London and Southern Estates Limited - Limited company accounts 18.1d
London and Southern Estates Limited - Limited company accounts 18.1d
| REGISTERED NUMBER: 04335013 (England and Wales) |
| REPORT OF THE DIRECTORS AND |
| UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
| FOR |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2017 |
| 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 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 36a Station Road |
| New Milton |
| Hampshire |
| BH25 6JX |
| BANKERS: | Svenska Handelsbanken AB |
| 3 Thomas More Square |
| London |
| E1W 1WY |
| SOLICITORS: |
| Town Gate |
| 38 London Street |
| Basingstoke |
| Hampshire |
| RG21 7NY |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| REPORT OF THE DIRECTORS |
| for the Year Ended 31 December 2017 |
| The directors present their report with the financial statements of the company and the group for the year ended |
| 31 December 2017. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of commercial property management and |
| development. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this |
| report. |
| 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: |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| CONSOLIDATED PROFIT AND LOSS ACCOUNT |
| for the Year Ended 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| TURNOVER | 613,524 | 531,247 |
| Administrative expenses | 70,041 | 61,201 |
| 543,483 | 470,046 |
| Other operating income | 6,253 | 1,008 |
| OPERATING PROFIT | 3 | 549,736 | 471,054 |
| Interest receivable and similar income | 864 | 1,494 |
| 550,600 | 472,548 |
| Interest payable and similar expenses | 134,799 | 110,740 |
| PROFIT BEFORE TAXATION | 415,801 | 361,808 |
| Tax on profit | 52,577 | 66,777 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 363,224 | 295,031 |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| CONSOLIDATED BALANCE SHEET |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 | 2,321 | 2,057 |
| Investments | 6 | - | - |
| Investment property | 7 | 10,573,246 | 8,860,000 |
| 10,575,567 | 8,862,057 |
| CURRENT ASSETS |
| Debtors | 8 | 624,750 | 893,869 |
| Investments | 9 | 27,953 | 27,953 |
| Cash at bank | 886,013 | 494,313 |
| 1,538,716 | 1,416,135 |
| CREDITORS |
| Amounts falling due within one year | 10 | 401,855 | 351,176 |
| NET CURRENT ASSETS | 1,136,861 | 1,064,959 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
11,712,428 |
9,927,016 |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
(5,012,705 |
) |
(3,637,205 |
) |
| PROVISIONS FOR LIABILITIES | (454,670 | ) | (481,265 | ) |
| NET ASSETS | 6,245,053 | 5,808,546 |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| CONSOLIDATED BALANCE SHEET - continued |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 1,000 | 1,000 |
| Revaluation reserve | 12 | 2,917,857 | 2,900,602 |
| Retained earnings | 2,704,367 | 2,371,369 |
| SHAREHOLDERS' FUNDS | 5,623,224 | 5,272,971 |
| NON-CONTROLLING INTERESTS | 13 | 621,829 | 535,575 |
| TOTAL EQUITY | 6,245,053 | 5,808,546 |
| 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 2017. |
| The members have not required the company and the group to obtain an audit of its financial statements for the year |
| ended 31 December 2017 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 of Part 15 of the Companies Act 2006 |
| relating to small companies. |
| The financial statements were approved by the Board of Directors on 12 March 2018 and were signed on its behalf by: |
| Mr Graham Dudley Swetman - Director |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| COMPANY BALANCE SHEET |
| 31 December 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Investments | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 19,051 | 52,235 |
| 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. |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| COMPANY BALANCE SHEET - continued |
| 31 December 2017 |
| The financial statements were approved by the Board of Directors on |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| for the Year Ended 31 December 2017 |
| Called up |
| share | Retained | Revaluation |
| capital | earnings | reserve |
| £ | £ | £ |
| Balance at 1 January 2016 | 1,000 | 2,103,831 | 2,213,370 |
| Changes in equity |
| Total comprehensive income | - | 267,538 | 687,232 |
| Balance at 31 December 2016 | 1,000 | 2,371,369 | 2,900,602 |
| Changes in equity |
| Total comprehensive income | - | 332,998 | 17,255 |
| Balance at 31 December 2017 | 1,000 | 2,704,367 | 2,917,857 |
| Non-controlling | Total |
| Total | interests | equity |
| £ | £ | £ |
| Balance at 1 January 2016 | 4,318,201 | 508,082 | 4,826,283 |
| Changes in equity |
| Total comprehensive income | 954,770 | 27,493 | 982,263 |
| Balance at 31 December 2016 | 5,272,971 | 535,575 | 5,808,546 |
| Changes in equity |
| Total comprehensive income | 350,253 | 86,255 | 436,508 |
| Balance at 31 December 2017 | 5,623,224 | 621,830 | 6,245,054 |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| for the Year Ended 31 December 2017 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 January 2016 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2016 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2017 |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| London and Southern Estates Limited and Subsidiaries is a |
| 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 |
| 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 |
| Plant and machinery etc | - |
| 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. |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 3. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2017 | 2016 |
| £ | £ |
| Depreciation - owned assets |
| 4. | 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. |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Group |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2017 | 8,995 |
| Additions |
| At 31 December 2017 | 10,058 |
| DEPRECIATION |
| At 1 January 2017 | 6,938 |
| Charge for year | 799 |
| At 31 December 2017 | 7,737 |
| NET BOOK VALUE |
| At 31 December 2017 | 2,321 |
| At 31 December 2016 | 2,057 |
| Company |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2017 | 299 |
| Additions |
| At 31 December 2017 | 1,362 |
| DEPRECIATION |
| At 1 January 2017 | 75 |
| Charge for year | 341 |
| At 31 December 2017 | 416 |
| NET BOOK VALUE |
| At 31 December 2017 | 946 |
| At 31 December 2016 | 224 |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2017 |
| 6. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2017 |
| and 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include |
| the following: |
| Subsidiaries |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2017 | 2016 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2017 | 2016 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2017 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2017 | 2016 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2017 | 2016 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 7. | INVESTMENT PROPERTY |
| Group |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2017 | 8,860,000 |
| Additions | 1,666,556 |
| Revaluations | 46,690 |
| At 31 December 2017 | 10,573,246 |
| NET BOOK VALUE |
| At 31 December 2017 | 10,573,246 |
| At 31 December 2016 | 8,860,000 |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2017 |
| 7. | INVESTMENT PROPERTY - continued |
| Group |
| Fair value at 31 December 2017 is represented by: |
| £ |
| Valuation in 2004 | 115,340 |
| Valuation in 2005 | 739,000 |
| Valuation in 2006 | 11,000 |
| 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 |
| Cost | 6,833,052 |
| 10,573,246 |
| If the properties had not been revalued they would have been included at the following historical cost: |
| 2017 | 2016 |
| £ | £ |
| Cost | 6,833,052 | 5,166,496 |
| Aggregate depreciation | (1,331,748 | ) | (1,209,610 | ) |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Amounts owed by group undertakings | - | - |
| Amounts owed by associates | 802 | - |
| Other debtors | 623,948 | 893,869 |
| 624,750 | 893,869 |
| 9. | CURRENT ASSET INVESTMENTS |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Other | 27,953 | 27,953 |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2017 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Bank loans and overdrafts | 61,500 | 45,500 |
| Amounts owed to group undertakings | - | - |
| Taxation and social security | 92,847 | 94,351 |
| Other creditors | 247,508 | 211,325 |
| 401,855 | 351,176 |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Bank loans | 2,547,000 | 1,671,500 |
| Other creditors | 2,465,705 | 1,965,705 |
| 5,012,705 | 3,637,205 |
| Amounts falling due in more than five years: |
| Group | Company |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Repayable otherwise than by instalments |
| A & G Loan | 1,675,000 | 1,175,000 | 125,000 | 125,000 |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,221,000 | 409,500 | - | - |
| 12. | RESERVES |
| Group |
| Revaluation |
| reserve |
| £ |
| At 1 January 2017 | 2,900,602 |
| Revaluation in year | 17,255 |
| At 31 December 2017 | 2,917,857 |
| 13. | NON-CONTROLLING INTERESTS |
| Minority Interests represent the proportion of value of the net assets of London & Southern Estates (City) |
| Limited. |
| LONDON AND SOUTHERN ESTATES LIMITED |
| AND SUBSIDIARIES (REGISTERED NUMBER: 04335013) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2017 |
| 14. | 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 £52,963 (2016 - £51,488). |
| 15. | ULTIMATE CONTROLLING PARTY |
| The group is ultimately controlled by Mr & Mrs G D Swetman. |