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Registered number: 07685514 SOUTHBANK ATELIER LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
SOUTHBANK ATELIER LIMITED REGISTERED NUMBER: 07685514 BALANCE SHEET AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 1,635,000 |  | 1,635,000
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 1,466,698 |  | 1,560,043 |
Cash at bank and in hand |  | 1,355 |  | 2,647 |
|  | 1,468,053 |  | 1,562,690 |
Creditors: amounts falling due within one year | 6 | (48,653) |  | (552,394) |
Net current assets |  |  | 1,419,400 |  | 1,010,296
Total assets less current liabilities |  |  | 3,054,400 |  | 2,645,296
Creditors: amounts falling due after more than one year | 7 |  | (1,672,566) |  | (1,143,797)
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 |  | (213,062) |  | (213,062)
Net assets |  |  | 1,168,772 |  | 1,288,437
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account | 9 |  | 1,168,672 |  | 1,288,337
|  |  | 1,168,772 |  | 1,288,437
Page 1
SOUTHBANK ATELIER LIMITED REGISTERED NUMBER: 07685514 BALANCE SHEET (CONTINUED) AS AT 31 JANUARY 2025 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. The Company has opted not to file the statement of income and retained earnings 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 28 October 2025.
J E Nuttall
Director
The notes on pages 3 to 7 form part of these financial statements. Page 2
SOUTHBANK ATELIER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. | General information
Southbank Atelier Limited is a private company limited by shares, incorporated in England and Wales (registered number: 07685514). Its registered office is 443 Handsworth Road, Handsworth, Sheffield, England, S13 9DD. The principal activities of the Company throughout the year were property sales and rental. 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 Company's functional and presentation currency is pounds sterling. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
SOUTHBANK ATELIER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.3 | Investment property
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Current and deferred taxation
Tax is recognised in the Statement of Income and Retained Earnings. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2024 - 1).
Page 4
SOUTHBANK ATELIER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
4. | Investment property
|  | Long term leasehold investment property
|  | £
| Valuation |
| At 1 February 2024 | 1,635,000
| At 31 January 2025 | 1,635,000
The 2025 valuations were made by the director, on an open market value for existing use basis.
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 1,140
| Amounts owed by group undertakings | 1,434,510 | 1,527,351
| Prepayments and accrued income | 32,188 | 31,552
|  | 1,466,698 | 1,560,043
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 4,667 | 4,667
| Other loans | - | 504,419
| Trade creditors | 24,315 | 30,506
| Other taxation and social security | 4,981 | 305
| Other creditors | 14,690 | 12,497
|  | 48,653 | 552,394
Page 5
SOUTHBANK ATELIER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 20,222 | 24,889
| Other loans | 1,652,344 | 1,118,908
|  | 1,672,566 | 1,143,797
| Included within creditors falling due after more than one year are secured liabilities in respect of other loans of £1,652,344 (2024: £1,118,908).
| The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Repayable by instalments | 1,556 | 6,222
8. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 213,062 | 225,476
| Charged to profit or loss | - | (12,414)
| At end of year | 213,062 | 213,062
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Movement in fair value of investment property | 213,062 | 213,062
Page 6
SOUTHBANK ATELIER LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
9. | Reserves
Profit and loss account Included within the profit and loss account reserves are unrealised gains from changes in the fair value of investment property amounting to £639,185 (2024: £639,185) which are non distributable.
10. | Commitments under operating leases
| At 31 January 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 1,875 | 1,875
| Later than 1 year and not later than 5 years | 7,500 | 7,500
| Later than 5 years | 405,000 | 406,875
|  | 414,375 | 416,250
Page 7