ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 11649137

SOUNION LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


SOUNION LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 5


SOUNION LIMITED REGISTERED NUMBER:11649137

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	2024	2023
Note	£	£


Current assets
Stocks	4	7,666,589	7,654,375
Debtors: amounts falling due within one year	5	11,035	10,734
Cash at bank and in hand		66,469	112,998
		7,744,093	7,778,107
Current liabilities
Creditors: amounts falling due within one year	6	(2,252,348)	(2,195,500)
Total assets less current liabilities		5,491,745	5,582,607

Non current liabilities
Bank loans	7	(6,175,000)	(6,175,000)
Net liabilities		(683,255)	(592,393)

Capital and reserves
Called up share capital	8	4,000	4,000
Profit and loss account		(687,255)	(596,393)
		(683,255)	(592,393)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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SOUNION LIMITED REGISTERED NUMBER:11649137

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2025.

C O Chartouni

Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2


SOUNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Sounion Limited is a private limited liability company, incorporated in England and Wales, with its registered office at 1 Hampstead Gate, 1a Frognal, London, NW3 6AL.
The principal activity of the Company is property development.

The functional and presentation reporting currency is £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The company meets its day to day working capital requirements through the support of the shareholder. The director believes that it is appropriate to prepare the financial statements on a going concern basis which assumes that the company will continue in operational existence with the continued support of the shareholders.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

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

2.7

Land and building development costs

Land and building development costs are accounted for as work in progress and are valued on the
basis of direct costs plus attributable overheads including interest.

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SOUNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Debtors

Short-term debtors are measured at transaction price.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

4.	Stocks
		2024	2023
		£	£

	Land and building development costs	7,666,589	7,654,375

Capitalised within land and building development costs is loan interest of £561,734 (2023 - £561,734).

Debtors

					2024	2023
					£	£


Trade debtors	30	-
Prepayments and accrued income	11,005	10,734
	11,035	10,734

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	472	5,207
Shaholders' loans	2,182,000	2,182,000
Accruals and deferred income	69,876	8,293
	2,252,348	2,195,500

Other loans of £2,182,000 (2023 - £2,182,000) are unsecured, interest free and repayable on demand.

Page 4


SOUNION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024



Amounts falling due 2-5 years
Bank loan	6,175,000	6,175,000

The bank loan is secured by a charge over the company's stock of land and building and a personal guarantee from the director.

8.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

4,000 (2023 - 4,000) Ordinary shares of £1.00 each	4,000	4,000

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