ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

SOUTH PASS UK LIMITED - Company Information

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Caseware UK (AP4) 2019.0.131 2019.0.131 2019-09-302019-09-302020-05-272020-05-27holding company.2018-10-01falsefalsetrue 11188269 2018-10-01 2019-09-30 11188269 2018-02-05 2018-09-30 11188269 2019-09-30 11188269 2018-09-30 11188269 c:Director1 2018-10-01 2019-09-30 11188269 d:CurrentFinancialInstruments 2019-09-30 11188269 d:CurrentFinancialInstruments 2018-09-30 11188269 d:CurrentFinancialInstruments d:WithinOneYear 2019-09-30 11188269 d:CurrentFinancialInstruments d:WithinOneYear 2018-09-30 11188269 d:ShareCapital 2019-09-30 11188269 d:ShareCapital 2018-09-30 11188269 d:RetainedEarningsAccumulatedLosses 2019-09-30 11188269 d:RetainedEarningsAccumulatedLosses 2018-09-30 11188269 c:FRS102 2018-10-01 2019-09-30 11188269 c:Audited 2018-10-01 2019-09-30 11188269 c:FullAccounts 2018-10-01 2019-09-30 11188269 c:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30 11188269 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-10-01 2019-09-30 11188269 c:SmallCompaniesRegimeForAccounts 2018-10-01 2019-09-30 11188269 6 2018-10-01 2019-09-30 iso4217:GBP xbrli:pure

Registered number: 11188269










SOUTH PASS UK LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019
 
SOUTH PASS UK LIMITED
 

CONTENTS



Page
Balance Sheet
1
Notes to the Financial Statements
2 - 4

 
SOUTH PASS UK LIMITED
REGISTERED NUMBER: 11188269

BALANCE SHEET
AS AT 30 SEPTEMBER 2019

2019
2018
Note
£
£

Fixed assets
  

Investments
 4 
160,268
160,268

  
160,268
160,268

Current assets
  

Debtors: amounts falling due within one year
 5 
2,438,052
1,160,906

  
2,438,052
1,160,906

Creditors: amounts falling due within one year
 6 
(2,575,970)
(1,298,824)

Net current liabilities
  
 
 
(137,918)
 
 
(137,918)

Total assets less current liabilities
  
22,350
22,350

  

Net assets
  
22,350
22,350


Capital and reserves
  

Called up share capital 
  
25,100
25,100

Profit and loss account
  
(2,750)
(2,750)

  
22,350
22,350


The 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 the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2020.




P Beaumont
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
SOUTH PASS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is 4th Floor, 7/10 Chandos Street, London, W1G 9DQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Taxation

Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 2
 
SOUTH PASS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

2.Accounting policies (continued)

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2018 - 2).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2018
160,268



At 30 September 2019
160,268




Page 3
 
SOUTH PASS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019

5.


Debtors

2019
2018
£
£


Amounts owed by group undertakings
2,438,052
1,160,906



6.


Creditors: Amounts falling due within one year

2019
2018
£
£

Amounts owed to group undertakings
2,575,970
1,298,824



7.


Controlling party

The smallest group for which consolidated financial statements are prepared which include the results of this company is that headed by Terradace Holdings Limited, and its registered office is 4th Floor, 7/10 Chandos Street, London, W1G 9DQ.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2019 was unqualified.

The audit report was signed on 27 May 2020 by Daryush Farshchi-Heidari (FCA) (Senior Statutory Auditor) on behalf of Simmons Gainsford LLP.

 
Page 4