Company Registration No. 00249750 (England and Wales)
South Eastern Properties Limited
Financial statements
for the year ended 30 September 2025
Pages for filing with the registrar
South Eastern Properties Limited
Company information
Directors
Nigel Addington-Smith
Neil Altman
Rob Elliott
Kate Moisson
Secretary
Rob Elliott
Company number
00249750
Registered office
71 Queen Victoria Street
London
United Kingdom
EC4V 4BE
Independent auditors
Humphrey & Co Audit Services Limited
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
Accountants
Saffery LLP
St John's Court
Easton Street
High Wycombe
HP11 1JX
Solicitors
Laytons LLP
B P Collins LLP
Yarnwicke
20 Station Road
119-121 Cannon Street
Gerrards Cross
London
Buckinghamshire
EC4N 5AT
SL9 8EL
Property Consultants
Van De Berg Management Limited
30a Green Lane
Northwood
Middlesex
HA6 2QB
Bankers
HSBC Bank plc
Barclays Bank plc
26 - 28 St Ann's Road
29 - 31 Upminster Road South
Harrow
Rainham
Middlesex
Essex
HA1 1LA
RM13 9YR
South Eastern Properties Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
South Eastern Properties Limited
Statement of financial position
As at 30 September 2025
30 September 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Investment properties
3
9,653,000
9,515,000
Current assets
Debtors
4
195,651
199,194
Tenant bank deposits
68,401
26,996
Cash at bank and in hand
108,332
173,534
372,384
399,724
Creditors: amounts falling due within one year
5
(506,592)
(592,140)
Net current liabilities
(134,208)
(192,416)
Total assets less current liabilities
9,518,792
9,322,584
Creditors: amounts falling due after more than one year
6
(886)
(11,370)
Deferred tax liability
7
(668,472)
(630,345)
Net assets
8,849,434
8,680,869
Capital and reserves
Called up share capital
8
25,850
25,850
Share premium account
25,800
25,800
Revaluation reserve
4,121,865
4,031,483
Capital reserve
3,533,358
3,533,358
Profit and loss reserves
1,142,561
1,064,378
Total equity
8,849,434
8,680,869

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 February 2026 and are signed on its behalf by:
Nigel Addington-Smith
Rob Elliott
Director
Director
Company Registration No. 00249750
South Eastern Properties Limited
Statement of changes in equity
For the year ended 30 September 2025
2
Share capital
Share premium account
Revaluation reserve
Capital reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2023
25,850
25,800
3,569,192
3,533,622
1,032,530
8,186,994
Year ended 30 September 2024:
Comprehensive income for the year
-
-
-
-
720,063
720,063
Dividends (£8.75 per share)
-
-
-
-
(226,188)
(226,188)
Transfer on sale of property
-
-
488
(264)
(224)
-
Transfer of property revaluation
-
-
461,803
-
(461,803)
-
Balance at 30 September 2024
25,850
25,800
4,031,483
3,533,358
1,064,378
8,680,869
Year ended 30 September 2025:
Comprehensive income for the year
-
-
-
-
407,677
407,677
Dividends (£9.25 per share)
-
-
-
-
(239,112)
(239,112)
Transfer of property revaluation
-
-
0
90,382
-
(90,382)
-
Balance at 30 September 2025
25,850
25,800
4,121,865
3,533,358
1,142,561
8,849,434
South Eastern Properties Limited
Notes to the financial statements
For the year ended 30 September 2025
3
1
Accounting policies
Company information

South Eastern Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, United Kingdom, EC4V 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historic cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises rental income and recoveries billed to tenants. Rental income is receivable in advance on the four quarter days and is taken to the income statement over the period to which it relates, net of VAT where applicable. Recoveries are taken to the income statement when they are billed to a tenant.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, 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.

South Eastern Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies (continued)
4
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 trade and other creditors, 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.

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

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

South Eastern Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
1
Accounting policies (continued)
5
1.8

Non distributable reserves

Revaluation reserve

The revaluation reserve comprises the surplus on the revaluation of properties less any taxation that would be due if they were to be disposed of at their revalued amount. Each year the movement in the value of properties, net of tax, is transferred from/to the profit and loss account as set out in the statement of changes in equity.

Capital reserve

The capital reserve comprises the net profits that have arisen on the disposal of properties. Under the company’s articles of association these profits are not available for distribution and are required to be transferred to capital reserve.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
4
3
Investment property
2025
£
Fair value
At 1 October 2024
9,515,000
Additions
9,491
Revaluations
128,509
At 30 September 2025
9,653,000

The fair value of the investment property has been arrived at by the directors relying on Messrs Aitchison Raffety, Property Consultants, valuation carried out as at 30 September 2025.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
84,843
88,037
Other debtors
110,808
111,157
195,651
199,194
South Eastern Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
6
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
10,487
192,442
Trade creditors
37,634
22,742
Tenant deposits
68,401
26,996
Corporation tax
105,765
86,023
Other taxation and social security
23,450
19,506
Dividends payable
135,713
129,250
Other creditors
125,142
115,181
506,592
592,140

The bank loan outstanding in 2024 was secured by a fixed charge over certain properties of the company.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
886
11,370
7
Deferred taxation

The deferred tax liability of £668,472 (2024 - £630,345) represents the tax that would be payable if all of the company’s properties were sold at their valuation. The liability comprises the net of the tax that would be payable on those properties that are standing at a gain for tax purposes, which amounts to £787,940 (2024 - £741,234), and those that are standing at a loss, amounting to £119,468 (2024 - £110,889). The deferred tax is calculated at the rate of corporation tax of 25% (2024: 25%).

South Eastern Properties Limited
Notes to the financial statements (continued)
For the year ended 30 September 2025
7
8
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
15,850 Ordinary 'A' shares of £1 each
15,850
15,850
10,000 Ordinary 'B' shares of £1 each
10,000
10,000
25,850
25,850
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mrs Emily Smith.
The auditor was Humphrey & Co Audit Services Limited.
10
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2025
2024
£
£
Within one year
532,677
491,782
Between two and five years
1,226,272
961,141
In over five years
119,837
192,547
1,878,786
1,645,470
11
Related party transactions

Details of amounts payable to related parties during the year were:

Van De Berg Management Limited, a firm of property consultants of which Neil Altman is a director, £59,936 (2024 - £52,418) for professional services. New Aggregate Limited, a firm of Chartered Accountants in which Robert Elliott was a principal during the year, £9,275 (2024 - £8,200) for accountancy services. £2,913 (2024 - £2,100) was owing to New Aggregate Limited at 30 September 2025.

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