Southmoor (Havant) Properties Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

1. General Information

Southmoor (Havant) Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00678774 . The registered office is 34 Gordon Road, Southbourne, Emsworth, Hampshire, PO10 8AZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Significant judgements and estimations

In the application of the company’s accounting policies, the director is required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

Investment properties are valued on an open market basis by the director.

2.3. Turnover

Turnover is the total amount receivable in the year, in accordance with underlying leases where appropriate, for rent and ancillary services.

Turnover is recognised quarterly when the rent becomes due.

2.4. Investment Properties

All investment properties are 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 for. Changes in fair value are recognised in the profit and loss account.

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

...CONTINUED

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Southmoor (Havant) Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.5. Financial Instruments - continued

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Transfer to revaluation reserve

Gains or losses on fair value of investment property have been transferred from retained earnings to a specific non-distributable reserve; a revaluation reserve. Similarly all deferred tax relating to these fair value movements have been transferred to the same reserve.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 3)

4. Investment Property

	2025
	£
Fair Value
As at 1 April 2024 and 31 March 2025	575,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the

Directors as at 31 March 2025. The valuation was made on an open market value basis.

If investment properties had not been revalued they would have been stated at historical cost of £309,642

(2024: £309,642)

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Southmoor (Havant) Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	(772 )	11,122
Other debtors	50,441	26,048

	49,669	37,170

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	64	2,626
Other creditors	58,363	12,350
Taxation and social security	7,869	7,831

	66,296	22,807

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,260	1,260

8. Reserves

	Revaluation Reserve
	£
As at 1 April 2024	265,358

As at 31 March 2025	265,358

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investment Properties	4		575,000		575,000

			575,000		575,000
CURRENT ASSETS
Debtors	5	49,669		37,170
Cash at bank and in hand		320,404		267,604

		370,073		304,774
Creditors: Amounts Falling Due Within One Year	6	(66,296 )		(22,807 )

NET CURRENT ASSETS (LIABILITIES)			303,777		281,967

TOTAL ASSETS LESS CURRENT LIABILITIES			878,777		856,967

NET ASSETS			878,777		856,967

CAPITAL AND RESERVES
Called up share capital	7		1,260		1,260
Revaluation reserve	8		265,358		265,358
Profit and Loss Account			612,159		590,349

SHAREHOLDERS' FUNDS			878,777		856,967