Southernbrook Limited Filleted accounts for Companies House (small and micro)

SOUTHERNBROOK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 4183202

Southernbrook Limited

Filleted Unaudited Financial Statements

31 May 2019

Southernbrook Limited

Statement of Financial Position

31 May 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4	2,345,928	2,271,538
Investments	5	565,600	345,475
		------------	------------
		2,911,528	2,617,013

Current assets

Debtors	6	396,705	397,537
Cash at bank and in hand		584	148,789
		---------	---------
		397,289	546,326

Creditors: amounts falling due within one year	7	308,552		202,526
		---------		---------
Net current assets			88,737	343,800
			------------	------------
Total assets less current liabilities			3,000,265	2,960,813

Creditors: amounts falling due after more than one year	8		1,495,058	1,402,134

Provisions

Taxation including deferred tax	115,009	144,530
	------------	------------
Net assets	1,390,198	1,414,149
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Fair value reserve	490,304	616,156
Profit and loss account	898,894	796,993
	------------	------------
Shareholders funds	1,390,198	1,414,149
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The 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 Act with respect to accounting records and the preparation of financial statements .

Southernbrook Limited

Statement of Financial Position (continued)

31 May 2019

These financial statements were approved by the board of directors and authorised for issue on 13 February 2020 , and are signed on behalf of the board by:

J P Derham Esq

Director

Company registration number: 4183202

Southernbrook Limited

Notes to the Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, Hampshire, PO12 1LY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

No significant judgements have been made by the director in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	Freehold property	Long leasehold property	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 June 2018	1,875,000	370,000	36,649	5,144	2,286,793
Additions	540,265	–	–	–	540,265
Disposals	( 450,000)	–	( 17,828)	( 1,454)	( 469,282)
	------------	---------	--------	-------	------------
At 31 May 2019	1,965,265	370,000	18,821	3,690	2,357,776
	------------	---------	--------	-------	------------
Depreciation
At 1 June 2018	–	–	10,572	4,683	15,255
Charge for the year	–	–	3,529	25	3,554
Disposals	–	–	( 5,867)	( 1,094)	( 6,961)
	------------	---------	--------	-------	------------
At 31 May 2019	–	–	8,234	3,614	11,848
	------------	---------	--------	-------	------------
Carrying amount
At 31 May 2019	1,965,265	370,000	10,587	76	2,345,928
	------------	---------	--------	-------	------------
At 31 May 2018	1,875,000	370,000	26,077	461	2,271,538
	------------	---------	--------	-------	------------

The company holds investment property with a cost price of £1,724,804 (2018: £1,484,315). The properties are reflected in the accounts at their fair value at the balance sheet date. The valuation is carried out annually by J Derham Esq, the director with reference to the open market.

5. Investments

	Shares in participating interests
	£
Cost
At 1 June 2018	440,950
Additions	220,125
	---------
At 31 May 2019	661,075
	---------
Impairment
At 1 June 2018 and 31 May 2019	95,475
	---------

Carrying amount
At 31 May 2019	565,600
	---------
At 31 May 2018	345,475
	---------

The company owns one hundred per cent of the issued share capital in Resifix Limited. As at 31st May 2019, Resifix Limited had capital and reserves of (£84,803) (2018: (£122,779)) and a profit within the year of £37,976 (2018: £22,514).

The company owns seventy five per cent of the issued share capital in Southernbrook Lettings Limited. As of 31st May 2019, Southernbrook Lettings Limited had capital and reserves of £286,469 (2018: £162,177) and a profit within the year of £124,292 (2018: £43,044).

6. Debtors

	2019	2018
	£	£
Other debtors	396,705	397,537
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	1,377	3,606
Corporation tax	3,079	27,737
Other creditors	304,096	171,183
	---------	---------
	308,552	202,526
	---------	---------

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

	2019	2018
	£	£
Bank loans and overdrafts	1,485,087	1,377,606
Other creditors	9,971	24,528
	------------	------------
	1,495,058	1,402,134
	------------	------------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J P Derham Esq	( 28,111)	( 3,216)	( 31,327)
L Musgrove Esq	–	1,700	1,700
	--------	-------	--------
	( 28,111)	( 1,516)	( 29,627)
	--------	-------	--------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J P Derham Esq	68,243	( 96,354)	( 28,111)
L Musgrove Esq	–	–	–
	--------	--------	--------
	68,243	( 96,354)	( 28,111)
	--------	--------	--------