Company Registration No. 01167969 (England and Wales)
SOUTHWARK INVESTMENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
SOUTHWARK INVESTMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 6
SOUTHWARK INVESTMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,255,010
1,234,810
Investments
2
4
4
1,255,014
1,234,814
Current assets
Stocks
7,913,045
4,633,787
Debtors
26,441
48,894
Cash at bank and in hand
645,834
1,498,772
8,585,320
6,181,453
Creditors: amounts falling due within one year
(237,861)
(130,036)
Net current assets
8,347,459
6,051,417
Total assets less current liabilities
9,602,473
7,286,231
Creditors: amounts falling due after more than one year
(10,030,341)
(7,699,342)
(427,868)
(413,111)
Capital and reserves
Called up share capital
3
50,000
50,000
Revaluation reserve
905,321
905,321
Profit and loss account
(1,383,189)
(1,368,432)
Shareholders' funds
(427,868)
(413,111)
SOUTHWARK INVESTMENTS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2014
31 December 2014
- 2 -
For the financial year ended 31 December 2014 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 18 August 2015
Ms M R Rolwegan
Mr Y Patel
Director
Director
Company Registration No. 01167969
SOUTHWARK INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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.
1.2
Turnover
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.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% reducing balance basis
Fixtures, fittings & equipment
33% reducing balance basis
Motor vehicles
25% reducing balance basis
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.
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock and work in progress
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 resonable degree of certainty that the latter will proceed.
SOUTHWARK INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
1
Accounting policies
(Continued)
- 4 -
1.7
Pensions
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.
1.8
Deferred taxation
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.
1.9
Group accounts
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.
SOUTHWARK INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 January 2014
1,536,908
4
1,536,912
Additions
35,760
-
35,760
Disposals
(1,961)
-
(1,961)
At 31 December 2014
1,570,707
4
1,570,711
Depreciation
At 1 January 2014
302,098
-
302,098
On disposals
(1,689)
-
(1,689)
Charge for the year
15,288
-
15,288
At 31 December 2014
315,697
-
315,697
Net book value
At 31 December 2014
1,255,010
4
1,255,014
At 31 December 2013
1,234,810
4
1,234,814
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Southwark Project Management Limited
Scotland
Ordinary
100.00
Southwark Project Services Limited
Scotland
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2014
2014
Principal activity
£
£
Southwark Project Management Limited
Dormant
2
-
Southwark Project Services Limited
Dormant
2
-
SOUTHWARK INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 6 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
50,000 Ordinary shares of £1 each
50,000
50,000
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