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REGISTERED NUMBER: 10629376 (England and Wales)



UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

ESSEX PROPERTY AND INVESTMENTS LTD

ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ESSEX PROPERTY AND INVESTMENTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: P D W Foyle
Mrs B Wade





REGISTERED OFFICE: Kingfisher House
11 Hoffmanns Way
Chelmsford
Essex
CM1 1GU





REGISTERED NUMBER: 10629376 (England and Wales)





ACCOUNTANTS: Lucentum Business Services Ltd
Kingfisher House
11 Hoffmanns Way
Chelmsford
Essex
CM1 1GU

ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 5 7,714,688 3,800,000

CURRENT ASSETS
Debtors 6 89,607 19,153
Cash at bank 7 51,160 134,611
140,767 153,764
CREDITORS
Amounts falling due within one year 8 210,147 168,748
NET CURRENT LIABILITIES (69,380 ) (14,984 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,645,308

3,785,016

CREDITORS
Amounts falling due after more than one
year

9

(3,046,435

)

(1,282,251

)

PROVISIONS FOR LIABILITIES 12 (971,306 ) (362,942 )
NET ASSETS 3,627,567 2,139,823

CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Fair value reserve 14 2,939,936 1,573,300
Retained earnings 686,631 565,523
SHAREHOLDERS' FUNDS 3,627,567 2,139,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)

BALANCE SHEET - continued
28 FEBRUARY 2023


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 Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





P D W Foyle - Director


ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Essex Property and Investments Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Summary of significant accounting policies
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured when the amount of revenue can be measured reliably, when it is probably that future economic benefits will flow to the entity and when specific criteria have been met.

Turnover represents amounts receivable for the provision of the company's principal activity. Revenue is recognised over the period the rental relates to.

Investment property
Investment properties are properties held to earn rentals and/or capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investments properties are included in profit or loss in the period in which they arise.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 3,800,000
Additions 1,939,688
Fair value gain/(loss) 1,975,000
At 28 February 2023 7,714,688
NET BOOK VALUE
At 28 February 2023 7,714,688
At 28 February 2022 3,800,000

The fair value of the property at 28 February 2023 has been arrived at on the basis of a valuation carried out by Mr P Foyle, a director of the company who is not a professionally qualified valuer. The valuation was arrived at by reference to market evidence of transaction prices for similar commercial properties situated within the same location, which the director considers to give a fair value of the investment property held.

The historical cost of the investment property was £3,803,446 (2022: £1,863,758). No depreciation was charged.

ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by related parties 70,000 -
Other debtors 19,607 19,153
89,607 19,153

7. CASH AT BANK
2023 2022
£    £   
Bank account 51,160 134,611

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 89,039 80,276
Taxation and social security 43,658 49,568
Other creditors 77,450 38,904
210,147 168,748

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 10) 3,046,435 1,282,251

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,634,831 -

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 89,039 80,276

Amounts falling due between one and two years:
Bank loans - 1-2 years 94,268 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 317,336 1,282,251

Amounts falling due in more than five years:

ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. LOANS - continued
2023 2022
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,634,831 -

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,135,474 1,362,527

The bank loan is secured by way of a fixed charge with a negative pledge over the company's land and buildings, including a third party guarantee from a related party.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences 971,306 362,942

Deferred
tax
£   
Balance at 1 March 2022 362,942
Provided during year 493,751
Change in rate 114,613
Balance at 28 February 2023 971,306

The amount for provisions for liabilities above is for deferred tax liability of financial assets measured at fair value through profit or loss.

13. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

ESSEX PROPERTY AND INVESTMENTS LTD (REGISTERED NUMBER: 10629376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

14. RESERVES
Fair
value
reserve
£   
At 1 March 2022 1,573,300
Reserve transfer 1,366,636

At 28 February 2023 2,939,936

As fair value accounting requirements apply, the change in fair value has been recognised in profit or loss, it is not recognised in a revaluation reserve.

However, an entity may choose to transfer a portion of its retained profit and loss account equal to the cumulative fair value gains for presentation purposes to a separate reserve, as this element of the profit and loss is not realised, and not available for distribution.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors at the balance sheet date is an amount of £19,607 (2022: £19,153) due from the director of the company.

16. RELATED PARTY DISCLOSURES

Other related parties

2023 2022
£ £
Rent charged to related party 297,324 250,833

The amounts shown above concern transactions with another company in which Mr P Foyle is a director with a controlling interest.