Company registration number 11712746 (England and Wales)
SOTHERBY PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SOTHERBY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SOTHERBY PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
18,450,000
18,450,000
Current assets
Debtors
4
961,253
962,745
Cash at bank and in hand
291,049
235,115
1,252,302
1,197,860
Creditors: amounts falling due within one year
5
(9,075,809)
(9,029,183)
Net current liabilities
(7,823,507)
(7,831,323)
Total assets less current liabilities
10,626,493
10,618,677
Provisions for liabilities
(90,217)
(90,217)
Net assets
10,536,276
10,528,460
Capital and reserves
Called up share capital
7
9,850,101
9,850,101
Profit and loss reserves
686,175
678,359
Total equity
10,536,276
10,528,460

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

T he members have not required the company to obtain an audit of its financial statements for the year in question 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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 April 2026 and are signed on its behalf by:
Michael Docker
Director
Company registration number 11712746 (England and Wales)
SOTHERBY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Sotherby Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

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 historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents rents receivable during the period.

1.3
Investment property

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. Changes in fair value are recognised in profit or loss.

1.4
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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.5
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.

SOTHERBY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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 profit and loss account 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. Such 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.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.7

Preference shares

The Redeemable Preference shares are classified as equity in accordance with FRS 102 Section 22 (liabilities and equity) as they are redeemable at the option of the issuer and do not carry a right to a return.

2
Employees

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

2025
2024
Number
Number
Total
2
2
3
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
18,450,000

The investment property has been revalued, based on the directors' valuation, to reflect its open market value as at the balance sheet date. The valuations were made by reference to market evidence of transaction prices for similar properties.

The historical cost of the investment properties was £18,089,134 (202 4: £18,08 9,134) at the balance sheet date.

SOTHERBY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
21,104
13,682
Corporation tax recoverable
11,803
-
0
Other debtors
928,346
949,063
961,253
962,745
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
0
757
Corporation tax
(159)
55,076
Other creditors
9,075,968
8,973,350
9,075,809
9,029,183
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fair value gains on investment properties
90,217
90,217
There were no deferred tax movements in the year.
SOTHERBY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference shares of £1 each
9,849,901
9,849,901
9,849,901
9,849,901
Preference shares classified as equity
9,849,901
9,849,901
Total equity share capital
9,850,101
9,850,101
8
Related party transactions

During the year £4,026 (202 4: £12,668) was charged to Sotherby Properties Limited by a managing agent company which is controlled by Mr and Mrs Docker, in respect of management of the investment property.

During the year £230,000 (202 4: £1 80,000) was charged to Sotherby Properties Limited in respect of management and consultancy services by companies in which Mr and Mrs Docker have an interest

The investment property was used as security against a bank loan in a limited liability partnership in which Mr and Mrs Docker are members. During the year, this limited liability partnership recharged interest and related finance costs amounting to £3 63,775 (202 4: £361,190) to Sotherby Properties Limited.

Included within debtors is £926,324 (202 4: £912,282) due from companies in which Mr and Mrs Docker have an interest.

Included within creditors is £600,171 (202 4: £362,571) due to companies in which Mr and Mrs Docker have an interest.

Included within creditors is £8,3 40,933 (202 4: £8,546,159) due to a limited liability partnership in which Mr and Mrs Docker are members.

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