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

SOUTHERNBROOK LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2020-06-01 Sage Accounts Production Advanced 2020 - FRS102_2019 661,075 382,105 1,043,180 95,475 947,705 565,600 xbrli:pure xbrli:shares iso4217:GBP 4183202 2020-06-01 2021-05-31 4183202 2021-05-31 4183202 2020-05-31 4183202 2019-06-01 2020-05-31 4183202 2020-05-31 4183202 2019-05-31 4183202 core:MotorVehicles 2020-06-01 2021-05-31 4183202 bus:Director1 2020-06-01 2021-05-31 4183202 bus:Director2 2020-06-01 2021-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2020-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2020-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2021-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2021-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2020-06-01 2021-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2020-06-01 2021-05-31 4183202 core:WithinOneYear 2021-05-31 4183202 core:WithinOneYear 2020-05-31 4183202 core:AfterOneYear 2021-05-31 4183202 core:AfterOneYear 2020-05-31 4183202 core:ShareCapital 2021-05-31 4183202 core:ShareCapital 2020-05-31 4183202 core:OtherReservesSubtotal 2021-05-31 4183202 core:OtherReservesSubtotal 2020-05-31 4183202 core:RetainedEarningsAccumulatedLosses 2021-05-31 4183202 core:RetainedEarningsAccumulatedLosses 2020-05-31 4183202 core:CostValuation core:Non-currentFinancialInstruments 2020-05-31 4183202 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2021-05-31 4183202 core:CostValuation core:Non-currentFinancialInstruments 2021-05-31 4183202 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2021-05-31 4183202 core:Non-currentFinancialInstruments 2021-05-31 4183202 core:Non-currentFinancialInstruments 2020-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2020-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2020-05-31 4183202 bus:Director1 2020-05-31 4183202 bus:Director1 2021-05-31 4183202 bus:Director2 2020-05-31 4183202 bus:Director2 2021-05-31 4183202 bus:Director1 2019-05-31 4183202 bus:Director1 2020-05-31 4183202 bus:Director2 2019-05-31 4183202 bus:Director2 2020-05-31 4183202 bus:Director1 2019-06-01 2020-05-31 4183202 bus:SmallEntities 2020-06-01 2021-05-31 4183202 bus:AuditExempt-NoAccountantsReport 2020-06-01 2021-05-31 4183202 bus:FullAccounts 2020-06-01 2021-05-31 4183202 bus:SmallCompaniesRegimeForAccounts 2020-06-01 2021-05-31 4183202 bus:PrivateLimitedCompanyLtd 2020-06-01 2021-05-31

COMPANY REGISTRATION NUMBER: 4183202

Southernbrook Limited

Filleted Unaudited Financial Statements

31 May 2021

Southernbrook Limited

Statement of Financial Position

31 May 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4	2,698,755	2,815,057
Investments	5	947,705	565,600
		------------	------------
		3,646,460	3,380,657

Current assets

Debtors	6	339,052	570,941
Cash at bank and in hand		49,869	55,805
		---------	---------
		388,921	626,746

Creditors: amounts falling due within one year	7	630,974		389,561
		---------		---------
Net current (liabilities)/assets			( 242,053)	237,185
			------------	------------
Total assets less current liabilities			3,404,407	3,617,842

Creditors: amounts falling due after more than one year	8		1,839,335	1,884,982

Provisions

Taxation including deferred tax	129,077	167,837
	------------	------------
Net assets	1,435,995	1,565,023
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Fair value reserve	550,275	715,515
Profit and loss account	884,720	848,508
	------------	------------
Shareholders funds	1,435,995	1,565,023
	------------	------------

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 Section 1A of 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 2021 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 2021

These financial statements were approved by the board of directors and authorised for issue on 29 November 2021 , 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 2021

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.

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	Equipment	Total
	£	£	£	£
Cost
At 1 June 2020	2,445,000	370,000	3,690	2,818,690
Additions	368,712	–	–	368,712
Disposals	( 300,000)	( 185,000)	–	( 485,000)
	------------	---------	-------	------------
At 31 May 2021	2,513,712	185,000	3,690	2,702,402
	------------	---------	-------	------------
Depreciation
At 1 June 2020	–	–	3,633	3,633
Charge for the year	–	–	14	14
	------------	---------	-------	------------
At 31 May 2021	–	–	3,647	3,647
	------------	---------	-------	------------
Carrying amount
At 31 May 2021	2,513,712	185,000	43	2,698,755
	------------	---------	-------	------------
At 31 May 2020	2,445,000	370,000	57	2,815,057
	------------	---------	-------	------------

The company holds investment property with a cost price of £2,019,360 (2020: £1,926,500). 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 2020	661,075
Additions	382,105
	------------
At 31 May 2021	1,043,180
	------------
Impairment
At 1 June 2020 and 31 May 2021	95,475
	------------

Carrying amount
At 31 May 2021	947,705
	------------
At 31 May 2020	565,600
	------------

6. Debtors

	2021	2020
	£	£
Other debtors	339,052	570,941
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	9,998	–
Corporation tax	–	40,785
Other creditors	620,976	348,776
	---------	---------
	630,974	389,561
	---------	---------

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

	2021	2020
	£	£
Bank loans and overdrafts	1,839,335	1,884,982
	------------	------------

9. Directors' advances, credits and guarantees

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

	2021
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J P Derham Esq	125,495	( 249,597)	( 124,102)
L Musgrove Esq	1,700	–	1,700
	---------	---------	---------
	127,195	( 249,597)	( 122,402)
	---------	---------	---------

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J P Derham Esq	( 31,327)	156,822	125,495
L Musgrove Esq	1,700	–	1,700
	--------	---------	---------
	( 29,627)	156,822	127,195
	--------	---------	---------

10. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2021	2020	2021	2020
	£	£	£	£
Resifix Limited	(65,280)	265,492	200,212	265,492
Southernbrook Lettings Limited	(149,798)	(348,776)	( 498,574)	( 348,776)
Houserack Limited	–	136,790	136,790	136,790
	---------	---------	---------	---------

J Derham Esq is the managing director and sole shareholder of Houserack Limited. Southernbrook Limited owns one hundred percent of the issued share capital in Southernbrook lettings Limited and Resifix Limited.