Silverfin false false 31/08/2023 01/09/2022 31/08/2023 C R Guy 06/08/2018 M E A Guy 06/08/2018 01 December 2023 The principal activity of the Company during the financial year was that of an investment property company. 11502349 2023-08-31 11502349 bus:Director1 2023-08-31 11502349 bus:Director2 2023-08-31 11502349 2022-08-31 11502349 core:CurrentFinancialInstruments 2023-08-31 11502349 core:CurrentFinancialInstruments 2022-08-31 11502349 core:Non-currentFinancialInstruments 2023-08-31 11502349 core:Non-currentFinancialInstruments 2022-08-31 11502349 core:ShareCapital 2023-08-31 11502349 core:ShareCapital 2022-08-31 11502349 core:RetainedEarningsAccumulatedLosses 2023-08-31 11502349 core:RetainedEarningsAccumulatedLosses 2022-08-31 11502349 core:OtherPropertyPlantEquipment 2022-08-31 11502349 core:OtherPropertyPlantEquipment 2023-08-31 11502349 2022-09-01 2023-08-31 11502349 bus:FilletedAccounts 2022-09-01 2023-08-31 11502349 bus:SmallEntities 2022-09-01 2023-08-31 11502349 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 11502349 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11502349 bus:Director1 2022-09-01 2023-08-31 11502349 bus:Director2 2022-09-01 2023-08-31 11502349 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-09-01 2023-08-31 11502349 2021-09-01 2022-08-31 11502349 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: 11502349 (England and Wales)

ESSENTIAL RENTAL LTD

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

ESSENTIAL RENTAL LTD

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

ESSENTIAL RENTAL LTD

BALANCE SHEET

As at 31 August 2023
ESSENTIAL RENTAL LTD

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Investment property 4 150,000 150,000
150,000 150,000
Current assets
Debtors 5 0 300
Cash at bank and in hand 2,767 1,460
2,767 1,760
Creditors: amounts falling due within one year 6 ( 101,062) ( 98,623)
Net current liabilities (98,295) (96,863)
Total assets less current liabilities 51,705 53,137
Creditors: amounts falling due after more than one year 7 ( 48,389) ( 52,751)
Net assets 3,316 386
Capital and reserves
Called-up share capital 2 2
Profit and loss account 3,314 384
Total shareholders' funds 3,316 386

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

Directors' responsibilities:

The financial statements of Essential Rental Ltd (registered number: 11502349) were approved and authorised for issue by the Board of Directors on 01 December 2023. They were signed on its behalf by:

C R Guy
Director
ESSENTIAL RENTAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
ESSENTIAL RENTAL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Essential Rental Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 The Laurels, Ferndown, BH22 9TB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2022 1,852 1,852
At 31 August 2023 1,852 1,852
Accumulated depreciation
At 01 September 2022 1,852 1,852
At 31 August 2023 1,852 1,852
Net book value
At 31 August 2023 0 0
At 31 August 2022 0 0

4. Investment property

Investment property
£
Valuation
As at 01 September 2022 150,000
As at 31 August 2023 150,000

5. Debtors

2023 2022
£ £
Trade debtors 0 300

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,222 4,081
Taxation and social security 687 441
Other creditors 96,153 94,101
101,062 98,623

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 48,389 52,751

There are no amounts included above in respect of which any security has been given by the small entity.