Somerset House Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05552498 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

SOMERSET HOUSE PROPERTIES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N J Evans

W T Bromwich

F E Bromwich

S D Blake

S W Hain

R M Hardy

REGISTERED OFFICE:

Somerset House

Clarendon Place

Leamington Spa

Warwickshire

CV32 5QN

REGISTERED NUMBER:

05552498 (England and Wales)

BANKERS:

Yorkshire Bank PLC

7 - 11 High Street

Coventry

CV1 5SB

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,456,513

1,456,513

1,456,513

1,456,513

CURRENT ASSETS

Debtors

347

926

Cash at bank

47,680

36,362

48,027

37,288

CREDITORS

Amounts falling due within one year

198,650

223,962

NET CURRENT LIABILITIES

(150,623

)

(186,674

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,305,890

1,269,839

CREDITORS

Amounts falling due after more than one year

6

791,610

821,488

NET ASSETS

514,280

448,351

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

514,274

448,345

SHAREHOLDERS' FUNDS

514,280

448,351

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2021 and were signed on its behalf by:

W T Bromwich - Director

N J Evans - Director

1.	STATUTORY INFORMATION

Somerset House Properties Ltd 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

The financial statements have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous year.

As shown on the balance sheet the company had net current liabilities of £150,623 (2020 - £186,674), and total net assets at the year end of £514,280 (2020 - £448,351). The directors believe that with the continuing support of the bank and future profitable trade the company is a going concern. The financial statements have therefore been prepared on a going concern basis.

Turnover

Turnover comprises the value of sales (net of value added tax, similar taxes trade discounts) of services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

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 Income Statement, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

and 31 March 2021

12,127

DEPRECIATION

At 1 April 2020

and 31 March 2021

12,127

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

1,456,513

NET BOOK VALUE

At 31 March 2021

1,456,513

At 31 March 2020

1,456,513

The directors are of the opinion that the current market value of the investment property is not materially different to the original cost.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2021

2020

£

£

Repayable by instalments

Bank loans - more than 5 years

584,053

526,033

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loan

843,499

895,352

8.	RELATED PARTY DISCLOSURES

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.

E H B Residential Limited

A company in which F E Bromwich is a director.

During the year rent and expenses were charged to the value of £24,660 (2020 - £32,563).

2021

2020

£

£

Amount due to related party at the balance sheet date

17,340

17,340

EHB Commercial Limited

A company in which S D Blake, N J Evans and S W Hain are directors.

Rent and expenses were charged to the value of £55,485 (2020 - £70,908).

2021

2020

£

£

Amount due to related party at the balance sheet date

52,020

52,020

Bromwich Hardy

A business in which W T Bromwich and R M Hardy are partners of.

Rent and expenses were charged to the value of £15,000 (2020 - £20,646).

2021

2020

£

£

Amount due to related party at the balance sheet date

34,680

34,680