Company No: 12059014 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	2,827		2,725
Investment property	4	9,489,223		9,083,578
		9,492,050		9,086,303
Current assets
Debtors	5	12,610		19,361
Cash at bank and in hand		110,113		153,040
		122,723		172,401
Creditors: amounts falling due within one year	6	( 5,701,669)		( 5,751,821)
Net current liabilities		(5,578,946)		(5,579,420)
Total assets less current liabilities		3,913,104		3,506,883
Creditors: amounts falling due after more than one year	7	( 2,385,000)		( 2,160,000)
Provision for liabilities		( 330,351)		( 330,325)
Net assets		1,197,753		1,016,558
Capital and reserves
Called-up share capital	8	1		1
Profit and loss account	11	1,197,752		1,016,557
Total shareholder's funds		1,197,753		1,016,558

For the financial year ending 30 June 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Southlea Investments Ltd (registered number: 12059014) were approved and authorised for issue by the Board of Directors on 02 September 2026. They were signed on its behalf by:

Giovanni Fragapane Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Southlea Investments Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover and trade discounts are recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery	5 years straight line
Computer equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery		Computer equipment		Total
	£		£		£
Cost
At 01 July 2025	6,814		0		6,814
Additions	0		1,563		1,563
At 30 June 2026	6,814		1,563		8,377
Accumulated depreciation
At 01 July 2025	4,089		0		4,089
Charge for the financial year	1,363		98		1,461
At 30 June 2026	5,452		98		5,550
Net book value
At 30 June 2026	1,362		1,465		2,827
At 30 June 2025	2,725		0		2,725

4. Investment property

	Investment property
	£
Valuation
As at 01 July 2025	9,083,578
Additions	405,645
As at 30 June 2026	9,489,223

Valuation

The 2026 valuations were made by the directors, on an open market value for existing use basis.

5. Debtors

	2026		2025
	£		£
Trade debtors	3,570		1,028
Prepayments	9,040		18,333
	12,610		19,361

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Trade creditors	7,667		845
Amounts owed to directors	5,437,047		5,554,382
Accruals and deferred income	20,424		31,151
Taxation and social security	71,132		11,817
Other creditors	165,399		153,626
	5,701,669		5,751,821

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	2,385,000		2,160,000

The bank loans are secured by a legal mortgage over the investment properties and by a fixed charge over the company's assets.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2026		2025
	£		£
Within one year	4,554		0
Between one and five years	4,554		0
	9,108		0

10. Related party transactions

Transactions with the entity's directors

	2026		2025
	£		£
Amounts owed to the directors by the company	5,437,047		5,554,382

There are no interest charges on the above amounts and there is no set repayment date.

11. Profit and loss account

	2026		2025
	£		£
Profit and loss account - distributable	208,820		27,625
Profit and loss account - non-distributable	988,932		988,932
	1,197,752		1,016,557

Profit and loss account - distributable

This reserve represents the cumulative profits and losses that can be distributed.

Profit and loss account - non-distributable

This reserve represents the cumulative gains and losses, and respective deferred tax on these gains and losses, on the fair value movements of investment properties.