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Registration number: 08966605

Eagle Property Investment Corporation Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Eagle Property Investment Corporation Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

Eagle Property Investment Corporation Limited

(Registration number: 08966605)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

597,661

601,797

Current assets

 

Cash at bank and in hand

 

90,901

85,858

Creditors: Amounts falling due within one year

5

(394,621)

(413,189)

Net current liabilities

 

(303,720)

(327,331)

Total assets less current liabilities

 

293,941

274,466

Provisions for liabilities

(22,364)

(23,398)

Net assets

 

271,577

251,068

Capital and reserves

 

Called up share capital

100

100

Other reserves

101,712

104,814

Retained earnings

169,765

146,154

Shareholders' funds

 

271,577

251,068

For the financial year ending 31 December 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
Mr V P Cullip
Director

 

Eagle Property Investment Corporation Limited

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

1

General information

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

The address of its registered office is:
Suite 2 Healey House
Dene Road
Andover
Hampshire
SP10 2AA

The principal place of business is:
24 Rooksbury Road
Andover
Hampshire
SP10 2LP

These financial statements were authorised for issue by the Board on 12 April 2024.

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.

Revenue recognition

Turnover is derived from the rental of properties.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Eagle Property Investment Corporation Limited

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

Investment property

Investment properties are included at fair value. Gains are recognised in profit or loss and transferred to the non-distributable reserve. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Eagle Property Investment Corporation Limited

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

4

Investment properties

2023
£

At 1 January

601,797

Fair value adjustments

(4,136)

At 31 December

597,661

The investment properties are included at their open market value of £597,661 and is based on the directors' valuation. The properties initially cost £473,585 and have been revalued by £124,076.

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

163,831

144,578

Taxation and social security

 

5,852

3,868

Accruals and deferred income

 

2,394

2,200

Other creditors

 

222,544

262,543

 

394,621

413,189

6

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

163,831

144,578

7

Profit and loss account

2023
£

2022
£

Distributable reserves

169,765

146,154

Non-distributable reserves

101,712

104,814

271,477

250,968