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Registration number: SC630119

Ethan Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Ethan Properties Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Ethan Properties Ltd

Company Information

Director

D Clark

Registered office

28 Springfield Crescent
South Queensferry
EH30 9SB

Accountants

Boon and Worth Limited
Suite A4, Skylon Court
Coldnose Road
Rotherwas
Hereford
HR2 6JS

 

Ethan Properties Ltd

(Registration number: SC630119)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

125,326

-

Debtors

5

36,857

40,942

Cash at bank and in hand

 

3,158

4

 

165,341

40,946

Creditors: Amounts falling due within one year

6

(163,886)

(73,686)

Total assets less current liabilities

 

1,455

(32,740)

Creditors: Amounts falling due after more than one year

6

(39,468)

-

Net liabilities

 

(38,013)

(32,740)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(38,014)

(32,741)

Shareholders' deficit

 

(38,013)

(32,740)

 

Ethan Properties Ltd

(Registration number: SC630119)
Balance Sheet as at 31 May 2023

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 her 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 3 January 2024
 

.........................................
D Clark
Director

 

Ethan Properties Ltd

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.

The address of its registered office is:
28 Springfield Crescent
South Queensferry
EH30 9SB
United Kingdom

These financial statements were authorised for issue by the director on 3 January 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ethan Properties Ltd

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

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.

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).

4

Stocks

2023
£

2022
£

Work in progress

125,326

-

5

Debtors

Current

2023
£

2022
£

Prepayments

9,702

11,914

Other debtors

27,155

29,028

 

Ethan Properties Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

159,612

70,000

Accruals and deferred income

 

1,680

1,560

Other creditors

 

2,594

2,126

 

163,886

73,686

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

39,468

-

2023
£

2022
£

Current loans and borrowings

Bank borrowings

94,000

-

Other borrowings

65,612

70,000

159,612

70,000

 

Ethan Properties Ltd

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

9

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

D Clark

Directors loan account

(2,126)

11,914

(12,382)

(2,594)

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

D Clark

Directors loan account

2,564

83,007

(87,696)

(2,126)

         
       

 

Summary of transactions with other related parties

Bailey Property Investments Ltd
At the balance sheet date the amount due from Bailey Property Investments Ltd was £4,755 (2022 - £5,089.27). D Clark is the director of this company.

Carter Luxury Apartments Ltd
At the balance sheet date the amount due from Carter Luxury Apartments Ltd was £22,399 (2022 - £23,938.41).D Clark is the director of this company.