London and Southern Estates Limited - Limited company accounts 18.2

REGISTERED NUMBER: 04335013 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 201

FOR

LONDON AND SOUTHERN ESTATES LIMITED

AND SUBSIDIARIES

Page

Company Information

1

Report of the Directors

2

Consolidated Profit and Loss Account

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Consolidated Statement of Changes in Equity

8

Company Statement of Changes in Equity

9

Notes to the Consolidated Financial Statements

10

DIRECTORS:

Mr Graham Dudley Swetman

Mrs Agnes Margaret Swetman

Mr Mark Julian Swetman

SECRETARY:

Mr Graham Dudley Swetman

REGISTERED OFFICE:

36a Station Road

New Milton

Hampshire

BH25 6JX

REGISTERED NUMBER:

04335013 (England and Wales)

ACCOUNTANTS:

David Shores & Co Ltd

36a Station Road

New Milton

Hampshire

BH25 6JX

BANKERS:

Svenska Handelsbanken AB

3 Thomas More Square

London

E1W 1WY

SOLICITORS:

Phillips

Town Gate

38 London Street

Basingstoke

Hampshire

RG21 7NY

The directors present their report with the financial statements of the company and the group for the year

ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of commercial property management and

development.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2019 to the date of

this report.

Mr Graham Dudley Swetman

Mrs Agnes Margaret Swetman

Mr Mark Julian Swetman

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

Mr Graham Dudley Swetman - Director

13 February 2020

TURNOVER

609,514

603,213

Administrative expenses

74,651

106,826

534,863

496,387

Other operating income

8

8

OPERATING PROFIT

3

534,871

496,395

Interest receivable and similar income

6,154

40,311

541,025

536,706

Interest payable and similar expenses

164,926

155,633

PROFIT BEFORE TAXATION

376,099

381,073

Tax on profit

68,015

68,319

PROFIT FOR THE FINANCIAL YEAR

308,084

312,754

Profit attributable to:

Owners of the parent

308,084

312,754

FIXED ASSETS

Tangible assets

6

2,104

1,636

Investments

7

-

-

Investment property

8

9,699,109

9,691,690

9,701,213

9,693,326

CURRENT ASSETS

Debtors

9

120,236

231,615

Cash at bank

1,864,036

1,568,048

1,984,272

1,799,663

CREDITORS

Amounts falling due within one year

10

356,774

410,862

NET CURRENT ASSETS

1,627,498

1,388,801

TOTAL ASSETS LESS CURRENT LIABILITIES

11,328,711

11,082,127

CREDITORS

Amounts falling due after more than one year

11

(4,889,705

)

(4,951,205

)

PROVISIONS FOR LIABILITIES

(414,724

)

(414,724

)

NET ASSETS

6,024,282

5,716,198

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

12

2,457,804

2,457,804

Fair value reserve

12

(381,556

)

(381,556

)

Retained earnings

3,281,216

3,000,083

SHAREHOLDERS' FUNDS

5,358,464

5,077,331

NON-CONTROLLING INTERESTS

13

665,818

638,867

TOTAL EQUITY

6,024,282

5,716,198

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act

2006 for the year ended 31 December 2019.

The members have not required the company and the group to obtain an audit of its financial statements for

the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared in accordance with the provisions applicable to companies

subject to the small companies regime.

The financial statements were approved by the Board of Directors on 13 February 2020 and were signed on

its behalf by:

Mr Graham Dudley Swetman - Director

FIXED ASSETS

Tangible assets

6

1,332

605

Investments

7

1,280

1,280

Investment property

8

-

-

2,612

1,885

CURRENT ASSETS

Debtors

9

592,115

548,587

Cash at bank

102,147

111,491

694,262

660,078

CREDITORS

Amounts falling due within one year

10

102,215

101,454

NET CURRENT ASSETS

592,047

558,624

TOTAL ASSETS LESS CURRENT LIABILITIES

594,659

560,509

CREDITORS

Amounts falling due after more than one year

11

125,000

125,000

NET ASSETS

469,659

435,509

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

468,659

434,509

SHAREHOLDERS' FUNDS

469,659

435,509

Company's profit for the financial year

34,150

3,378

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors on 13 February 2020 and were signed on its behalf by:

Mrs Agnes Margaret Swetman - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2018

1,000

2,704,367

2,917,857

Changes in equity

Total comprehensive income

-

291,716

(460,053

)

Balance at 31 December 2018

1,000

2,996,083

2,457,804

Prior year adjustment

-

4,000

-

As restated

1,000

3,000,083

2,457,804

Changes in equity

Total comprehensive income

-

281,133

-

Balance at 31 December 2019

1,000

3,281,216

2,457,804

Fair

value

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2018

-

5,623,224

605,521

6,228,745

Changes in equity

Total comprehensive income

(381,556

)

(549,893

)

33,346

(516,547

)

Balance at 31 December 2018

(381,556

)

5,073,331

638,867

5,712,198

Prior year adjustment

-

4,000

-

4,000

As restated

(381,556

)

5,077,331

638,867

5,716,198

Changes in equity

Total comprehensive income

-

281,133

26,951

308,084

Balance at 31 December 2019

(381,556

)

5,358,464

665,818

6,024,282

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2018

1,000

431,131

432,131

Changes in equity

Total comprehensive income

-

(622

)

(622

)

Balance at 31 December 2018

1,000

430,509

431,509

Prior year adjustment

-

4,000

4,000

As restated

1,000

434,509

435,509

Changes in equity

Total comprehensive income

-

34,150

34,150

Balance at 31 December 2019

1,000

468,659

469,659

1.	STATUTORY INFORMATION

London and Southern Estates Limited and Subsidiaries is a private company, limited by shares ,

registered in England and Wales. The company's registered number and registered office address

can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard

102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose

related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed

within the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit

and Loss Account, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	OPERATING PROFIT

The operating profit is stated after charging:

2019

2018

as

restated

£

£

Depreciation - owned assets

1,133

685

4.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent

company is not presented as part of these financial statements.

5.	PRIOR YEAR ADJUSTMENT

Due to an oversight in preparing the financial statements for the previous year whereby an interim

dividend was included on those statements in error, a correcting entry has been included within these

financial statements.

6.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1 January 2019

10,058

Additions

1,601

At 31 December 2019

11,659

DEPRECIATION

At 1 January 2019

8,422

Charge for year

1,133

At 31 December 2019

9,555

NET BOOK VALUE

At 31 December 2019

2,104

At 31 December 2018

1,636

Company

Plant and

machinery

etc

£

COST

At 1 January 2019

1,362

Additions

1,602

At 31 December 2019

2,964

DEPRECIATION

At 1 January 2019

757

Charge for year

875

At 31 December 2019

1,632

NET BOOK VALUE

At 31 December 2019

1,332

At 31 December 2018

605

7.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

1,280

NET BOOK VALUE

At 31 December 2019

1,280

At 31 December 2018

1,280

The group or the company's investments at the Balance Sheet date in the share capital of companies

include the following:

Subsidiaries

London and Southern Estates (Swindon) Ltd

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

2019

2018

£

£

Aggregate capital and reserves

1,668,025

1,601,582

Profit for the year

66,443

74,504

London and Southern Estates (Reading) Limited

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

2019

2018

£

£

Aggregate capital and reserves

893,090

829,774

Profit for the year

63,316

63,938

London and Southern Estates (City) Limited

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

80.00

2019

2018

£

£

Aggregate capital and reserves

3,329,093

3,194,337

Profit for the year

134,756

166,728

London & Southern Estates (Retail) Limited

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary

100.00

2019

2018

£

£

Aggregate capital and reserves

(334,306

)

(343,724

)

Profit for the year

9,418

4,207

8.	INVESTMENT PROPERTY

Group

Total

£

FAIR VALUE

At 1 January 2019

9,691,690

Additions

7,419

At 31 December 2019

9,699,109

NET BOOK VALUE

At 31 December 2019

9,699,109

At 31 December 2018

9,691,690

Fair value at 31 December 2019 is represented by:

£

Valuation in 2005

854,340

Valuation in 2006

11,000

Valuation in 2007

(350,000

)

Valuation in 2009

399,000

Valuation in 2012

329,164

Valuation in 2014

1,610,000

Valuation in 2015

40,000

Valuation in 2016

800,000

Valuation in 2017

46,690

Valuation in 2018

(881,556

)

Cost

6,840,471

9,699,109

If the properties had not been revalued they would have been included at the following historical cost:

2019

2018

as

restated

£

£

Cost

6,840,471

6,833,052

Aggregate depreciation

(1,618,502

)

(1,459,885

)

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2019

2018

2019

2018

as restated

as restated

£

£

£

£

Amounts owed by group undertakings

-

-

592,115

548,587

Amounts owed by associates

815

815

-

-

Other debtors

119,421

230,800

-

-

120,236

231,615

592,115

548,587