SOUTHWARK INVESTMENTS LIMITED
REGISTERED NUMBER:
01167969
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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SOUTHWARK INVESTMENTS LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 DECEMBER 2015
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
14 September 2016
.
The notes on pages 3 to 6 form part of these financial statements.
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SOUTHWARK INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of freehold land and buildings
and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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The company meets its day to day working capital requirements through funding provided by the company's shareholders. The shareholders are not seeking repayment of these funds in the immediate future and therefore consider that the company will continue to operate with this assistance. On this basis, the Directors consider it appropriate to prepare the financial statements on the going concern basis.The financial statements do not include any adjustments that would result from a withdrawal of this funding.
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Turnover is stated exclusive of value added tax. The key classes of revenue are sale of development properties which is recognised on legal completion and property rental income which is recognised on an accruals basis. Project management fees receivable are recognised on completion of the service.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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25% reducing balance basis
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25% reducing balance basis
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Fixtures,fittings & equipment
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33% reducing balance basis
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Investment properties are included in the balance sheet at their open market value. Depreciation is
provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
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Investments held as fixed assets are shown at cost less provision for impairment.
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Stock and work in progress
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Properties for resale and developments in progress are included at the lower of cost and net realisable value. Cost comprises the purchase price of land and property, direct costs and appropriate overheads, relating to current and proposed development projects where there is a reasonable degree of certainty that the latter will proceed.
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SOUTHWARK INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.
ACCOUNTING POLICIES (continued)
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Deferred taxation is provided in full in respect of taxation deferred by timing differences between the
treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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The company operates a defined contribution scheme for the benefit of its employees. Contributions
payable are charged to the profit and loss account in the year they are payable.
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The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
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2.
TANGIBLE FIXED ASSETS
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SOUTHWARK INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
2.
TANGIBLE FIXED ASSETS (continued)
The valuations of investment properties were made as at 31 July 2008 by Colliers CRE, in accordance
with the Appraisal and Valuation Standards of the Royal Institute of Chartered Surveyors, on an open market basis.
No depreciation is provided in respect of these properties.
On an historical cost basis these would have been included at an original cost of £304,679 (2014 -£304,679).
The Directors have reviewed the carrying value at the balance sheet date and believe it to remain appropriate.
3.
FIXED ASSET INVESTMENTS
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At 1 January 2015 and 31 December 2015
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Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
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Subsidiary undertakings and country of registration or incorporation
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Southwark Project Management Limited - Scotland
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Southwark Project Services Limited -Scotland
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The aggregate of the share capital and reserves as at 31 December 2015 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Subsidiary undertakings and principal activity
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Profit/(loss) for the year
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Southwark Project Management Limited - Dormant
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Southwark Project Services Limited - Dormant
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