ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Company Registration Number:
SC711473 (Scotland)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 6 October 2021

End date: 31 December 2022

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The Company's principal activity is to generate income and capital appreciation through investing, directly or indirectly, in a portfolio of social care properties located in the United Kingdom.

Political and charitable donations

There were no political donations made or poltical expenditures incurred during the period.



Directors

The directors shown below have held office during the whole of the period from
6 October 2021 to 31 December 2022

Edward Alexander Bellew
Lynsey Victoria Sutcliffe


The directors shown below have held office during the period of
16 November 2021 to 31 December 2022

Claire Louise Fahey
Thomas Clifford Pridmore
Andrew Joseph Dawber


The directors shown below have held office during the period of
6 October 2021 to 16 November 2021

Paul George McNiven
Manvir Singh


Secretary Aztec Financial Services (UK) Limited

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
5 October 2023

And signed on behalf of the board by:
Name: Lynsey Victoria Sutcliffe
Status: Director

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

15 months to 31 December 2022


£
Turnover: 465,165
Gross profit(or loss): 465,165
Administrative expenses: ( 55,457 )
Other operating income: 5,628,514
Operating profit(or loss): 6,038,222
Profit(or loss) before tax: 6,038,222
Tax: 198,550
Profit(or loss) for the financial year: 6,236,772

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Balance sheet

As at 31 December 2022

Notes 15 months to 31 December 2022


£
Fixed assets
Intangible assets: 3 284,238
Investments: 4 7,316,288
Total fixed assets: 7,600,526
Current assets
Debtors: 5 465,165
Total current assets: 465,165
Creditors: amounts falling due within one year: 6 ( 1,828,820 )
Net current assets (liabilities): (1,363,655)
Total assets less current liabilities: 6,236,871
Total net assets (liabilities): 6,236,871
Capital and reserves
Called up share capital: 100
Profit and loss account: 6,236,771
Total Shareholders' funds: 6,236,871

The notes form part of these financial statements

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 5 October 2023
and signed on behalf of the board by:

Name: Lynsey Victoria Sutcliffe
Status: Director

The notes form part of these financial statements

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    15 months to 31 December 2022
    Average number of employees during the period 0

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible assets

Goodwill Other Total
Cost £ £ £
Additions 284,238 284,238
Disposals
Revaluations
Transfers
At 31 December 2022 284,238 284,238
Amortisation
Charge for year
On disposals
Other adjustments
At 31 December 2022
Net book value
At 31 December 2022 284,238 284,238

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Fixed assets investments note

Investment PropertyInvestment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is measured at fair value. Gains or losses arising from changes in the fair value of investment property are included in profit or loss in the period in which they arise.Subsequent expenditure is included in the carrying amount of the property when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repair and maintenance costs are charged to the Statement of Comprehensive Income during the financial period in which they are incurred.An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.Valuation ProcessThe valuation reports are produced half yearly by the external valuers and are based on information provided by the Company such as rent income currently payable, the next uplift due in that income, the likelihood of a continuation of that rental income and growth in relation to inflation. This information is derived from the Company’s financial and property management systems and is subject to the Company’s overall control environment. In addition, the valuation reports are based on assumptions and valuation models used by the external valuers.The assumptions are typically market related, such as yields and discount rates, and are based on their professional judgement and market observation. Each property is considered a separate asset class based on the unique nature, characteristics, and risks of the property.Civitas Social Healthcare Advisors Limited (the 'Advisor') verifies all major inputs to the external valuation reports, assess the individual property valuation changes from any prior valuation reports and hold discussions with the external valuers. When this process is complete, the valuation report is recommended to the Directors, who considers it as part of their overall responsibilities.

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Debtors

15 months to 31 December 2022
£
Other debtors 465,165
Total 465,165

ENHANCE PROPERTIES (LOCHSIDE) LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due within one year note

15 months to 31 December 2022
£
Taxation and social security 85,688
Other creditors 1,743,132
Total 1,828,820