Southern Property Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08108197 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

SOUTHERN PROPERTY MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S D McCracken

REGISTERED OFFICE:

Granary Lodge

96 Appleton Gate

Newark

NG24 1LS

REGISTERED NUMBER:

08108197 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

FIXED ASSETS

Investments

4

101,618

113,248

CURRENT ASSETS

Stocks

-

314,165

Debtors

5

187,321

115,856

Cash at bank

57,038

43,626

244,359

473,647

CREDITORS

Amounts falling due within one year

6

46,888

383,135

NET CURRENT ASSETS

197,471

90,512

TOTAL ASSETS LESS CURRENT LIABILITIES

299,089

203,760

CAPITAL AND RESERVES

Called up share capital

128

128

Capital redemption reserve

98

98

Retained earnings

298,863

203,534

SHAREHOLDERS' FUNDS

299,089

203,760

The company is 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 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 director acknowledges his 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 26 September 2018 and were signed by:

S D McCracken - Director

1.	STATUTORY INFORMATION

Southern Property Management Limited 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 Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents rent receivable.

Investments in subsidiaries

Investments are recognised initially at cost. Subsequently they are measured at fair value through statement of

comprehensive income if shares are publicly traded or can otherwise be measured reliably.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that 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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

113,248

Fair value movement

(11,630

)

At 31 December 2017

101,618

NET BOOK VALUE

At 31 December 2017

101,618

At 31 December 2016

113,248

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

187,321

115,856

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

20,508

19,562

Other creditors

26,380

363,573

46,888

383,135

7.	RELATED PARTY DISCLOSURES

Less Homeless Limited

A company in which Mr S McCracken is a director & shareholder.

As at the year end the amount owed to the company by Less Homeless Limited was £148,866 (2016 - £70,267).

The company also received £102,000 from Less Homeless Limited in the year, a company in which Southern

Property Management Limited is the majority shareholder.

S D McCracken

The director made loans to the company which are interest free and repayable on demand. The amount owed to

the director at the year end was £1,990 (2016 - £105,012).

Newark Properties Limited

A company in which Mr S McCracken is a director & shareholder

As at the year end the amount owed to the company by Newark Properties Limited was £1,165 (2016 - £Nil).

Tanvic Group Limited

A company in which Mr S McCracken is a shareholder

During the year the company received loans from the shareholders of Tanvic Group Limited which were interest

free and repayable on demand. The amount owed at the year end was £20,508 (2016 - £245,027).