ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

SOUTHERN COUNTIES PROPERTY CO LTD - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-31true32021-08-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseProperty company3false 12777027 2021-08-01 2022-07-31 12777027 2020-08-01 2021-07-31 12777027 2022-07-31 12777027 2021-07-31 12777027 c:Director2 2021-08-01 2022-07-31 12777027 d:FreeholdInvestmentProperty 2021-08-01 2022-07-31 12777027 d:FreeholdInvestmentProperty 2022-07-31 12777027 d:CurrentFinancialInstruments 2022-07-31 12777027 d:CurrentFinancialInstruments 2021-07-31 12777027 d:Non-currentFinancialInstruments 2022-07-31 12777027 d:Non-currentFinancialInstruments 2021-07-31 12777027 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 12777027 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 12777027 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 12777027 d:Non-currentFinancialInstruments d:AfterOneYear 2021-07-31 12777027 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 12777027 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-07-31 12777027 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-31 12777027 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-07-31 12777027 d:ShareCapital 2022-07-31 12777027 d:ShareCapital 2021-07-31 12777027 d:RetainedEarningsAccumulatedLosses 2022-07-31 12777027 d:RetainedEarningsAccumulatedLosses 2021-07-31 12777027 c:OrdinaryShareClass1 2021-08-01 2022-07-31 12777027 c:OrdinaryShareClass1 2022-07-31 12777027 c:OrdinaryShareClass1 2021-07-31 12777027 c:FRS102 2021-08-01 2022-07-31 12777027 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 12777027 c:FullAccounts 2021-08-01 2022-07-31 12777027 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 12777027

SOUTHERN COUNTIES PROPERTY CO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022


SOUTHERN COUNTIES PROPERTY CO LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


SOUTHERN COUNTIES PROPERTY CO LIMITED REGISTERED NUMBER:12777027

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2022

		2022		2021
Note		£		£

Fixed assets
Investment property	4		930,000		-
Current assets
Debtors: amounts falling due within one year	5	187,327		-
Cash at bank and in hand		7,103		1
		194,430		1
Creditors: amounts falling due within one year	6	(536,631)		-
Net current (liabilities)/assets			(342,201)		1
Total assets less current liabilities			587,799		1
Creditors: amounts falling due after more than one year	7		(586,976)		-

Net assets			823		1

Capital and reserves
Called up share capital	9	1	1
Profit and loss account		822	-
		823	1

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and 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 financial statements.

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

The Company has opted not to file the statement of comprehensive income 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 20 April 2023.

R Gilbert

Director

Page 1


SOUTHERN COUNTIES PROPERTY CO LIMITED REGISTERED NUMBER:12777027

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 JULY 2022

The notes on pages 3 to 6 form part of these financial statements.

Page 2


SOUTHERN COUNTIES PROPERTY CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

1.	General information

Southern Counties Property Co Limited is a limited liability company registered in England and Wales. Its registered office address is at Unit 9 Totman Crescent, Brook Road Industrial Estate, Rayleigh, Essex, SS6 7UY.
The principal activity of the Company during the year was that of a rental property.
The financial statements are presented in £ sterling, which is the functional currency of the Company.

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

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied in the year exclusive of trade discounts and excluding Value Added Tax.
Turnover comprises rent receivable during the year. Rent receivable is recognised in the period to which it relates.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Taxation

Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3


SOUTHERN COUNTIES PROPERTY CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

2.7

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits.

Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

4.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	930,000
	At 31 July 2022	930,000

The 2022 valuations were made by directors, on an open market value for existing use basis.


	At 31 July 2022

If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
	2022	2021
	£	£

	Historic cost	930,000	-
		930,000	-

Page 4


SOUTHERN COUNTIES PROPERTY CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

Debtors

					2022	2021
					£	£


Other debtors	184,876	-
Prepayments and accrued income	2,451	-
	187,327	-

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Bank loans	6,729	-
Trade creditors	780	-
Amounts owed to group undertakings	4,633	-
Other creditors	522,289	-
Accruals and deferred income	2,200	-
	536,631	-

7.	Creditors: Amounts falling due after more than one year
		2022	2021
		£	£

	Bank loans	586,976	-

Amounts falling due within one year
Bank loans	6,729	-

Amounts falling due 2-5 years
Bank loans	55,563	-
Amounts falling due after more than 5 years
Bank loans	531,413	-
	593,705	-

Page 5


SOUTHERN COUNTIES PROPERTY CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

9.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

1 (2021 - 1) Ordinary share of £1.00	1	1

10.	Controlling party

The director regards Transmissions Holdings UK Limited, a company registered in England and Wales, as the ultimate controlling party.

Page 6