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Registration number: 06203586

ESH (Assets) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

ESH (Assets) Limited

Contents

Statement of Financial Position

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

ESH (Assets) Limited

(Registration number: 06203586)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

759,422

755,000

Current assets

 

Debtors

5

-

9,000

Cash at bank and in hand

 

53,526

34,684

 

53,526

43,684

Creditors: Amounts falling due within one year

6

(342,848)

(369,417)

Net current liabilities

 

(289,322)

(325,733)

Total assets less current liabilities

 

470,100

429,267

Provisions for liabilities

(49,334)

(49,334)

Net assets

 

420,766

379,933

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

148,001

148,001

Profit and loss account

272,665

231,832

Shareholders' funds

 

420,766

379,933

For the financial year ending 30 April 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.

 

ESH (Assets) Limited

(Registration number: 06203586)
Statement of Financial Position as at 30 April 2023 (continued)

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 


P E Heywood
Director

 

ESH (Assets) Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 May 2022

100

148,001

231,832

379,933

Profit for the year

-

-

40,833

40,833

At 30 April 2023

100

148,001

272,665

420,766


 

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 May 2021

100

-

196,679

196,779

Profit for the year

-

-

51,527

51,527

Other comprehensive income

-

131,627

-

131,627

Total comprehensive income

-

131,627

51,527

183,154

Transfers

-

16,374

(16,374)

-

At 30 April 2022

100

148,001

231,832

379,933

 

ESH (Assets) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Orchard Barn
Tuell
Tavistock
Devon
PL19 8PY

Principal activity

The principal activity of the company is the rental of industrial units.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents rental income and recharged expenses receivable, net of Value Added Tax.

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.

 

ESH (Assets) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

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.

Investment property

Investment properties are accounted for in accordance with the Statement of Standard Accounting Practice 19. Accordingly, no depreciation is charged and the properties are carried at their open market values. Non-depreciation of tangible fixed assets represents a departure from Financial Reporting Standard 15.

The directors consider that this policy of not providing depreciation is necessary in order that the Financial Statements may give a true and fair view because current values and change in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

ESH (Assets) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Freehold property
£

Total
£

Cost or valuation

At 1 May 2022

755,000

755,000

Additions

4,422

4,422

At 30 April 2023

759,422

759,422

Depreciation

Carrying amount

At 30 April 2023

759,422

759,422

At 30 April 2022

755,000

755,000

The investment property held includes industrial units that are rented out commercially. There are units that are currently under construction. All units have been revalued by the directors during the year at their best estimate of current market value.

Included within the net book value of land and buildings above is £759,422 (2022 - £755,000) in respect of freehold land and buildings.
 

 

ESH (Assets) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

5

Debtors

2023
£

2022
£

Trade debtors

-

9,000

-

9,000

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

-

9,773

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

8

137,445

159,215

Taxation and social security

 

18,145

13,174

Accruals and deferred income

 

2,100

2,000

Other creditors

 

185,158

185,255

 

342,848

369,417

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

131,627

131,627

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

ESH (Assets) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

8

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Director

(121,235)

97

(121,138)

-

-

-

 

(121,235)

97

(121,138)

     

 

2022

At 1 May 2021
£

At 30 April 2022
£

Director

(121,235)

(121,235)

-

-

 

(121,235)

(121,235)

   

 

No interest is charged on this loan. The loan is repayable on demand.

Summary of transactions with entities with joint control or significant interest


ESH (Assets) Ltd share shareholders and directors with R P & S Heywood (Haulage) Ltd. The amount owed by ESH (Assets) Ltd at year end was £137,445 (2022: £159,215).