|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
Southern Property Management Limited |
|
Previously known as |
MWS Property Group Limited |
|
Unaudited Financial Statements |
|
for the Period 1 July 2015 to 31 December 2016 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
Southern Property Management Limited |
|
Previously known as |
MWS Property Group Limited |
|
Unaudited Financial Statements |
|
for the Period 1 July 2015 to 31 December 2016 |
|
|
|
|
|
Southern Property Management Limited (Registered number: 08108197) |
|
Contents of the Financial Statements |
for the Period 1 July 2015 to 31 December 2016 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 3 |
|
Southern Property Management Limited |
|
Company Information |
for the Period 1 July 2015 to 31 December 2016 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
6 Charter Point Way |
Ashby Business Park |
Ashby De La Zouch |
Leicestershire |
LE65 1NF |
Southern Property Management Limited (Registered number: 08108197) |
|
Statement of Financial Position |
31 December 2016 |
|
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 3 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 4 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 5 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 6 |
|
|
Revaluation reserve | 7 |
|
|
Capital redemption reserve | 7 |
|
|
Retained earnings | 7 |
|
|
SHAREHOLDERS' FUNDS | 9 |
|
|
|
|
|
|
|
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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
Southern Property Management Limited (Registered number: 08108197) |
|
Notes to the Financial Statements |
for the Period 1 July 2015 to 31 December 2016 |
|
|
1. | STATUTORY INFORMATION |
|
Southern Property Management Limited is a
|
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 |
|
|
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgement, |
estimates and assumptions about carrying amounts of assets and liabilities that are not readily apparent from |
other sources. The estimates and associated assumptions are based on historical experience and other factors |
that are considered to be relevant. Actual results may differ from these estimates. |
|
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that |
period, or in the period of revision and future periods where the revision affects both current and future periods. |
|
Turnover |
Turnover represents rent receivable. |
|
Tangible fixed assets |
|
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
|
Investments |
Investments are recognised initially at cost. Subsequently they are measured at fair value through statement of |
comprehensive income if the shares are publicly traded or can otherwise be measured reliably. |
|
3. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
|
At 31 December 2016 |
|
NET BOOK VALUE |
At 31 December 2016 |
|
Southern Property Management Limited (Registered number: 08108197) |
|
Notes to the Financial Statements - continued |
for the Period 1 July 2015 to 31 December 2016 |
|
|
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
6. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
|
Ordinary | £1 | 102 | 200 |
|
Ordinary B | £1 | 26 | - |
128 | 200 |
|
|
|
7. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
|
At 1 July 2015 |
|
|
|
18,136 |
Profit for the period |
|
|
Dividends | ( |
) | ( |
) |
Purchase of own shares | (50,000 | ) | - | 98 | (49,902 | ) |
Unrealised surplus |
on revaluation of investments | 113,248 | (9,335 | ) | - | 103,913 |
At 31 December 2016 |
|
|
|
203,632 |
|
8. | RELATED PARTY DISCLOSURES |
|
During the period, total dividends of £48,000 were paid to the directors . |
Southern Property Management Limited (Registered number: 08108197) |
|
Notes to the Financial Statements - continued |
for the Period 1 July 2015 to 31 December 2016 |
|
|
8. | RELATED PARTY DISCLOSURES - continued |
|
During the year the company had loans to/from companies which are controlled by the director, Mr S |
McCracken. The loans were interest free and repayable on demand. As at 31 December 2016 the amount owed |
to the company was £70,267 (2015 - £319,929) and owed by the company was £nil (2015 - £1,281,336). |
|
The Director made loans to the company which were interest free and repayable on demand. The amount owed |
to the Director at the year end was £105,012 (2015 - £80,000). |
|
During the year the company also received loans from the shareholders of a related company which were |
interest free and repayable on demand. The amount owed at the year end was £245,027. |
|
The company also received dividends of £102,000 from Less Homeless Limited in the year, a company in |
which Southern Property Management Limited is the majority shareholder. |
|
9. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2016 | 2015 |
£ | £ |
Profit for the financial period |
|
|
Dividends | ( |
) |
|
131,485 | 10,851 |
Other comprehensive income relating to the period (net) | 54,011 | (67,063 | ) |
Decrease in share capital | (72 | ) | - |
Net addition/(reduction) to shareholders' funds | 185,424 | (56,212 | ) |
Opening shareholders' funds | 18,336 | 74,548 |
Closing shareholders' funds | 203,760 | 18,336 |
|
10. | FIRST YEAR ADOPTION |
|
The company has early adopted the provisions set out in FRS 102 (Section 1A) for small companies. This is |
the first year that the company has prepared financial statements under the new regulatory framework. It is not |
considered that there are any transitional adjustments required to either the prior year figures nor those at the |
transitional date. As such, no reconciliation is provided in these financial statements. |
|