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Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
08586237
EW Real Estate Limited
Unaudited filleted financial statements
30 June 2023
EW Real Estate Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
EW Real Estate Limited
Directors and other information
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Directors |
Mr A Whitaker |
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Mr MJ Swetman |
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Mr S England |
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Company number |
08586237 |
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Registered office |
36 Holmbush Road |
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London |
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SW15 3LE |
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Business address |
36 Holmbush Road |
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Putney |
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London |
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SW15 3LE |
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Accountants |
Hardcastle Blake |
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19 New Road |
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Drayton Parslow |
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Milton Keynes |
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MK17 0JH |
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EW Real Estate Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of EW Real Estate Limited
Year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of EW Real Estate Limited for the year ended 30 June 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of EW Real Estate Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of EW Real Estate Limited and state those matters that we have agreed to state to the board of directors of EW Real Estate Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EW Real Estate Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that EW Real Estate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of EW Real Estate Limited. You consider that EW Real Estate Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of EW Real Estate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hardcastle Blake
ICAEW
19 New Road
Drayton Parslow
Milton Keynes
MK17 0JH
28 November 2023
EW Real Estate Limited
Statement of financial position
30 June 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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5 |
1,350,000 |
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1,350,000 |
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_______ |
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_______ |
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1,350,000 |
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1,350,000 |
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Current assets |
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Debtors |
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6 |
9,659 |
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9,659 |
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Cash at bank and in hand |
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8,653 |
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10,981 |
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_______ |
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_______ |
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18,312 |
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20,640 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
1,158,908) |
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(
738,124) |
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_______ |
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_______ |
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Net current liabilities |
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(
1,140,596) |
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(
717,484) |
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_______ |
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_______ |
Total assets less current liabilities |
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209,404 |
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632,516 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
324,000) |
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(
743,500) |
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_______ |
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_______ |
Net liabilities |
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(
114,596) |
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(
110,984) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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467 |
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467 |
Profit and loss account |
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(
115,063) |
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(
111,451) |
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_______ |
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_______ |
Shareholders deficit |
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(
114,596) |
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(
110,984) |
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_______ |
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_______ |
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For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 November 2023
, and are signed on behalf of the board by:
Mr A Whitaker
Director
Company registration number:
08586237
EW Real Estate Limited
Notes to the financial statements
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 36 Holmbush Road, London, SW15 3LE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date the company has net liabilities of £114,596. The loans were re-financed during the year and the facilities have been extended to October 2025. The other loans are from the shareholders and whilst, in theory, are repayable on demand these will not be repaid until the site is sold. The directors and shareholders will continue to fund the activities of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for commercial rents net of Value Added Tax and residential rents that are exempt from VAT. Any lease incentives are allocated over the rental terms factoring in rent break clauses.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income, though agents fees are written off as incurred if not directly linked to the lease
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
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Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
5.
Investments
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Other investments other than loans |
Total |
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£ |
£ |
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Cost |
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At 1 July 2022 |
1,350,000 |
1,350,000 |
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_______ |
_______ |
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At 30 June 2023 |
1,350,000 |
1,350,000 |
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_______ |
_______ |
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Impairment |
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At 1 July 2022 and 30 June 2023 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 30 June 2023 |
1,350,000 |
1,350,000 |
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_______ |
_______ |
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At 30 June 2022 |
1,350,000 |
1,350,000 |
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_______ |
_______ |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Other debtors |
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9,659 |
9,659 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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- |
17,000 |
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Corporation tax |
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(
1) |
4,678 |
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Social security and other taxes |
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1,979 |
1,991 |
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Other creditors |
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1,156,930 |
714,455 |
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_______ |
_______ |
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1,158,908 |
738,124 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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324,000 |
743,500 |
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_______ |
_______ |
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The loans are secured by a first legal charge over the main investment property and a debenture.
9.
Controlling party
The company is controlled by
Mr A Whitaker
- director by virtue of his control of the parent company Whitaker1996 Limited. This company has the same registered office and place of business