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Registration number: 00542594

EPL Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

EPL Estates Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

EPL Estates Limited

(Registration number: 00542594)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

16,550,000

15,990,000

Current assets

 

Debtors

6

87,292

149,279

Cash at bank and in hand

 

399,106

351,951

 

486,398

501,230

Creditors: Amounts falling due within one year

7

(399,406)

(345,036)

Net current assets

 

86,992

156,194

Total assets less current liabilities

 

16,636,992

16,146,194

Creditors: Amounts falling due after more than one year

7

(110,000)

(280,000)

Provisions for liabilities

(2,461,949)

(2,461,949)

Net assets

 

14,065,043

13,404,245

Capital and reserves

 

Called up share capital

8

592,000

32,000

Capital redemption reserve

73,903

73,903

Revaluation reserve

13,544,151

13,544,151

Profit and loss account

(145,011)

(245,809)

Shareholders' funds

 

14,065,043

13,404,245

 

EPL Estates Limited

(Registration number: 00542594)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

.........................................
Michael Bruce Enoch
Director

 

EPL Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the Board on 1 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest Pound (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

EPL Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

Over 8 years on a straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

EPL Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2022

75,225

75,225

At 31 March 2023

75,225

75,225

Depreciation

At 1 April 2022

75,225

75,225

At 31 March 2023

75,225

75,225

Carrying amount

At 31 March 2023

-

-

 

EPL Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Investment properties

2023
£

At 1 April

15,990,000

Additions

560,000

At 31 March

16,550,000

In the opinion of the directors, investment properties are fairly stated in the financial statements.

6

Debtors

2023
£

2022
£

Trade debtors

45,341

127,163

Prepayments

14,302

12,825

Other debtors

27,649

9,291

87,292

149,279

 

EPL Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

70,000

70,000

Taxation and social security

 

34,973

39,144

Accruals and deferred income

 

133,123

129,821

Other creditors

 

161,310

106,071

 

399,406

345,036

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

110,000

280,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

32,000

32,000

32,000

32,000

Ordinary P Shares of £1 (2022 - £0) each

560,000

560,000

-

-

 

592,000

592,000

32,000

32,000

The interests of the shareholders of the P shares are restricted to the capital asset of, and income from the freehold interest of the property at 2 Acacia Gardens only. The shareholders of the Ordinary shares have no interest in that freehold. The P shares do not carry voting rights.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

110,000

280,000

 

EPL Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

70,000

70,000

Bank borrowings
Included on creditors is a variable rate loan balance of £180,000 (2022: £350,000) . The loan is repayable in the duration of 5 years by quarterly instalments of £17,500. Interest is charged at variable rate starting at 5.00% increased to 5.25%.

Security

Bank borrowing is secured over the property 2 Acacia Avenue, London NW8 and fixed and floating charges over the company's assets.