London and Southern Estates Limited - Limited company accounts 23.2

London and Southern Estates Limited - Limited company accounts 23.2

LONDON AND SOUTHERN ESTATES LIMITED - Company Information

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REGISTERED NUMBER: 04335013 (England and Wales)















REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202

FOR

LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES
David Shores & Co Ltd
36a Station Road
New Milton
Hampshire
BH25 6JX








LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2022




Page

Company Information 1

Report of the Directors 2

Consolidated Profit and Loss Account 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES

COMPANY INFORMATION
for the Year Ended 31 December 2022







DIRECTORS: Mr Graham Dudley Swetman
Mrs Agnes Margaret Swetman
Mr Mark Julian Swetman



SECRETARY: Mr Graham Dudley Swetman



REGISTERED OFFICE: 36a Station Road
New Milton
Hampshire
BH25 6JX



REGISTERED NUMBER: 04335013 (England and Wales)



ACCOUNTANTS: David Shores & Co Ltd
36a Station Road
New Milton
Hampshire
BH25 6JX



BANKERS: Svenska Handelsbanken AB
3 Thomas More Square
London
E1W 1WY



SOLICITORS: Phillips
Town Gate
38 London Street
Basingstoke
Hampshire
RG21 7NY
Page 1
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2022

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of commercial property management and development.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report.

Mr Graham Dudley Swetman
Mrs Agnes Margaret Swetman
Mr Mark Julian Swetman

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr Graham Dudley Swetman - Director


30 September 2023

Page 2
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the Year Ended 31 December 2022

2022 2021
Notes £    £   

TURNOVER 413,469 568,832

Administrative expenses 89,874 140,687
323,595 428,145

Other operating income 8 8
OPERATING PROFIT 4 323,603 428,153

Interest receivable and similar income 12,192 9,100
335,795 437,253

Interest payable and similar expenses 177,239 131,837
PROFIT BEFORE TAXATION 158,556 305,416

Tax on profit - (20,911 )
PROFIT FOR THE FINANCIAL YEAR 158,556 326,327

Profit attributable to:
Owners of the parent 158,556 326,327

The notes form part of these financial statements

Page 3
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 42,826 41,120
Investments 7 - -
Investment property 8 11,321,690 11,321,690
11,364,516 11,362,810

CURRENT ASSETS
Debtors 9 1,031,865 550,365
Cash at bank 788,174 1,190,508
1,820,039 1,740,873
CREDITORS
Amounts falling due within one year 10 1,750,770 1,782,955
NET CURRENT ASSETS/(LIABILITIES) 69,269 (42,082 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
11,433,785
11,320,728

CREDITORS
Amounts falling due after more than one
year
11
(3,169,205
)
(3,214,705
)

PROVISIONS FOR LIABILITIES (618,974 ) (618,974 )
NET ASSETS 7,645,606 7,487,049

The notes form part of these financial statements

Page 4 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED BALANCE SHEET - continued
31 December 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 13 3,775,224 3,775,224
Fair value reserve 13 (516,556 ) (516,556 )
Retained earnings 3,464,135 3,287,100
SHAREHOLDERS' FUNDS 6,723,803 6,546,768

NON-CONTROLLING INTERESTS 14 921,803 940,281
TOTAL EQUITY 7,645,606 7,487,049

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:





Mr Graham Dudley Swetman - Director


The notes form part of these financial statements

Page 5
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

COMPANY BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 29,302 39,250
Investments 7 1,280 1,280
Investment property 8 - -
30,582 40,530

CURRENT ASSETS
Debtors 9 747,342 696,281
Cash at bank 17,545 25,478
764,887 721,759
CREDITORS
Amounts falling due within one year 10 114,723 102,480
NET CURRENT ASSETS 650,164 619,279
TOTAL ASSETS LESS CURRENT
LIABILITIES
680,746
659,809

CREDITORS
Amounts falling due after more than one
year
11
125,000
125,000
NET ASSETS 555,746 534,809

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 554,746 533,809
SHAREHOLDERS' FUNDS 555,746 534,809

Company's profit for the financial year 20,937 23,318

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

Page 6 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

COMPANY BALANCE SHEET - continued
31 December 2022


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

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:





Mrs Agnes Margaret Swetman - Director


The notes form part of these financial statements

Page 7
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2022

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 January 2021 1,000 2,986,720 3,775,224

Changes in equity
Total comprehensive income - 300,380 -
Balance at 31 December 2021 1,000 3,287,100 3,775,224

Changes in equity
Total comprehensive income - 177,035 -
Balance at 31 December 2022 1,000 3,464,135 3,775,224
Fair
value Non-controlling Total
reserve Total interests equity
£    £    £    £   

Balance at 1 January 2021 (516,556 ) 6,246,388 914,334 7,160,722

Changes in equity
Total comprehensive income - 300,380 25,947 326,327
Balance at 31 December 2021 (516,556 ) 6,546,768 940,281 7,487,049

Changes in equity
Total comprehensive income - 177,035 (18,479 ) 158,556
Balance at 31 December 2022 (516,556 ) 6,723,803 921,802 7,645,605

The notes form part of these financial statements

Page 8
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 1,000 510,491 511,491

Changes in equity
Total comprehensive income - 23,318 23,318
Balance at 31 December 2021 1,000 533,809 534,809

Changes in equity
Total comprehensive income - 20,937 20,937
Balance at 31 December 2022 1,000 554,746 555,746

The notes form part of these financial statements

Page 9
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

London and Southern Estates Limited and Subsidiaries is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Page 10 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities and include trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Financial assets 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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.


Employment benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2022 2021
£    £   
Depreciation - owned assets 12,504 13,635

5. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Page 11 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

6. TANGIBLE FIXED ASSETS

Group
Plant and
machinery
etc
£   
COST
At 1 January 2022 55,692
Additions 14,210
At 31 December 2022 69,902
DEPRECIATION
At 1 January 2022 14,572
Charge for year 12,504
At 31 December 2022 27,076
NET BOOK VALUE
At 31 December 2022 42,826
At 31 December 2021 41,120

Company
Plant and
machinery
etc
£   
COST
At 1 January 2022 53,492
Additions 170
At 31 December 2022 53,662
DEPRECIATION
At 1 January 2022 14,242
Charge for year 10,118
At 31 December 2022 24,360
NET BOOK VALUE
At 31 December 2022 29,302
At 31 December 2021 39,250

Page 12 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

7. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 1,280
NET BOOK VALUE
At 31 December 2022 1,280
At 31 December 2021 1,280

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

London and Southern Estates (Swindon) Ltd
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 2,086,943 1,918,651
Profit for the year 168,292 130,689

London and Southern Estates (Reading) Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,145,751 1,064,305
Profit for the year 81,446 87,340

London and Southern Estates (City) Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 80.00
2022 2021
£    £   
Aggregate capital and reserves 4,413,864 4,506,257
(Loss)/profit for the year (92,393 ) 138,836

Page 13 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

7. FIXED ASSET INVESTMENTS - continued

London & Southern Estates (Retail) Limited
Registered office:
Nature of business: Property Investment
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (555,421 ) (535,694 )
Loss for the year (19,727 ) (53,857 )


8. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2022
and 31 December 2022 11,321,690
NET BOOK VALUE
At 31 December 2022 11,321,690
At 31 December 2021 11,321,690

Fair value at 31 December 2022 is represented by:
£   
Valuation in 2006 865,340
Valuation in 2007 (350,000 )
Valuation in 2009 399,000
Valuation in 2012 329,164
Valuation in 2014 1,610,000
Valuation in 2015 40,000
Valuation in 2016 800,000
Valuation in 2017 46,690
Valuation in 2018 (881,556 )
Valuation in 2020 1,622,581
Cost 6,840,471
11,321,690

If the properties had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 6,840,471 6,840,471
Aggregate depreciation (1,935,736 ) (1,935,736 )

Page 14 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts owed by group undertakings - - 747,125 696,281
Other debtors 1,031,865 550,365 217 -
1,031,865 550,365 747,342 696,281

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts 1,425,390 1,625,500 - -
Trade creditors 1,210 - - -
Amounts owed to group undertakings - - 85,193 85,193
Taxation and social security 6,586 26,978 12 12
Other creditors 317,584 130,477 29,518 17,275
1,750,770 1,782,955 114,723 102,480

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans 318,500 364,000 - -
Other creditors 2,850,705 2,850,705 125,000 125,000
3,169,205 3,214,705 125,000 125,000

Amounts falling due in more than five years:

Group Company
2022 2021 2022 2021
£    £    £    £   
Repayable otherwise than by instalments
A & G Loan 2,060,000 2,060,000 125,000 125,000

12. SECURED DEBTS

The following secured debts are included within creditors:

Group
2022 2021
£    £   
Bank loans 1,743,890 1,989,500

Page 15 continued...
LONDON AND SOUTHERN ESTATES LIMITED
AND SUBSIDIARIES (REGISTERED NUMBER: 04335013)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2022

13. RESERVES

Group
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 January 2022
and 31 December 2022 3,775,224 (516,556 ) 3,258,668


14. NON-CONTROLLING INTERESTS

Minority Interests represent the proportion of value of the net assets of London & Southern Estates (City) Limited.

15. RELATED PARTY DISCLOSURES

The group was in receipt of loans from its directors during the year. No interest is paid and there is no formal repayment plan.The amount outstanding at the balance sheet date was £62,684 (2020 - £54,929). The loan is repayable on demand.

16. POST BALANCE SHEET EVENTS

The full implications of the Covid-19 outbreak on the Group's assets and trading are as yet unknown and the directors do not therefore feel that there is any requirement to make adjustments to these financial statements.

17. ULTIMATE CONTROLLING PARTY

The group is ultimately controlled by Mr & Mrs G D Swetman.

Page 16