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Registered number: 05108355
SOUTH SHORE DEVELOPMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2025
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SOUTH SHORE DEVELOPMENTS LIMITED
COMPANY INFORMATION
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Level 6 West Baltic Place
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SOUTH SHORE DEVELOPMENTS LIMITED
CONTENTS
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Statement of financial position
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Notes to the financial statements
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SOUTH SHORE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 05108355
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
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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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SOUTH SHORE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 05108355
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025
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 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 by:
................................................
Sir W G Robertson CBE
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The notes on pages 3 to 8 form part of these financial statements.
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SOUTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
South Shore Developments Limited (company number: 05108355) is a private company limited by shares and is incorporated in England and Wales. The registered office is Level 6 West Baltic Place, South Shore Road, Gateshead, England, NE8 3AE. The accounts are presented in Sterling, which is the company's functional and presentational currency.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006 and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liabilities Partnerships'. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors ordinarily review the company’s forecasts and projections to ensure that the company has sufficient resources to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date of signing the financial statements.
The directors believe there is a strong demand for their services, and expects that the 2026 and 2027 year ends will complete with positive cash flows and a strong cash balance at each year end date. Advantage has been taken of the continued support of a shareholder and related party, and the directors are satisfied with the outlook for the company.
Thus, with a healthy cash balance at the date of signing these financial statements, assurances that the shareholder and related party loans will not be recalled within 12 months from the date of signing, and future forecasted trading expectations and cost monitoring, the directors are satisfied that the company will have adequate resources to continue as a going concern for the foreseeable future, and for a period of at least 12 months from the date of signing of the financial statements. The directors therefore consider it appropriate that these financial statements are prepared on a going concern basis.
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.
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SOUTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessor
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Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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.
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.
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SOUTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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 profit or loss.
Work in progress, which comprises land and developments held for resale, is valued at the lower of cost or net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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 repayable without penalty on notice of not more than 24 hours.
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 and loans to related parties.
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SOUTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgments 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 amounts reported for assets and liabilities reported at the statement of financial position date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements.
Work in progress
The directors review current market conditions and advice from professional surveyors when considering the net realisable value of work in progress. Judgement is required in order to determine the appropriate level of provision to retain against the carrying value of work in progress.
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The average monthly number of employees, including directors, during the year was 4 (2024 - 4).
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SOUTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Work in progress (goods to be sold)
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Amounts owed to other participating interests
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Other taxation and social security
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Accruals and deferred income
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Included within amounts owed to connected companies is a loan of £2,500,000 which is repayable on demand and incurs interest at a rate of LIBOR + 2.5%. Interest accrued on this loan amounts to £1,266,812 (2024 - £1,080,811). The remaining amounts owed to connected companies are unsecured, interest free and repayable on demand.
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SOUTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Allotted, called up and fully paid
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600 (2024 - 600) A Ordinary shares of £1.00 each
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200 (2024 - 200) B Ordinary shares of £1.00 each
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1,001 (2024 - 1,001) C Deferred ordinary shares of £1.00 each
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1,000 (2023 - 1,000) D Deferred Ordinary shares of £-nil each
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100 (2024 - 100) E Ordinary shares of £1.00 each
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100 (2024 - 100) F Ordinary shares of £1.00 each
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A Ordinary, B Ordinary, E Ordinary and F Ordinary shares rank pari passu in all respect.
C Deferred ordinary shares are redeemable at any time. These shares do not confer any rights to the holders in terms of income or voting at general meetings of the Company. A return of capital for any reason shall entitle the holders thereof to £1 in aggregate for all Deferred shares then in issue.
Total allotted, called up and fully paid share capital also includes 1,000 D Deferred ordinary shares each with a value of £0.10. These shares shall not entitle the holders of them to receive notice of, to attend, to speak or to vote at any general meeting of the Company. The deferred shares may be redeemed at any time by the company at its option for £0.01 for all deferred shares.
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Commitments under operating leases
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At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases totalling £1,886,491 (2024: £1,905,419)
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During the year, the company was under the control of Sir W G Robertson CBE.
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