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Company No: 01542116 (England and Wales)

# SOUTHGATE DRYLINING LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

SOUTHGATE DRYLINING LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

SOUTHGATE DRYLINING LIMITED

## BALANCE SHEET

As at 31 March 2025
SOUTHGATE DRYLINING LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investment property | 3 | 1,400,000 |  | 1,400,000
Investments | 4 | 100 |  | 100
|  | 1,400,100 |  | 1,400,100
Current assets |  |  |  |
Debtors | 5 | 13,182 |  | 5,314
Cash at bank and in hand | 6 | 152,703 |  | 249,989
|  | 165,885 |  | 255,303
Creditors: amounts falling due within one year | 7 | ( 545,883) |  | ( 635,635)
Net current liabilities |  | (379,998) |  | (380,332)
Total assets less current liabilities |  | 1,020,102 |  | 1,019,768
Provision for liabilities |  | 28,439 |  | 28,439
Net assets |  | 1,048,541 |  | 1,048,207
Capital and reserves |  |  |  |
Called-up share capital | 8 | 100 |  | 100
Other reserves |  | ( 85,319 ) |  | ( 85,319 )
Profit and loss account |  | 1,133,760 |  | 1,133,426
Total shareholder's funds |  | 1,048,541 |  | 1,048,207

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Southgate Drylining Limited (registered number: 01542116) were approved and authorised for issue by the Board of Directors on 13 October 2025. They were signed on its behalf by:

F E Burke Director |

SOUTHGATE DRYLINING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
SOUTHGATE DRYLINING LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Southgate Drylining Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover represents rent receivable from investment properties. Rental income is recognised in the period to which it arises on an accrual basis and in accordance with the terms of the lease.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 1,400,000
As at 31 March 2025 | 1,400,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 1,513,758 |  | 1,513,758

#### 4. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 April 2024 | 100
At 31 March 2025 | 100
Carrying value at 31 March 2025 | 100
Carrying value at 31 March 2024 | 100

Investments in shares

Name of entity | Registered office | Principal activity | Class of shares | Ownership 31.03.2025 | Ownership 31.03.2024
Brookedale Limited | 2 Leman Street, London E1W 9US | Holding agricultural land | Ordinary | 100.00% | 100.00%

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 13,182 |  | 5,314

#### 6. Cash and cash equivalents

| 2025 |  | 2024
| £ |  | £
Cash at bank and in hand | 152,703 |  | 249,989

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 0 |  | 2,700
Amounts owed to own subsidiaries | 148,518 |  | 178,137
Taxation and social security | 81 |  | 1,687
Other creditors | 397,284 |  | 453,111
| 545,883 |  | 635,635

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
20 Ordinary A shares of £ 1.00 each | 20 |  | 20
80 Ordinary shares of £ 1.00 each | 80 |  | 80
| 100 |  | 100