ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-05-17falsefalse2No description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14111846 2022-05-16 14111846 2022-05-17 2022-12-31 14111846 2021-05-17 2022-05-16 14111846 2022-12-31 14111846 c:Director1 2022-05-17 2022-12-31 14111846 d:FreeholdInvestmentProperty 2022-05-17 2022-12-31 14111846 d:FreeholdInvestmentProperty 2022-12-31 14111846 d:FreeholdInvestmentProperty 2 2022-05-17 2022-12-31 14111846 d:CurrentFinancialInstruments 2022-12-31 14111846 d:Non-currentFinancialInstruments 2022-12-31 14111846 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 14111846 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 14111846 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 14111846 d:ShareCapital 2022-12-31 14111846 d:OtherMiscellaneousReserve 2022-12-31 14111846 d:RetainedEarningsAccumulatedLosses 2022-12-31 14111846 c:OrdinaryShareClass1 2022-05-17 2022-12-31 14111846 c:OrdinaryShareClass1 2022-12-31 14111846 c:FRS102 2022-05-17 2022-12-31 14111846 c:AuditExempt-NoAccountantsReport 2022-05-17 2022-12-31 14111846 c:FullAccounts 2022-05-17 2022-12-31 14111846 c:PrivateLimitedCompanyLtd 2022-05-17 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14111846

SOCO HOUSE LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022


SOCO HOUSE LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


SOCO HOUSE LIMITED REGISTERED NUMBER:14111846

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

		2022
Note		£

Fixed assets
Investment property	4		8,000,000
Current assets
Debtors: amounts falling due within one year	5	528,761
Current liabilities
Creditors: amounts falling due within one year	6	(3,688,538)
Net current (liabilities)/assets			(3,159,777)
Creditors: amounts falling due after more than one year			(5,000,000)

Net (liabilities)/assets			(159,777)

Capital and reserves
Called up share capital	9	1
Other reserves		(44,959)
Profit and loss account		(114,819)
		(159,777)

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 period 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 29 June 2023.

D S Djanogly

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


SOCO HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

1.	General information

SoCo House Limited is a limited liability Company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire WD6 1JD.
The principal activity of the Company during the period was that of the development and rental of investment property.
The company's functional and presentational currency is £ sterling.

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

Going concern

The Company made a loss for the year and at the balance sheet date has net current liabilities and net liabilities.
The financial statements of the Copmpany have been prepared on a going concern basis, the validity of which is dependant on the continued financial support of the other companies within the Group. The Directors are satisfied that suitable bank facilities will continue to be made available for the Company to meet it's working capital requirements for the forseeable future.

2.3

Revenue

Turnover is measured at the fair value of amounts receivable in respect of rent provided in the year, net of trade discounts and excluding value added tax. Revenue from rental services is recognised in the period in which it relates.

2.4

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.

2.5

Borrowing costs

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

2.6

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.

Page 2


SOCO HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.7

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.

2.8

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/from 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 maket 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 period was 2.

4.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	8,044,959
	Surplus on revaluation	(44,959)
	At 31 December 2022	8,000,000

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

Page 3


SOCO HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

Debtors

					2022
					£


	Trade debtors	13,832
	Amounts owed by group undertakings	371,134
	Other debtors	137,749
	Prepayments and accrued income	6,046
		528,761

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

	Trade creditors	49,631
	Amounts owed to group undertakings	270,000
	Other creditors	3,274,797
	Accruals and deferred income	94,110
		3,688,538

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

	Other loans	5,000,000

The other loans are secured by a fixed and floating charge over the assets of the company.

8.	Loans
	Analysis of the maturity of loans is given below:
		2022
		£


	Amounts falling due 1-2 years
	Other loans	5,000,000


		5,000,000

Page 4


SOCO HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2022

9.	Share capital
		2022
		£

		Allotted, called up and fully paid

		1 Ordinary shares share of £1.00	1

1 ordinary share at par value was issues upon incorporation.

Page 5