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REGISTERED NUMBER: 06648382 (England and Wales)


















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: P Danson





REGISTERED OFFICE: John Carpenter House
John Carpenter Street
London
EC4Y 0AN





REGISTERED NUMBER: 06648382 (England and Wales)





AUDITORS: Smailes Goldie
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 5,134,317 4,157,866
Cash at bank 7,110 2,062,767
5,141,427 6,220,633
CREDITORS
Amounts falling due within one year 6 435,272 1,485,533
NET CURRENT ASSETS 4,706,155 4,735,100
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,706,155

4,735,100

CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Retained earnings 4,705,155 4,734,100
SHAREHOLDERS' FUNDS 4,706,155 4,735,100

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

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 9th October 2023 and were signed by:





P Danson - Director


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 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 - 8 ).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2022
and 31st December 2022 194,424
DEPRECIATION
At 1st January 2022
and 31st December 2022 194,424
NET BOOK VALUE
At 31st December 2022 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 4,080,249 1,837,275
Other debtors - 1,158
Amounts owed by related parties 1,049,783 2,319,433
VAT 3,127 -
Prepayments and accrued income 1,158 -
5,134,317 4,157,866

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 870 2,267
Amounts owed to group undertakings 217,901 675,047
Corporation tax - 516,213
Social security and other taxes - 25,880
Amounts owed to related parties 216,461 257,660
Accruals and deferred income 40 8,466
435,272 1,485,533

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1,000 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.

Stephen Bramall BSc., FCA (Senior Statutory Auditor)
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.