European Property Systems Limited 05808490 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is Letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true true 05808490 2022-06-01 2023-05-31 05808490 2023-05-31 05808490 bus:OrdinaryShareClass1 2023-05-31 05808490 core:RetainedEarningsAccumulatedLosses 2023-05-31 05808490 core:ShareCapital 2023-05-31 05808490 core:CurrentFinancialInstruments 2023-05-31 05808490 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05808490 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05808490 core:FurnitureFittingsToolsEquipment 2023-05-31 05808490 core:LandBuildings 2023-05-31 05808490 bus:SmallEntities 2022-06-01 2023-05-31 05808490 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 05808490 bus:FullAccounts 2022-06-01 2023-05-31 05808490 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 05808490 bus:RegisteredOffice 2022-06-01 2023-05-31 05808490 bus:CompanySecretary1 2022-06-01 2023-05-31 05808490 bus:Director1 2022-06-01 2023-05-31 05808490 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 05808490 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 05808490 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 05808490 core:LandBuildings 2022-06-01 2023-05-31 05808490 countries:AllCountries 2022-06-01 2023-05-31 05808490 2022-05-31 05808490 core:CostValuation 2022-05-31 05808490 core:FurnitureFittingsToolsEquipment 2022-05-31 05808490 core:LandBuildings 2022-05-31 05808490 2021-06-01 2022-05-31 05808490 2022-05-31 05808490 bus:OrdinaryShareClass1 2022-05-31 05808490 core:RetainedEarningsAccumulatedLosses 2022-05-31 05808490 core:ShareCapital 2022-05-31 05808490 core:CurrentFinancialInstruments 2022-05-31 05808490 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 05808490 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 05808490 core:FurnitureFittingsToolsEquipment 2022-05-31 05808490 core:LandBuildings 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05808490

European Property Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

European Property Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

European Property Systems Limited

Company Information

Director

Mr Michael Hansen

Company secretary

Bjorn Hansen

Registered office

10 Wellington Street
Cambridge
Cambridgeshire
CB1 1HW

Accountants

Websters Cambridge Limited
10 Wellington Street
Cambridge
Cambridgeshire
CB1 1HW

 

European Property Systems Limited

(Registration number: 05808490)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,963,084

1,895,915

Investments

5

102

102

 

1,963,186

1,896,017

Current assets

 

Debtors

6

6,064

6,688

Cash at bank and in hand

 

371,123

472,417

 

377,187

479,105

Creditors: Amounts falling due within one year

7

(8,196)

(13,946)

Net current assets

 

368,991

465,159

Total assets less current liabilities

 

2,332,177

2,361,176

Creditors: Amounts falling due after more than one year

7

(2,878,248)

(2,878,248)

Net liabilities

 

(546,071)

(517,072)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(546,171)

(517,172)

Shareholders' deficit

 

(546,071)

(517,072)

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2023
 

 

European Property Systems Limited

(Registration number: 05808490)
Balance Sheet as at 31 May 2023

.........................................
Mr Michael Hansen
Director

 

European Property Systems Limited

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

1

General information

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

The address of its registered office is:
10 Wellington Street
Cambridge
Cambridgeshire
CB1 1HW
United Kingdom

These financial statements were authorised for issue by the director on 28 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts due for property letting.
Revenue from the letting of property is recognised on an accruals basis and it is probable that the associated economic benefits will flow to the entity.

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

Fittings fixtures and equipment

25% straight line

 

European Property Systems Limited

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

Investment property

Investment properties stated at fair value and remeasured on at least an annual basis.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

European Property Systems Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

1,895,000

38,803

1,933,803

Additions

67,474

-

67,474

At 31 May 2023

1,962,474

38,803

2,001,277

Depreciation

At 1 June 2022

-

37,888

37,888

Charge for the year

-

305

305

At 31 May 2023

-

38,193

38,193

Carrying amount

At 31 May 2023

1,962,474

610

1,963,084

At 31 May 2022

1,895,000

915

1,895,915

Included within the net book value of land and buildings above is £740,000 (2022 - £740,000) in respect of freehold land and buildings and £1,222,474 (2022 - £1,155,000) in respect of long leasehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in associates

102

102

Associates

£

Cost

At 1 June 2022

102

Provision

Carrying amount

At 31 May 2023

102

At 31 May 2022

102

 

European Property Systems Limited

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

6

Debtors

Current

2023
£

2022
£

Prepayments

1,406

2,247

Other debtors

4,658

4,441

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

238

238

Accruals and deferred income

4,618

8,418

Other creditors

3,340

5,290

8,196

13,946

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

2,878,248

2,878,248

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

ORD of £1 each

100

100

100

100

         

9

Related party transactions

 

European Property Systems Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

29,684

35,476