Company registration number 10846141 (England and Wales)
EGS PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
EGS PROPERTIES LIMITED
COMPANY INFORMATION
Director
K Sears
Secretary
K L Greaves
Company number
10846141
Registered office
Ann Cottage
Heath End Road
Great Kingshill
High Wycombe
Buckinghamshire
HP15 6HL
Accountants
Evelyn Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
EGS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
EGS PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,766,000
1,734,902
Current assets
Debtors
4
9,020
9,379
Cash at bank and in hand
29,633
263,958
38,653
273,337
Creditors: amounts falling due within one year
5
(1,181,427)
(1,195,356)
Net current liabilities
(1,142,774)
(922,019)
Total assets less current liabilities
623,226
812,883
Creditors: amounts falling due after more than one year
6
(529,176)
(760,902)
Provisions for liabilities
(5,447)
-
0
Net assets
88,603
51,981
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
88,503
51,881
Total equity
88,603
51,981

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EGS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 April 2024
K Sears
Director
Company registration number 10846141 (England and Wales)
EGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

EGS Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ann Cottage, Heath End Road, Great Kingshill, High Wycombe, Buckinghamshire, HP15 6HL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable in respect of operating lease income from investment properties and is recognised in the profit and loss on a straight-line basis over the terms of the leases.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

EGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 August 2022
1,734,902
Revaluations
31,098
At 31 July 2023
1,766,000

Investment property comprises five properties. The fair value of the investment property has been arrived at on the basis of a valuation by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,130
989
Other debtors
7,890
8,390
9,020
9,379
EGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
11,024
Corporation tax
3,140
4,853
Other creditors
1,178,287
1,179,479
1,181,427
1,195,356
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
529,176
760,902

Bank loans of £529,176 (2022: £771,926) are secured by way of fixed and floating charges over the company's assets.    

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
EGS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
8
Related party transactions

At the balance sheet, the company owed £1,163,505 (2022 - £1,163,348) to a company under common control in respect of interest free loans.

9
Directors' transactions

At the balance sheet date, the company owed the director £1,833 (2022 - £4,480) in respect of interest free loans, repayable on demand, made by him to the company.

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