Caseware UK (AP4) 2021.0.152 2021.0.152 52021-01-01falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00443549 2021-01-01 2021-12-31 00443549 2020-01-01 2020-12-31 00443549 2021-12-31 00443549 2020-12-31 00443549 c:Director4 2021-01-01 2021-12-31 00443549 d:FurnitureFittings 2021-01-01 2021-12-31 00443549 d:FurnitureFittings 2021-12-31 00443549 d:FurnitureFittings 2020-12-31 00443549 d:FreeholdInvestmentProperty 2021-12-31 00443549 d:FreeholdInvestmentProperty 2020-12-31 00443549 d:CurrentFinancialInstruments 2021-12-31 00443549 d:CurrentFinancialInstruments 2020-12-31 00443549 d:Non-currentFinancialInstruments 2021-12-31 00443549 d:Non-currentFinancialInstruments 2020-12-31 00443549 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 00443549 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 00443549 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 00443549 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 00443549 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 00443549 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 00443549 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 00443549 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 00443549 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 00443549 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2020-12-31 00443549 d:ShareCapital 2021-12-31 00443549 d:ShareCapital 2020-12-31 00443549 d:RevaluationReserve 2021-12-31 00443549 d:RevaluationReserve 2020-12-31 00443549 d:OtherMiscellaneousReserve 2021-12-31 00443549 d:OtherMiscellaneousReserve 2020-12-31 00443549 d:RetainedEarningsAccumulatedLosses 2021-12-31 00443549 d:RetainedEarningsAccumulatedLosses 2020-12-31 00443549 c:FRS102 2021-01-01 2021-12-31 00443549 c:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 00443549 c:FullAccounts 2021-01-01 2021-12-31 00443549 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 00443549 2 2021-01-01 2021-12-31 00443549 5 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 00443549










Ennismore Property Company Limited








Unaudited

Financial statements

For the year ended 31 December 2021

 
Ennismore Property Company Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Ennismore Property Company Limited for the year ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ennismore Property Company Limited for the year ended 31 December 2021 which comprise  the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the board of directors of Ennismore Property Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ennismore Property Company Limited  and state those matters that we have agreed to state to the board of directors of Ennismore Property Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ennismore Property Company Limited and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Ennismore Property Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ennismore Property Company Limited. You consider that Ennismore Property Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Ennismore Property Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
8 August 2022
Page 1

 
Ennismore Property Company Limited
Registered number: 00443549

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

Fixed assets
  

Investment property
  
2,815,200
2,815,200

  
2,815,200
2,815,200

Current assets
  

Debtors due within 1 year
  
54,815
40,490

Current asset investments
 7 
275,746
259,025

Cash at bank and in hand
 8 
90,791
80,124

  
421,352
379,639

Creditors: amounts falling due within one year
 9 
(164,548)
(150,428)

Net current assets
  
 
 
256,804
 
 
229,211

Total assets less current liabilities
  
3,072,004
3,044,411

Creditors: amounts falling due after more than one year
 10 
(468,174)
(510,632)

  

Net assets
  
2,603,830
2,533,779


Capital and reserves
  

Called up share capital 
  
1,500
1,500

Revaluation reserve
  
358,547
347,534

Other reserves
  
73
73

Profit and loss account
  
2,243,710
2,184,672

  
2,603,830
2,533,779


Page 2

 
Ennismore Property Company Limited
Registered number: 00443549

Balance sheet (continued)
As at 31 December 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2022.




S M Olswang
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Ennismore Property Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

1.


General information

Ennismore Property Company Limited (the Company) is a limited company incorporated and domiciled in the United Kingdom registration number 00443549. The address of its registered office and principal place of business are disclosed on the company information page. The principal activity of the company is that of property management and investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.  While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonable possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's income and property assets.  However, taking into consideration the UK Government's response and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Turnover represents rents receivable and disbursements recoverable during the year, excluding Value Added Tax.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
Ennismore Property Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
Ennismore Property Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

2.Accounting policies (continued)

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

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 ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2020 - 5).

Page 6

 
Ennismore Property Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2021
22,952



At 31 December 2021

22,952



Depreciation


At 1 January 2021
22,952



At 31 December 2021

22,952



Net book value



At 31 December 2021
-



At 31 December 2020
-


5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2021
2,815,200



At 31 December 2021
2,815,200

The 2021 valuations were made by the directors, on an open market value for existing use basis.




Page 7

 
Ennismore Property Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

6.


Debtors

2021
2020
£
£


Trade debtors
5,700
13,263

Other debtors
42,559
26,250

Prepayments and accrued income
6,557
978

54,816
40,491


Included within other debtors due within one year is a loan to M Mishon, a director, amounting to 33,348 (2020 - £20000). Amounts repaid during the year totalled £8,648.  The main conditions were as follows:

Interest is charged at the average interest rate and the loan is repayable on demand.


7.


Current asset investments

2021
2020
£
£

Listed investments
275,746
259,025



8.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
90,791
80,124


Page 8

 
Ennismore Property Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

9.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
40,378
40,541

Trade creditors
178
3,042

Corporation tax
12,732
22,910

Other taxation and social security
7,190
1,771

Other creditors
35,534
12,034

Accruals and deferred income
68,536
70,130

164,548
150,428


The following liabilities were secured:

2021
2020
£
£



Bank loans
508,552
551,173

508,552
551,173

Details of security provided:

The bank loan is secured by a fixed and floating charge over the property of the company.


10.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
468,174
510,632

468,174
510,632


Page 9

 
Ennismore Property Company Limited
 

 
Notes to the financial statements
For the year ended 31 December 2021

11.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
40,378
40,541


40,378
40,541

Amounts falling due 1-2 years

Bank loans
42,458
42,458


42,458
42,458

Amounts falling due 2-5 years

Bank loans
139,808
139,808


139,808
139,808

Amounts falling due after more than 5 years

Bank loans
285,908
328,366

285,908
328,366

508,552
551,173





12.


Related party transactions

Included in other creditors is a sum due to S M Olswang who is a director, totalling £4,534 (2020: £4,534).


Page 10