Southern Territory Limited - Filleted accounts

Registered number

03652191

Southern Territory Limited

Filleted Accounts for the year ended

31 August 2025

Southern Territory Limited
Registered number:		03652191
Balance Sheet
as at 31 August 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		24,728,177			25,043,819
Investments	4		2,344,460			1,921,960
			27,072,637			26,965,779

Current assets
Stocks		40,424			40,424
Debtors	5	14,505,051			7,756,157
Cash at bank and in hand		10,510			93,311
		14,555,985			7,889,892

Creditors: amounts falling due within one year	6	(6,538,955)			(3,275,957)

Net current assets			8,017,030			4,613,935

Total assets less current liabilities			35,089,667			31,579,714

Creditors: amounts falling due after more than one year	7		(13,524,249)			(9,649,241)



Net assets			21,565,418			21,930,473

Capital and reserves
Called up share capital			100			100
Fair value reserve	9		11,605,608			11,918,867
Profit and loss account			9,959,710			10,011,506

Shareholders' funds			21,565,418			21,930,473

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.



A Alexandrou
Director
Approved by the board on 23 June 2026

Southern Territory Limited
Notes to the Accounts
for the year ended 31 August 2025


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents receivable and recharged expenses on its propery investment portfolio.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Investment properties	NIL
	Investment property is revalued each year at fair value. Any changes in fair value are recognised in the profit or loss.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Employees		2025		2024
Number				Number

	Average number of persons employed by the company		1		1


3	Tangible fixed assets
					Investment properties
£
	Fair value
	At 1 September 2024				25,043,819
	Additions				134,358
	Disposals				(450,000)
	At 31 August 2025				24,728,177

	Depreciation
	At 31 August 2025				-

	Fair value
	At 31 August 2025				24,728,177
	At 31 August 2024				25,043,819
	The portfolio of 27 investment property assets were revalued on 25 February 2025 by Allsop LLP. The remaining investment properties were revalued by the directors' at fair market on 31 August 2025.


4	Investments
Investments in
subsidiary
undertakings
£
	Cost
	At 1 September 2024				1,921,960
	Additions				422,500

	At 31 August 2025				2,344,460


5	Debtors		2025		2024
£				£

	Trade debtors		56,821		95,488
	Amounts owed by related companies		14,436,791		7,649,230
	Other debtors		11,439		11,439
			14,505,051		7,756,157


6	Creditors: amounts falling due within one year		2025		2024
£				£

	Bank loans and overdrafts		4,148,236		149,784
	Trade creditors		244,849		149,179
	Amounts owed to related companies		1,822,531		2,323,343
	Other loans		146,692		371,692
	Taxation and social security costs		67,290		134,660
	Dividends payable		21,775		21,775
	Other creditors		87,582		125,524
			6,538,955		3,275,957


7	Creditors: amounts falling due after one year		2025		2024
£				£

	Bank loans		13,524,249		9,649,241


8	Loans		2025		2024
£				£
	Creditors include:
	Amounts payable otherwise than by instalment falling due for payment after more than five years		1,873,249		1,872,710
	Instalments falling due for payment after more than five years		-		1,128,240
			1,873,249		3,000,950


	Secured bank loans		17,672,485		9,799,025

	The company has various fixed and floating charges secured over the assets and properties of the company.


9	Fair value reserve		2025		2024
£				£

	At 1 September 2024		11,918,867		12,159,362
	Release of fair value gains on sale of properties		(313,259)		(240,495)

	At 31 August 2025		11,605,608		11,918,867
	The fair value reserve represents cumulative unrealised gains and losses arising on the revaluation of investment properties to fair value. In accordance with FRS 102, fair value movements are recognised in the profit and loss account. The directors have elected to transfer the cumulative unrealised gains and losses from retained earnings to a separate fair value reserve within shareholders' funds in order to distinguish such amounts from realised profits available for distribution.


10	Related party transactions

	Included in debtors falling due within one year are balances of: £Nil (2024: £588,516) owed by Icospec Limited £601,000 (2024: £591,000) Atlantic Developments (Cudworth) Limited £213,426 (2024: £127,926) Marlyn Properties Limited £Nil (2024: £1,792,761) Friday Hill House Limited £1,855,824 (2024: £1,257,561) Atlantic Lodge (Housing) Limited £267,645(2024: £240,344) 601 Lordship Lane Ltd £380,095 (2024: £Nil) STUK09 Ltd £2,500,000 (2024: £Nil) Channing Salubritas Limited These are companies in which the directors A Alexandrou and G Leonidas have an interest. Included in debtors falling due within one year are balances of: £419,015 (2024: £411,015) Atlantic (Hertford) Limited £4,821,437 (2024: £1,601,886) Southern Territory (UK) Limited £63 (2024: £63) Southern Territory London Limited £50,000 (2024: £13,000) STUK03 Ltd £2,018,512 (2024: £1,025,158) STUK06 Ltd £319,774 (2024: £Nil) STUK04 Ltd £990,000 (2024: £Nil) APS Investments Limited These are companies in which the director A Alexandrou has an interest. These loans are made on an interest free basis with no set repayment date.
	Included in creditors falling due with in one year are balances of: £861,455 (2024 : £899,267) owed to Waterhouse Properties Limited £50,000 (2024: £50,000) owed to Max Leo Investments Ltd These are companies in which the director G Leonidas holds an interest £1,000 (2024 - £1,000) owed to STUK01 Ltd £464,625 (2024: £895,525) owed to STUK10 Ltd £236,051 (2024: £262,55) owed to STUK07 Ltd £74,400 (2024: £76,000) owed to STUK11 Ltd £Nil (2024: £4,000) owed to STUK04 Ltd These are companies in which the director A Alexandrou holds an interest. £135,000 (2024: £135,000) owed to GK Phoenix Ltd This is a company in which both G Leonidas and A Alexandrou hold an interest. These loans are made on an interest free basis with no set repayment date.

11	Controlling party

	The company was under the control of its directors throughout the period under review. Each director held 50% of the share capital each.


12	Other information

	Southern Territory Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Atlantic Business Centre
	1 The Green
	London
	E4 7ES