1 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10067819 2022-04-01 2023-03-31 10067819 2023-03-31 10067819 2022-03-31 10067819 2021-04-01 2022-03-31 10067819 2022-03-31 10067819 2021-03-31 10067819 core:FurnitureFittings 2022-04-01 2023-03-31 10067819 bus:Director1 2022-04-01 2023-03-31 10067819 core:WithinOneYear 2023-03-31 10067819 core:WithinOneYear 2022-03-31 10067819 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 10067819 core:FurnitureFittings 2022-03-31 10067819 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 10067819 core:FurnitureFittings 2023-03-31 10067819 core:AfterOneYear 2023-03-31 10067819 core:AfterOneYear 2022-03-31 10067819 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 10067819 core:ShareCapital 2023-03-31 10067819 core:ShareCapital 2022-03-31 10067819 core:RevaluationReserve 2023-03-31 10067819 core:RevaluationReserve 2022-03-31 10067819 core:RetainedEarningsAccumulatedLosses 2023-03-31 10067819 core:RetainedEarningsAccumulatedLosses 2022-03-31 10067819 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 10067819 core:FurnitureFittings 2022-03-31 10067819 bus:SmallEntities 2022-04-01 2023-03-31 10067819 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10067819 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10067819 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10067819 bus:FullAccounts 2022-04-01 2023-03-31 10067819 core:ComputerEquipment 2022-04-01 2023-03-31 10067819 core:ComputerEquipment 2022-03-31 10067819 core:LandBuildings 2022-03-31 10067819 core:ComputerEquipment 2023-03-31 10067819 core:LandBuildings 2023-03-31
COMPANY REGISTRATION NUMBER: 10067819
EN2 Properties LTD
Filleted Unaudited Financial Statements
31 March 2023
EN2 Properties LTD
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
EN2 Properties LTD
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,938,002
5,092,694
Current assets
Debtors
6
19,739
20,529
Cash at bank and in hand
15,438
148,699
--------
---------
35,177
169,228
Creditors: amounts falling due within one year
7
1,275,612
1,490,842
------------
------------
Net current liabilities
1,240,435
1,321,614
------------
------------
Total assets less current liabilities
3,697,567
3,771,080
Creditors: amounts falling due after more than one year
Bank loans and overdrafts
3,346,859
3,579,636
Provisions
100,060
54,815
------------
------------
Net assets
250,648
136,629
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
368,667
241,878
Profit and loss account
( 118,119)
( 105,349)
---------
---------
Shareholders funds
250,648
136,629
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
EN2 Properties LTD
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 4 March 2024 , and are signed on behalf of the board by:
Mr Z Hanif
Director
Company registration number: 10067819
EN2 Properties LTD
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, 130 Brixton Hill, London, SW2 1RS, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Going concern
The accounts have been prepared as a going concern on the basis that the director will continue to provide sufficient funding to ensure the company can continue to trade.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Equipment
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Investment property
Fixtures and fittings
Equipment
Freehold Property
Total
£
£
£
£
£
Cost or valuation
At 1 April 2022
4,822,000
10,688
2,770
264,189
5,099,647
Disposals
( 367,000)
( 367,000)
Revaluations
215,000
215,000
------------
--------
-------
---------
------------
At 31 March 2023
4,670,000
10,688
2,770
264,189
4,947,647
------------
--------
-------
---------
------------
Depreciation
At 1 April 2022
5,522
1,431
6,953
Charge for the year
2,138
554
2,692
------------
--------
-------
---------
------------
At 31 March 2023
7,660
1,985
9,645
------------
--------
-------
---------
------------
Carrying amount
At 31 March 2023
4,670,000
3,028
785
264,189
4,938,002
------------
--------
-------
---------
------------
At 31 March 2022
4,822,000
5,166
1,339
264,189
5,092,694
------------
--------
-------
---------
------------
In accordance with FRS 102, investment properties are shown at fair value, any surplus or deficit being transferred to non-distributable reserve. Accordingly, such assets are not depreciated as this would conflict in the Directors' opinion, with the requirement to give a true and fair view, (see note 1). It is not possible to quantify the depreciation which would otherwise have been charged.
6. Debtors
2023
2022
£
£
Prepayments and accrued income
19,739
20,529
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
59,434
64,817
Director loan accounts
1,081,476
1,294,430
Other creditors
134,702
131,595
------------
------------
1,275,612
1,490,842
------------
------------
8. Director's advances, credits and guarantees
At 31 March 2023 the company owed Mr Z Hanif , a director, £1,081,476 (2022: 1,294,430).
9. Related party transactions
During the year Intra Urban Property LLP, an LLP in which Mr Z Hanif is a member, collected rents and incurred property costs for one of the company's properties. At 31 March 2023 the company owed £4,195 to Intra Urban Property LLP (2022: £1,088). During the year Intra Urban Property Maintenance Limited, a company in which Mr Z Hanif is a majority shareholder, were used for property maintenance and charged accordingly as an arms length transaction. The net transactions in year were £14,238. At 31 March 2023 the company owed £130,507 to Manesport Ltd , a company in which Mr Z Hanif is a director (2022: 130,507).