REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02697023) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED |
Company Information |
for the year ended 31 March 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Juniper House |
Warley Hill Business Park |
The Drive |
Brentwood |
Essex |
CM13 3BE |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02697023) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 7 |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Share premium | 9 |
Revaluation reserve | 9 |
Retained earnings | 9 |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02697023) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Ensign Property Management Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02697023) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Freehold |
property |
£ |
Cost or valuation |
At 1 April 2022 |
Revaluations |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Cost or valuation at 31 March 2023 is represented by: |
Freehold |
property |
£ |
Valuation in 2019 | 600,000 |
Valuation in 2023 | 1,250,000 |
Cost | 700,000 |
2,550,000 |
During the year there was a revaluation undertaken where the property was appraised at £2,550,000. |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 38,722 | 38,722 |
ENSIGN PROPERTY MANAGEMENT |
COMPANY LIMITED (REGISTERED NUMBER: 02697023) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | Provisions for liabilities - continued |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Prior year adjustment |
As restated |
Balance at 31 March 2023 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10 | 10 |
9. | Reserves |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 2,671,136 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation in year | - | - | 1,250,000 | 1,250,000 |
At 31 March 2023 | 2,577,771 |
10. | Director's advances, credits and guarantees |
During the year the director operated a loan account with the company. Included in other creditors is an amount owed by the company to the director of £32,082 (2022: £4,385). |
11. | Related party disclosures |
Included in other creditors is an amount of £10,624 owed to Denton Wharf Properties Limited (2022: £2,658 owed by), a company incorporated in England. Ian McKellar is a director of that company. |
Included in other debtors is an amount of £Nil (2022: £1,872) owed by NI Properties, a company incorporated in Guernsey.Ian McKellar is a director of that company. |
Included in other debtors is an amount of £Nil (2022: £2,658) owed by Giffard Property Holdings Limited , a company incorporated in Guernsey. Ian McKellar is a director of that company. |