REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
EBIK PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST OCTOBER 2023 |
FOR |
EBIK PROPERTIES LIMITED |
EBIK PROPERTIES LIMITED (REGISTERED NUMBER: 11612665) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
EBIK PROPERTIES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st October 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
EBIK PROPERTIES LIMITED (REGISTERED NUMBER: 11612665) |
BALANCE SHEET |
31st October 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
EBIK PROPERTIES LIMITED (REGISTERED NUMBER: 11612665) |
BALANCE SHEET - continued |
31st October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
EBIK PROPERTIES LIMITED (REGISTERED NUMBER: 11612665) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st October 2023 |
1. | STATUTORY INFORMATION |
Ebik Properties Limited is a private company, limited by shares, registered in England and Wales, registration number 11612665. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and the principal place of business is 210 Clowes Street, Salford. M3 5NF. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable. Turnover is presented net of value-added-tax, rebates and discounts. |
Rental income from operating leases (net of any incentives given to the lessee), is recognised on a straight line basis over the term of the lease. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade and other debtors/ creditors |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade |
and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent |
to initial recognition they are measured at amortised cost using the effective interest method, less any |
impairment losses in the case of trade debtors. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
EBIK PROPERTIES LIMITED (REGISTERED NUMBER: 11612665) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st November 2022 |
Additions |
Disposals | ( |
) |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
Fair value at 31st October 2023 is represented by: |
£ |
Valuation in 2019 | 19,779 |
Valuation in 2020 | 112,533 |
Valuation in 2021 | 130,000 |
Valuation in 2022 | 144,438 |
Cost | 1,675,187 |
2,081,937 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,163,250 | 1,163,250 |
The investment property was valued on an open market basis on 31st October 2022 by the director . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to participating interests | - | 30,000 |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
EBIK PROPERTIES LIMITED (REGISTERED NUMBER: 11612665) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st October 2023 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Paragon Bank PLC holds fixed and floating charges dated 08/03/2019, 12/04/2019, 30/08/2019, 29/05/2020, 01/04/2021, 04/06/2021 and 04/04/2023 over the assets of the company. |
The Mortgage Lender Limited holds fixed and floating charges dated 14/12/2018 and 29/03/2019 over the assets of the company. |
Together Commercial Finance Limited holds fixed and floating charges dated 11/03/2019 and 14/10/2019 over the assets of the company.The fixed and floating charge dated 14/10/2019, has now been satisfied due to the sale of the property it related to. |
One Savings Bank PLC holds fixed and floating charges dated 15/10/2020 over the assets of the company. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 100 | 100 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
Non-disributable reserves | 286,338 |
At 31st October 2023 |
11. | RELATED PARTY DISCLOSURES |
At the year end, the company owed £30,000 (2022 £30,000) to 614 GA Ltd. The sole director of 614 GA Ltd is also the sole director of EBIK Properties Ltd. |