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 2022-06-01 Sage Accounts Production Advanced 2021 - FRS102_2021 60,000 60,000 6,000 6,000 54,000 1,044,180 100,090 1,144,270 190,850 953,420 853,330 xbrli:pure xbrli:shares iso4217:GBP 4183202 2022-06-01 2023-05-31 4183202 2023-05-31 4183202 2022-05-31 4183202 2021-06-01 2022-05-31 4183202 2022-05-31 4183202 2021-05-31 4183202 core:NetGoodwill 2022-06-01 2023-05-31 4183202 core:MotorVehicles 2022-06-01 2023-05-31 4183202 bus:Director1 2022-06-01 2023-05-31 4183202 bus:Director2 2022-06-01 2023-05-31 4183202 core:NetGoodwill 2023-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2022-05-31 4183202 core:MotorVehicles 2022-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2023-05-31 4183202 core:MotorVehicles 2023-05-31 4183202 core:WithinOneYear 2023-05-31 4183202 core:WithinOneYear 2022-05-31 4183202 core:AfterOneYear 2023-05-31 4183202 core:AfterOneYear 2022-05-31 4183202 core:AfterOneYear core:RestatedAmount 2022-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2022-06-01 2023-05-31 4183202 core:ShareCapital 2023-05-31 4183202 core:ShareCapital 2022-05-31 4183202 core:OtherReservesSubtotal 2023-05-31 4183202 core:OtherReservesSubtotal 2022-05-31 4183202 core:RetainedEarningsAccumulatedLosses 2023-05-31 4183202 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-05-31 4183202 core:RestatedAmount 2022-05-31 4183202 core:CostValuation core:Non-currentFinancialInstruments 2022-05-31 4183202 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-05-31 4183202 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 4183202 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-05-31 4183202 core:Non-currentFinancialInstruments 2023-05-31 4183202 core:Non-currentFinancialInstruments 2022-05-31 4183202 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 4183202 core:LandBuildings core:LongLeaseholdAssets 2022-05-31 4183202 core:MotorVehicles 2022-05-31 4183202 bus:Director1 2022-05-31 4183202 bus:Director1 2023-05-31 4183202 bus:Director2 2022-05-31 4183202 bus:Director2 2023-05-31 4183202 bus:Director1 2021-05-31 4183202 bus:Director1 2022-05-31 4183202 bus:Director2 2021-05-31 4183202 bus:Director2 2022-05-31 4183202 bus:Director1 2021-06-01 2022-05-31 4183202 bus:SmallEntities 2022-06-01 2023-05-31 4183202 bus:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 4183202 bus:FullAccounts 2022-06-01 2023-05-31 4183202 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 4183202 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31

COMPANY REGISTRATION NUMBER: 4183202

Southernbrook Limited

Filleted Unaudited Financial Statements

31 May 2023

Southernbrook Limited

Statement of Financial Position

31 May 2023

	2023		2022
			(restated)
Note	£	£	£

Fixed assets

Intangible assets	4	54,000	–
Tangible assets	5	3,466,477	3,315,436
Investments	6	953,420	853,330
		------------	------------
		4,473,897	4,168,766

Current assets

Debtors	7	328,556	327,318
Cash at bank and in hand		39,815	43,550
		---------	---------
		368,371	370,868

Creditors: amounts falling due within one year	8	843,070		737,409
		---------		---------
Net current liabilities			474,699	366,541
			------------	------------
Total assets less current liabilities			3,999,198	3,802,225

Creditors: amounts falling due after more than one year	9		2,250,609	2,227,089

Provisions

Taxation including deferred tax	178,189	146,801
	------------	------------
Net assets	1,570,400	1,428,335
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Fair value reserve	759,650	625,838
Profit and loss account	809,750	801,497
	------------	------------
Shareholders funds	1,570,400	1,428,335
	------------	------------

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 2023 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 2023

These financial statements were approved by the board of directors and authorised for issue on 9 February 2024 , 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 2023

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. Intangible assets

	Goodwill
	£
Cost
Additions	60,000
	--------
At 31 May 2023	60,000
	--------
Amortisation
Charge for the year	6,000
	--------
At 31 May 2023	6,000
	--------
Carrying amount
At 31 May 2023	54,000
	--------
At 31 May 2022	–
	--------

5. Tangible assets

	Freehold property	Long leasehold property	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 June 2022 (as restated)	2,607,000	699,800	20,395	3,690	3,330,885
Disposals	( 12,000)	–	–	–	( 12,000)
Revaluations	140,000	25,200	–	–	165,200
	------------	---------	--------	-------	------------
At 31 May 2023	2,735,000	725,000	20,395	3,690	3,484,085
	------------	---------	--------	-------	------------
Depreciation
At 1 June 2022	–	–	11,791	3,658	15,449
Charge for the year	–	–	2,151	8	2,159
	------------	---------	--------	-------	------------
At 31 May 2023	–	–	13,942	3,666	17,608
	------------	---------	--------	-------	------------
Carrying amount
At 31 May 2023	2,735,000	725,000	6,453	24	3,466,477
	------------	---------	--------	-------	------------
At 31 May 2022	2,607,000	699,800	8,604	32	3,315,436
	------------	---------	--------	-------	------------

The company holds investment property with a cost price of £2,525,271 (2022: £2,534,161). 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.

6. Investments

	Shares in participating interests
	£
Cost
At 1 June 2022 as restated	1,044,180
Additions	100,090
	------------
At 31 May 2023	1,144,270
	------------
Impairment
At 1 June 2022 as restated and 31 May 2023	190,850
	------------

Carrying amount
At 31 May 2023	953,420
	------------
At 31 May 2022	853,330
	------------

7. Debtors

	2023	2022
		(restated)
	£	£
Other debtors	328,556	327,318
	---------	---------

8. Creditors: amounts falling due within one year

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	11,209	9,648
Trade creditors	2,770	3,755
Corporation tax	3,111	4,729
Other creditors	825,980	719,277
	---------	---------
	843,070	737,409
	---------	---------

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

	2023	2022
		(restated)
	£	£
Bank loans and overdrafts	2,250,609	2,214,301
Other creditors	–	12,788
	------------	------------
	2,250,609	2,227,089
	------------	------------

10. Directors' advances, credits and guarantees

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

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J P Derham Esq	( 57,253)	29,198	( 28,055)
L Musgrove Esq	1,700	–	1,700
	--------	--------	--------
	( 55,553)	29,198	( 26,355)
	--------	--------	--------

	2022
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J P Derham Esq	( 124,102)	66,849	( 57,253)
L Musgrove Esq	1,700	–	1,700
	---------	--------	--------
	( 122,402)	66,849	( 55,553)
	---------	--------	--------

11. Related party transactions

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

	Transaction value		Balance owed by/(owed to)
	2023	2022	2023	2022
	£	£	£	£
Resifix Limited	(17,762)	(10,237)	172,213	189,975
Southernbrook Lettings Limited	(103,319)	(160,369)	( 762,262)	( 658,943)
Houserack Limited	19,000	–	155,790	136,790
Southernbrook (Gosport) Limited	(22,090)	(3,500)	( 25,590)	( 3,500)
	---------	---------	---------	---------

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 Southernbrook (Gosport) Limited