IRIS Accounts Production v24.1.9.2 07527665 Board of Directors 1.11.22 31.10.23 31.10.23 29.7.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh075276652022-10-31075276652023-10-31075276652022-11-012023-10-31075276652021-10-31075276652021-11-012022-10-31075276652022-10-3107527665ns15:EnglandWales2022-11-012023-10-3107527665ns14:PoundSterling2022-11-012023-10-3107527665ns10:Director12022-11-012023-10-3107527665ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3107527665ns10:SmallEntities2022-11-012023-10-3107527665ns10:Audited2022-11-012023-10-3107527665ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3107527665ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3107527665ns10:FullAccounts2022-11-012023-10-3107527665ns10:Director22022-11-012023-10-3107527665ns10:Director32022-11-012023-10-3107527665ns10:CompanySecretary12022-11-012023-10-3107527665ns10:RegisteredOffice2022-11-012023-10-3107527665ns5:CurrentFinancialInstruments2023-10-3107527665ns5:CurrentFinancialInstruments2022-10-3107527665ns5:Non-currentFinancialInstruments2023-10-3107527665ns5:Non-currentFinancialInstruments2022-10-3107527665ns5:ShareCapital2023-10-3107527665ns5:ShareCapital2022-10-3107527665ns5:RetainedEarningsAccumulatedLosses2023-10-3107527665ns5:RetainedEarningsAccumulatedLosses2022-10-3107527665ns5:LongLeaseholdAssetsns5:LandBuildings2022-11-012023-10-3107527665ns5:LeaseholdImprovements2022-11-012023-10-3107527665ns5:LongLeaseholdAssetsns5:LandBuildings2022-10-3107527665ns5:LeaseholdImprovements2022-10-3107527665ns5:LongLeaseholdAssetsns5:LandBuildings2023-10-3107527665ns5:LeaseholdImprovements2023-10-3107527665ns5:LongLeaseholdAssetsns5:LandBuildings2022-10-3107527665ns5:LeaseholdImprovements2022-10-3107527665ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3107527665ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3107527665ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-10-3107527665ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-10-31
REGISTERED NUMBER: 07527665 (England and Wales)









Financial Statements

for the Year Ended 31 October 2023

for

E T M PROPERTY LIMITED

E T M PROPERTY LIMITED (REGISTERED NUMBER: 07527665)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


E T M PROPERTY LIMITED

Company Information
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: E T McCormack
A J McCormack
A L McCormack





SECRETARY: H McCormack





REGISTERED OFFICE: 81 Hartcliffe Way
Bedminster
Bristol
BS3 5RN





REGISTERED NUMBER: 07527665 (England and Wales)





AUDITORS: Haines Watts (Western) Limited
Chartered Accountants and Statutory Auditors
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

E T M PROPERTY LIMITED (REGISTERED NUMBER: 07527665)

Balance Sheet
31 OCTOBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 836,441 853,254

CURRENT ASSETS
Debtors 5 462 69,680
Cash at bank - 1,825
462 71,505
CREDITORS
Amounts falling due within one year 6 (339,649 ) (50,246 )
NET CURRENT (LIABILITIES)/ASSETS (339,187 ) 21,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

497,254

874,513

CREDITORS
Amounts falling due after more than one
year

7

-

(400,363

)

PROVISIONS FOR LIABILITIES (24,851 ) (22,725 )
NET ASSETS 472,403 451,425

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 472,402 451,424
SHAREHOLDERS' FUNDS 472,403 451,425

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





E T McCormack - Director


E T M PROPERTY LIMITED (REGISTERED NUMBER: 07527665)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 OCTOBER 2023


1. COMPANY INFORMATION

E T M Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. The company will continue to rely on the financial support of its lenders and its parent, ETM Construction & Recycling Holdings Ltd, and other entities within the group headed by its parent. Based on these assessments, given the measures that could be undertaken to mitigate any adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. The financial statements contain no adjustments that would be necessary if the going concern basis was inappropriate.

Turnover
Rental income is recognised in the financial statements over the period to which it relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - Straight line over the life of the lease
Leasehold improvements - Straight line over the life of the lease

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

E T M PROPERTY LIMITED (REGISTERED NUMBER: 07527665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

E T M PROPERTY LIMITED (REGISTERED NUMBER: 07527665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. TANGIBLE FIXED ASSETS
Long Leasehold
leasehold improvements Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 902,163 189,893 1,092,056
DEPRECIATION
At 1 November 2022 204,042 34,760 238,802
Charge for year 13,756 3,057 16,813
At 31 October 2023 217,798 37,817 255,615
NET BOOK VALUE
At 31 October 2023 684,365 152,076 836,441
At 31 October 2022 698,121 155,133 853,254

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings - 69,680
VAT 462 -
462 69,680

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 48,356
Amounts owed to group undertakings 337,349 -
Accrued expenses 2,300 1,890
339,649 50,246

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 400,363

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Bracher BSc FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts (Western) Limited

E T M PROPERTY LIMITED (REGISTERED NUMBER: 07527665)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. CONTINGENT LIABILITIES

The company is registered with HMRC as a member of a group for VAT purposes and, as a result, is jointly and severally liable on a continuing basis for amounts owing by other members of that VAT group in respect of any unpaid VAT. The total value of VAT owed by the group at the year-end was £347,959 (2022 - £408,877).

The company has given a fixed and floating charge over its assets to National Westminster Bank PLC in respect of the borrowings of its parent company. Parent company liabilities to National Westminster Bank PLC amounted to £3,800,000 at the year-end.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. PARENT UNDERTAKING

The ultimate parent of the smallest group for which consolidated financial statements are drawn up, of which the company is a member, is E T M Construction & Recycling Holdings Limited, whose registered office is 81 Hartcliffe Way, Bristol, England, BS3 5RN.

The ultimate controlling parties are Mr E McCormack and Mrs H McCormack by virtue of their shareholding in E T M Construction & Recycling Holdings Limited.