REGISTERED NUMBER: |
Estel Property Investments Limited |
Financial Statements for the Year Ended 31st December 2022 |
REGISTERED NUMBER: |
Estel Property Investments Limited |
Financial Statements for the Year Ended 31st December 2022 |
Estel Property Investments Limited (Registered number: 06648382) |
Contents of the Financial Statements |
for the year ended 31st December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Estel Property Investments Limited |
Company Information |
for the year ended 31st December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
Estel Property Investments Limited (Registered number: 06648382) |
Balance Sheet |
31st December 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 and authorised for issue on |
Estel Property Investments Limited (Registered number: 06648382) |
Notes to the Financial Statements |
for the year ended 31st December 2022 |
1. | STATUTORY INFORMATION |
Estel Property Investments Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Following the sale of the company's investment property in the prior year and the winding down of other investment activities, the director intends to apply for voluntary strike off under S1003 of the Companies Act 2006. Accordingly the director does not consider the company to be a going concern. As a consequence these financial statements have been prepared on a basis other than going concern. |
Turnover |
Turnover represents the value of services provided and rental income accruing during the period is stated net of VAT. Rent received on freehold property is recognised straight line over the term of the lease. |
Tangible fixed assets |
All fixed assets other than investment properties are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Fixtures, fittings and equipment - 20% |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Estel Property Investments Limited (Registered number: 06648382) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2022 |
and 31st December 2022 |
DEPRECIATION |
At 1st January 2022 |
and 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by related parties | 2,319,433 |
VAT |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Amounts owed to related parties | 257,660 |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary shares of £1 each | £1 | 1,000 | 1,000 |
Estel Property Investments Limited (Registered number: 06648382) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2022 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
The unqualified opinion referred to the following matter: |
Emphasis of Matter - Basis of preparation other than going concern |
We draw attention to Note 1 of the financial statements which explains that the director intends to wind up the company following the sale of the sole investment property and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 1. Our opinion is not modified in respect of this matter. |
for and on behalf of Smailes Goldie |
9. | RELATED PARTY DISCLOSURES |
Amounts due to related parties at 31 December 2022 includes £188,752 (2021 £255,431) due to Michael Danson. |
10. | ULTIMATE CONTROLLING PARTY |
The company's ultimate parent company up until 4 March 2022 was New Statesman Media Group Limited. On this date New Statesman Media Group Limited became a subsidiary of Progressive Holdco Limited, who became the ultimate parent company. Progressive Holdco Limited is the smallest and largest group in which the company's results are consolidated. |
Michael Danson is the ultimate controlling party through his 100% shareholding of Progressive Holdco Limited. |