REGISTERED NUMBER: |
ERNLEY PROPERTY INVESTMENT CO. LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
ERNLEY PROPERTY INVESTMENT CO. LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
ERNLEY PROPERTY INVESTMENT CO. LIMITED (REGISTERED NUMBER: 00820106) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ERNLEY PROPERTY INVESTMENT CO. LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Wey Court West |
Union Road |
Farnham |
Surrey |
GU9 7PT |
ERNLEY PROPERTY INVESTMENT CO. LIMITED (REGISTERED NUMBER: 00820106) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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. |
ERNLEY PROPERTY INVESTMENT CO. LIMITED (REGISTERED NUMBER: 00820106) |
BALANCE SHEET - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ERNLEY PROPERTY INVESTMENT CO. LIMITED (REGISTERED NUMBER: 00820106) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ernley Property Investment Co. Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income due from the properties. It is recognised as it becomes due for payment on a quarterly basis. |
Tangible fixed assets |
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. |
Financial instruments |
Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. |
Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
ERNLEY PROPERTY INVESTMENT CO. LIMITED (REGISTERED NUMBER: 00820106) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Computer |
property | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Revaluations | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Freehold | Computer |
property | equipment | Totals |
£ | £ | £ |
Valuation in 1997 | 268,341 | - | 268,341 |
Valuation in 2004 | 1,363,928 | - | 1,363,928 |
Valuation in 2008 | 1,119,151 | - | 1,119,151 |
Valuation in 2013 | 47,750 | - | 47,750 |
Valuation in 2015 | 840,776 | - | 840,776 |
Valuation in 2017 | 373,576 | - | 373,576 |
Valuation in 2021 | 141,000 | - | 141,000 |
Valuation in 2022 | (949,000 | ) | - | (949,000 | ) |
Valuation in 2023 | (500,500 | ) | - | (500,500 | ) |
Cost | 3,594,478 | 667 | 3,595,145 |
6,299,500 | 667 | 6,300,167 |
If freehold property had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 3,594,478 | 3,594,478 |
Freehold commercial properties were valued at the year end by Hurst Warne and Partners Surveyors Ltd. The valuation has been carried out in accordance with the RICS valuation - Global Standards. |
Residential properties have been valued on an open market basis by the Directors. |
ERNLEY PROPERTY INVESTMENT CO. LIMITED (REGISTERED NUMBER: 00820106) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Other investments | 3,838,761 | 3,537,558 |
Additional information is as follows: |
Other |
investments |
£ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2019 | 22,695 |
Valuation in 2020 | 161,462 |
Valuation in 2021 | 348,189 |
Valuation in 2022 | (371,839 | ) |
Valuation in 2023 | 197,594 |
Cost | 3,419,370 |
3,777,471 |
Investments (neither listed nor unlisted) were as follows: |
2023 | 2022 |
£ | £ |
Rathbones Deposit a/c | 61,290 | 15,457 |
Rathbones Foreign a/c | - | 46,142 |
61,290 | 61,599 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
ERNLEY PROPERTY INVESTMENT CO. LIMITED (REGISTERED NUMBER: 00820106) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
The balance of £1,204,048.68 is due to West Surrey Building Estates Limited, a company under the control of the directors. The loan is considered to be repayable on demand and has been provided interest free. |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 649,599 | 726,767 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year | ( |
) |
Balance at 31 December 2023 |
9. | RELATED PARTY DISCLOSURES |
Management Insurance has been recharged by West Surrey Building Estates Limited to this company during the year. The ownership of both companies is identical. |