Company Registration No. 05847651 (England and Wales)
ECO PROPERTIES LIMITED
Unaudited accounts
for the year ended 30 June 2023
ECO PROPERTIES LIMITED
Unaudited accounts
Contents
ECO PROPERTIES LIMITED
Company Information
for the year ended 30 June 2023
Directors
J Gorman
K Gotman
Company Number
05847651 (England and Wales)
Registered Office
Orion House ,Axis 4/5 Woodlands
Bradley Stoke
Bristol
BS32 4JT
England
Accountants
Streets Steele Limited
Orion House, Axis 4/5
Woodlands, Bradley Stoke
Bristol
BS32 4JT
ECO PROPERTIES LIMITED
Statement of financial position
as at 30 June 2023
Tangible assets
14,264
90,376
Investment property
3,722,907
3,715,407
Cash at bank and in hand
4,808
34
Creditors: amounts falling due within one year
(303,533)
(254,968)
Net current liabilities
(242,714)
(210,944)
Total assets less current liabilities
3,494,457
3,594,839
Creditors: amounts falling due after more than one year
(1,964,458)
(1,961,830)
Net assets
1,529,999
1,633,009
Called up share capital
1,000
1,000
Revaluation reserve
1,230,923
1,230,923
Profit and loss account
298,076
401,086
Shareholders' funds
1,529,999
1,633,009
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2024 and were signed on its behalf by
K Gotman
Director
Company Registration No. 05847651
ECO PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
ECO PROPERTIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05847651. The registered office is Orion House ,Axis 4/5 Woodlands, Bradley Stoke, Bristol, BS32 4JT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Straight Line
Fixtures & fittings
25% Straight Line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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.
ECO PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 July 2022
27,455
386,895
414,350
At 30 June 2023
27,455
386,895
414,350
At 1 July 2022
25,633
298,341
323,974
Charge for the year
1,822
74,290
76,112
At 30 June 2023
27,455
372,631
400,086
At 30 June 2023
-
14,264
14,264
At 30 June 2022
1,822
88,554
90,376
Fair value at 1 July 2022
3,715,407
Amounts falling due within one year
Deferred tax asset
15,493
9,249
Accrued income and prepayments
774
-
Other debtors
39,744
34,741
ECO PROPERTIES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
118,825
147,982
Trade creditors
53,588
14,444
Taxes and social security
167,330
128,854
Other creditors
34,799
43,148
Loans from directors
(70,693)
(71,921)
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,564,164
1,649,828
Amounts owed to group undertakings and other participating interests
400,294
312,002
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
J Gorman
26,492
-
2,032
24,460
K Gorman
45,430
794
-
46,224
11
Transactions with related parties
As at the balance sheet date, the company owed £400,294 (2022: £312,003) to Jamkam Limited, a company owned by the directors' of Eco Properties Limited.
12
Average number of employees
During the year the average number of employees was 2 (2022: 2).