,256

At 31 December 2023

21,948

7.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1,280

NET BOOK VALUE

At 31 December 2024

1,280

At 31 December 2023

1,280

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

London and Southern Estates (Swindon) Ltd

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

1,823,229

2,054,130

Profit for the year

33,633

62,021

London and Southern Estates (Reading) Limited

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

1,056,248

1,362,978

Profit for the year

81,962

81,897

London and Southern Estates (City) Limited

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

80.00

2024

2023

£

Aggregate capital and reserves

3,983,125

3,570,910

Profit for the year

412,215

1,795,111

London & Southern Estates (Retail) Limited

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

Aggregate capital and reserves

(1,344,314

)

(740,162

)

Profit for the year

45,847

15,259

8.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 January 2024

6,046,690

Revaluations

(860,000

)

Impairments

(446,690

)

At 31 December 2024

4,740,000

NET BOOK VALUE

At 31 December 2024

4,740,000

At 31 December 2023

6,046,690

Fair value at 31 December 2024 is represented by:

£

Valuation in 2006

865,340

Valuation in 2008

(350,000

)

Valuation in 2009

399,000

Valuation in 2012

(99,547

)

Valuation in 2014

510,000

Valuation in 2016

200,000

Valuation in 2017

46,690

Valuation in 2018

(881,556

)

Valuation in 2020

547,581

Valuation in 2024

(1,306,690

)

Cost

4,809,182

4,740,000

If the properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

Cost

4,809,182

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

£

Amounts owed by group undertakings

-

848,966

797,711

Other debtors

5,522

171,529

450

298

5,522

171,529

849,416

798,009

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2024

2023

2024

2023

£

Trade creditors

-

29,096

-

Amounts owed to group undertakings

-

84,291

84,877

Taxation and social security

230,094

1,601,633

7,598

7,312

Other creditors

122,944

165,609

11,405

37,956

353,038

1,796,338

103,294

130,145

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

2024

2023

2024

2023

£

Other creditors

1,395,000

1,560,000

125,000

Amounts falling due in more than five years:

Group

Company

2024

2023

2024

2023

£

Repayable otherwise than by

instalments

A & G Loan

1,395,000

1,560,000

125,000

12.

RESERVES

Group

Fair

Revaluation

value

reserve

Totals

£

At 1 January 2024

1,197,654

(716,556

)

481,098

Revaluation in year

(70,559

)

(650,000

)

(720,559

)

At 31 December 2024

1,127,095

(1,366,556

)

(239,461

)

13.	NON-CONTROLLING INTERESTS

Minority Interests represent the proportion of value of the net assets of London & Southern Estates (City) Limited.

14.	RELATED PARTY DISCLOSURES

The group was in receipt of loans from its directors during the year. No interest is paid and there is no formal repayment plan.The amount outstanding at the balance sheet date was £312 (2023 - £86,710). The loans are repayable on demand.

15.	ULTIMATE CONTROLLING PARTY

The group is ultimately controlled by Mr & Mrs G D Swetman.