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Unaudited Financial Statements
Southfields Holdings Limited
For the financial year ended 31 December 2024
Registered number: 11695921
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Southfields Holdings Limited
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Company Information
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Grant Thornton Business Advisory Services Limited
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Southfields Holdings Limited
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Contents
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Directors' Responsibilities Statement
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Statement of Income and Retained Earnings
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Statement of Changes in Equity
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Notes to the Financial Statements
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Southfields Holdings Limited
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Directors' Report
For the financial year ended 31 December 2024
The directors present their annual report and the financial statements of Southfields Holding Limited (the company) for the financial year ended 31 December 2024.
The loss after tax for the financial year amounted to €46,186 (2023 - loss €65,415).
The company did not pay an interim dividend during the financial year and the directors have not recommended a final dividend since the financial year end (2023 - €nil).
The directors who served during the financial year were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 1
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Southfields Holdings Limited
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Directors' Responsibilities Statement
For the financial year ended 31 December 2024
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This statement was approved by the directors and was signed by:
Rachel Ward
Director
Date: 29 September 2025
Page 2
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Independent Accountant's Report to the directors on the Unaudited Financial Statements of Southfields Holdings Limited for the financial year ended 31 December 2024
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Southfields Holdings Limited (the company) for the financial year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of the company, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of the company, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the financial year ended 31 December 2024 and you have acknowledged on the Balance Sheet as at 31 December 2024 your duty to ensure that the company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that the company is exempt from the statutory audit requirement for the financial year ended 31 December 2024.
We have not been instructed to carry out an audit or review the financial statements of the company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Grant Thornton Business Advisory Services Limited
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Chartered Accountants
13 - 18 City Quay
Dublin 2
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Date: 29 September 2025
Page 3
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Southfields Holdings Limited
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Statement of Income and Retained Earnings
For the financial year ended 31 December 2024
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Interest payable and similar expenses
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Loss for the financial year
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Accumulated losses at the beginning of the financial year
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Loss for the financial year
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Accumulated losses at the end of the financial year
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There were no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Income and Retained Earnings.
All amounts relate to continuing operations.
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The notes on pages 8 to 15 form part of these financial statements.
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Page 4
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Southfields Holdings Limited
Registered number:11695921
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Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 5
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Southfields Holdings Limited
Registered number:11695921
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Balance Sheet (continued)
As at 31 December 2024
The directors consider 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 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 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 were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 8 to 15 form part of these financial statements.
Page 6
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Southfields Holdings Limited
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Statement of Changes in Equity
For the financial year ended 31 December 2024
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Comprehensive income for the financial year
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Loss for the financial year
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Comprehensive income for the financial year
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Loss for the financial year
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The notes on pages 8 to 15 form part of these financial statements.
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Page 7
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
Southfield Holdings Limited (the company) is a private company limited by shares incorporated in England. The address of the company's registered office is 17 Southfields Road, London, SW18 1QW, England and its registered number is 11695921. The company's principal activity is the holding of shares in its subsidiary company and the leasing of its property to that subsidiary company.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise judgement in applying the company's
accounting policies (see note 3).
The financial statements are presented in Euro (€). The directors believe that this is the functional
currency of the company as the majority of its transactions are denominated in Euro.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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In accordance with section 399(2A) of the Companies Act 2006, the company does not prepare consolidated financial statements as the company and its subsidiary combined meet the size criteria for a group. As a result, these financial statements present information relating to the company as an individual undertaking and do not contain consolidated information as the parent of a group.
The company had a net liability position of €280,032 at 31 December 2024 (2023 - €233,846). The net liabilities primarily comprise a liability due to its subsidiary. However, while the subsidiary retains its right to seek repayment on demand, it has agreed to wait for repayment and continues to support the company.
The company's revenue comprises rental income.
Finance costs are charged to the Statement of Income and Retained Earnings 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.
Page 8
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
Tax is recognised in the Statement of Income and Retained Earnings 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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Freehold investment property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
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Recognition of investment property
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Investment properties rented to other group companies are classified as tangible fixed assets (freehold property) and are recognised at historical cost less depreciation and impairment. Depreciation is charged on a straight line basis over the estimated useful life of 25 years.
Page 9
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
2.Accounting policies (continued)
The company investments in its subsidiary is measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions. Cash equivalents are highly
liquid investments that are readily convertible to known amounts of cash with insignificant risk of
change in value.
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.
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
All expenses are recognised in the Statement of Income and Retained Earnings on the accruals basis.
Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of any tax effects.
Page 10
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the reported amounts of assets and liabilities at the financial year end date and the reported amount of income and expenses during the reporting period.
Management evaluates its estimates and judgements on an ongoing basis. Management bases its estimates and judgements on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumption or conditions.
The following are considered important to the portrayal of the company’s financial position:
Estimating useful lives of depreciable assets
The company estimates the useful lives of tangible fixed assets and intangible assets to be the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or
commercial obsolescence and legal or other limits on the use of the assets.
Impairment of investment in subsidiary
The directors have reviewed the financial statements at 31 December 2024 of the company's subsidiary compant, Mediman Limited. Based on this review, the directors are satisfied that no impairment is required.
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The company has no employees other than the directors, who did not receive any remuneration
(2023 - €nil).
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Current tax on loss for the financial year
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Taxation on profit on ordinary activities
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Page 11
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
5.Tax (continued)
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Factors affecting tax charge for the financial year
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The tax assessed for the financial year is not equal to the loss multiplied the standard rate of corporation tax in the UK of19% (2023 - 19%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
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Expenses not deductible for tax purposes
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Total tax charge for the financial year/year
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Freehold investment property
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Charge for the financial year
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The above freehold property has been rented to group undertakings. The company has chosen to account for these properties at historical cost less depreciation and impairment.
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Page 12
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
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Investment in subsidiary company
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The following was a subsidiary undertaking of the company:
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Page 13
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
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Irish corporation tax recoverable
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UK corporation tax recoverable
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Irish corporation tax payable
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand. See note 14.
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Creditors: Amounts falling due after more than one year
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Page 14
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Southfields Holdings Limited
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Notes to the Financial Statements
For the financial year ended 31 December 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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The company's bank loans at the financial year end date totalled €2,241,613 (2023 - €2,420,680). The loans are subject to an average interest at a rate of 3.5% (2023 - 3.96%). The loans are due for repayments in instalments over the next 2 years.
The bank loans are is secured by a letter of guarantee from a subsidiary company and a floating charge over the subsidiary company's assets.
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Profit and loss account
Includes all current and prior period retained profits and losses.
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Related party transactions
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The company has availed of the exemption provided for in FRS 102 section 33(1)(A) not to disclose
transactions entered into with fellow group companies where one of the companies is a wholly owned subsidiary.
Mediman Limited, a subsidiary company, has provided security for the company's bank facilities up to €3.1m by a letter of guarantee and by a floating charge over the assets of Mediman Limited.
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Events after the end of the financial year
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There were no significant events since the end of the financial year.
The company is controlled by Rachel Ward, Louise Ward and James Ward.
Page 15
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Registered number: 11695921
Southfields Holdings Limited
Management information
For the financial year ended 31 December 2024
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Southfields Holdings Limited
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Detailed profit and loss account
For the financial year ended 31 December 2024
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Tax on loss on ordinary activities
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Loss for the financial year/year
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Southfields Holdings Limited
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Schedule to the Detailed Accounts
For the financial year ended 31 December 2024
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Hotels, travel and subsistence
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Bank loan interest payable
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