Registered number
05748897
ORIENT ESTATES LIMITED
Filleted Accounts
30 September 2023
ORIENT ESTATES LIMITED
Registered number: 05748897
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 3,600,000 4,030,000
Current assets
Debtors 5 704,000 704,000
Cash at bank and in hand 89,882 69,449
793,882 773,449
Creditors: amounts falling due within one year 6 (152,066) (137,206)
Net current assets 641,816 636,243
Total assets less current liabilities 4,241,816 4,666,243
Creditors: amounts falling due after more than one year 7 (1,862,500) (1,912,500)
Provisions for liabilities 9 (480,500) (588,000)
Net assets 1,898,816 2,165,743
Capital and reserves
Called up share capital 10 920 920
Share premium 20 20
Profit and loss account 11 1,897,876 2,164,803
Shareholders' funds 1,898,816 2,165,743
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J G King
Director
Approved by the board on 13 February 2024
ORIENT ESTATES LIMITED
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Rental income
Rental income represents the value of rents receivable under occupational leases and is credited to the profit and loss account on a straight line basis over the terms of the leases.
Investment properties
Investment properties are included at the purchased cost, including directly attributable expenditure. Changes in fair value of the property are recognised through the profit and loss account of the period. Depreciation is not provided in respect of freehold investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tax on profits 2023 2022
£ £
Corporation tax 15,674 16,436
Deferred tax (107,500) 10,000
(91,826) 26,436
4 Tangible fixed assets
Investment property
£
Cost
At 1 October 2022 4,030,000
Deficit on revaluation (430,000)
At 30 September 2023 3,600,000
Depreciation
At 30 September 2023 -
Net book value
At 30 September 2023 3,600,000
At 30 September 2022 4,030,000
Investment property revaluations £
Historical cost 1,278,967
Revaluations
31 March 2018 916,033
30 September 2019 1,505,000
30 September 2020 200,000
30 September 2021 170,000
30 September 2022 (40,000)
30 September 2023 (430,000)
5 Debtors 2023 2022
£ £
Other debtors 704,000 704,000
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,000 50,000
Taxation and social security costs 36,412 26,675
Other creditors 65,654 60,531
152,066 137,206
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,862,500 1,912,500
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,662,500 1,712,500
Secured bank loans 1,912,500 1,962,500
Bank loans are securred on the Investment Property owned by the company.
9 Provisions for liabilities and charges 2023 2022
£ £
Deferred tax on unrealised revaluation gains on freehold investment properties
Balance at start of period 588,000 598,000
(Provision)/Charge for the year (107,500) (10,000)
Balance at end of period 480,500 588,000
10 Share capital 2023 2022
£ £
Ordinary share capital
Authorised
1,000 Ordinary shares of £1 each 1,000 1,000
1,000 1,000
Issued and fully paid
920 Ordinary shares of £1 each 920 920
920 920
11 Profit and loss account 2023
£
At 1 October 2022 2,164,803
Profit for the year after taxation (266,927)
Dividends -
At 30 September 2023 1,897,876
12 Related party transactions
The company is controlled by its parent company which is in turn controlled by its directors who are C F Yannaghas, M J G King, and J S King who hold the majority of its shares.
During the year the company expensed management charges of £5,250 (2022:£4,500) payable to the parent company.
Included within other debtors are interest free loans to associated companies of £704,000 (2022: £704,000).
13 Controlling party
The ultimate parent company is Eversleigh Investment and Property Company Limited.
14 Other information
ORIENT ESTATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
124 Great North Road
Hatfield
AL9 5JN
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