ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

SOUTHSIDE NOMINEES NO.1 LIMITED - Company Information

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Caseware UK (AP4) 2022.0.179 2022.0.179 2022-03-312022-03-31true0true2021-04-010false 05462848 2021-04-01 2022-03-31 05462848 2020-04-01 2021-03-31 05462848 2022-03-31 05462848 2021-03-31 05462848 c:Director1 2021-04-01 2022-03-31 05462848 c:Director2 2021-04-01 2022-03-31 05462848 c:Director2 2022-03-31 05462848 c:Director3 2021-04-01 2022-03-31 05462848 c:Director4 2021-04-01 2022-03-31 05462848 d:CurrentFinancialInstruments 2022-03-31 05462848 d:CurrentFinancialInstruments 2021-03-31 05462848 d:ShareCapital 2022-03-31 05462848 d:ShareCapital 2021-03-31 05462848 c:EntityHasNeverTraded 2021-04-01 2022-03-31 05462848 c:FRS102 2021-04-01 2022-03-31 05462848 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 05462848 c:FullAccounts 2021-04-01 2022-03-31 05462848 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 05462848










SOUTHSIDE NOMINEES NO.1 LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022
 
SOUTHSIDE NOMINEES NO.1 LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022

The directors of Southside Nominees No.1 Limited (the 'Company') present their report and the financial statements for the year ended 31 March 2022.

Principal activity

The Company is dormant. No change in the Company's dormant status is anticipated in the foreseeable future.

Results for the year and dividend

There was no activity in the Company for the year ended 31 March 2022 and consequently no Statement of Comprehensive Income has been disclosed.
The directors do not recommend the payment of a dividend for the year ended 31 March 2022 (2021: £Nil).  

Directors

The directors who held office during the year and up to the date of this report were:

C T Treadwell (resigned 6 May 2022) 
J S Gillard (resigned 15 June 2022)
E F Ginn 
A Fukuta 
J Chapman (appointed 18 July 2022)
I S Bramley (appointed 6 May 2022)
A J Russell (alternate - appointed 18 July 2022)
I Petts (alternate - appointed 18 July 2022)

Indemnity

The Company has made qualifying third party indemnity provisions for the benefit of the respective directors which were in place throughout the year and which remain in place at the date of this report.

Auditors

The Company has exercised its entitlement under the Companies Act 2006 to exempt itself from the provisions of the Act relating to the audit of accounts. 

Small companies note

The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.


Registered Office

100 Victoria Street

London

SW1E 5JL

This report was approved by the Board and signed on its behalf.
 
 



 I Bramley                                                                            A Fukuta
Director                                                                             Director

Date: 16 March 2023                                                          Date: 16 March 2023
Registered in England and Wales
Registered number: 05462848  
Page 1
 
SOUTHSIDE NOMINEES NO.1 LIMITED
REGISTERED NUMBER: 05462848

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Current assets
  

Amounts due from related parties
 2 
2
2

  
2
2

  

Net assets
  
2
2


Capital and reserves
  

Share capital
      3 
2
2

Total equity
  
2
2


For the year ended 31 March 2022 the Company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements.

The financial statements on pages 2 to 3 were approved by the Board of Directors and were signed on its behalf by:



I Bramley
A Fukuta
Director
Director
Date:   16 March 2023    
Date:16 March 2023      
Page 2
 
SOUTHSIDE NOMINEES NO.1 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.Accounting policies

 
1.1

Basis of preparation

The financial statements have been prepared on a going concern basis and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102') and the Companies Act 2006. The financial statements are prepared under the historical cost convention.
Southside Nominees No.1 Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 05462848). The nature of the Company’s operations is set out in the Directors' Report on page 1. 
The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March 2022. The financial statements are prepared in Pounds Sterling (£). 

  
1.2

Financial reporting standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

  
1.3

Statement of Comprehensive Income and other primary statements

There was no activity in the Company for the year ended 31 March 2022 and consequently no Statement of Comprehensive Income has been disclosed.

 
1.4

Amounts due from related parties

Amounts due from related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from related parties are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from related parties. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due.
In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty.


2.


Amounts due from related parties

2022
2021
£
£


Southside General Partner Limited
2
2

Total amounts due from related parties
2
2


The unsecured amounts due from related parties are interest free, repayable on demand with no fixed repayment date. 

3.


Share capital



Authorised and issued
Allotted and fully paid


2022
2021
2021
2021


Number
Number
£
£

Ordinary shares of £1.00 each
2
2
2
2


2
2
2
2

Page 3
 
SOUTHSIDE NOMINEES NO.1 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

4.


Parent company

The immediate parent company is Southside General Partner Limited.

At 31 March 2022 Southside General Partner Limited is jointly owned by Land Securities Portfolio Management Limited, registered in England and Wales, and IREEF Southside Propco Sarl, registered in Luxembourg, with each owning 50% of the share capital. Therefore, there is no ultimate controlling party. 

Consolidated financial statements for the year ended 31 March 2022 for Land Securities Group PLC, the ultimate parent of Land Securities Portfolio Management Limited, can be obtained from the Company Secretary at the registered office of the ultimate parent company, 100 Victoria Street, London, SW1E 5JL, and from the Group’s website at www.landsec.com. 
IREEF Southside Propco Sarl is included in the consolidated Annual Accounts of Invesco Real Estate - European Fund FCP-SIF. The audited consolidated financial statements are available from the Register of Commerce and Companies, Luxembourg.
Page 4