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Registration number: 04419400

Eagle Hall Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Eagle Hall Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Eagle Hall Estates Limited

Company Information

Chairman

K Leddington-Hill

Directors

M G Chennells

A C Chennells

P E Chennells

B T Wills (non-executive)

Company secretary

C F Overton

Registered office

The Estate Office
Eagle Hall
Swinderby
Lincoln
LN6 9HZ

Solicitors

Shakespeare Martineau
12-14 Saint Mary's Street
Lincoln
LN5 7EQ

Bankers

HSBC Bank plc
221 High Street
Lincoln
LN1 1TS

Accountants

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

 

Eagle Hall Estates Limited

(Registration number: 04419400)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

42,548,255

37,545,750

Investments

5

8,300

8,300

 

42,556,555

37,554,050

Current assets

 

Debtors

6

62,880

51,299

Cash at bank and in hand

 

4,194

-

 

67,074

51,299

Creditors: Amounts falling due within one year

7

(359,758)

(313,647)

Net current liabilities

 

(292,684)

(262,348)

Total assets less current liabilities

 

42,263,871

37,291,702

Creditors: Amounts falling due after more than one year

7

(3,445,083)

(3,655,641)

Provisions for liabilities

(3,966,889)

(3,016,413)

Net assets

 

34,851,899

30,619,648

Capital and reserves

 

Called up share capital

8,300

8,300

Revaluation reserve

23,851,187

19,799,158

Retained earnings

10,992,412

10,812,190

Shareholders' funds

 

34,851,899

30,619,648

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.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

 

Eagle Hall Estates Limited

(Registration number: 04419400)
Balance Sheet as at 31 March 2023

.........................................
P E Chennells
Director

 

Eagle Hall 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:
The Estate Office
Eagle Hall
Swinderby
Lincoln
LN6 9HZ

These financial statements were authorised for issue by the Board on 22 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.

Group accounts not prepared

Consolidated financial statements have not been prepared for group purposes as Eagle Hall Estates Limited and its subsidiary company are small both individually and on a consolidated basis per the small companies regime within Part 15 of the Companies Act 2006.

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 income 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.

 

Eagle Hall 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Eagle Hall 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 0 (2022 - 0).

 

Eagle Hall Estates Limited

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

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2022

37,545,750

37,545,750

Revaluations

5,002,505

5,002,505

At 31 March 2023

42,548,255

42,548,255

Carrying amount

At 31 March 2023

42,548,255

42,548,255

At 31 March 2022

37,545,750

37,545,750

Included within the net book value of land and buildings above is £42,548,255 (2022 - £37,545,750) in respect of freehold land and buildings.

The land and buildings were professionally valued at 31st March 2023.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

8,300

8,300

Subsidiaries

£

Cost or valuation

At 1 April 2022

8,300

Carrying amount

At 31 March 2023

8,300

At 31 March 2022

8,300

 

Eagle Hall Estates Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

62,555

50,975

Other debtors

325

324

 

62,880

51,299

 

Eagle Hall 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

8

206,000

215,300

Trade creditors

 

4,821

6,777

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

71,080

-

Taxation and social security

 

12,613

8,725

Other creditors

 

65,244

82,845

 

359,758

313,647


Creditors falling due in less than one year include bank loans and overdrafts which are secured of £206,000 (2022 - £215,300).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

3,445,083

3,655,641

2023
£

2022
£

Due after more than five years

After more than five years by instalments

2,567,083

2,784,641

-

-

Creditors falling due after more than one year include bank loans which are secured of £3,445,083 (2022 - £3,655,641).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,445,083

3,655,641

 

Eagle Hall Estates Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

206,000

203,000

Bank overdrafts

-

12,300

206,000

215,300

9

Related party transactions

 

Eagle Hall Estates Limited

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

Summary of transactions with all subsidiaries

The company lets land and buildings to its subsidiary company, G.H. Chennells (Farms) Limited for a nominal rent due under a Farm Business Tenancy.

A loan account exists between the company and its subsidiary. At the year end the amount due to G.H. Chennells (Farms) Limited was £71,080 (2022 - £nil)