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Registered number: 08519435










ESPLANADE INVESTMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ESPLANADE INVESTMENTS LIMITED
REGISTERED NUMBER: 08519435

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,999,000
1,999,000

  
1,999,000
1,999,000

Current assets
  

Debtors: amounts falling due within one year
 5 
3,336
4,013

Cash at bank and in hand
 6 
25,385
63,592

  
28,721
67,605

Creditors: amounts falling due within one year
 7 
(923,076)
(1,004,898)

Net current liabilities
  
 
 
(894,355)
 
 
(937,293)

Total assets less current liabilities
  
1,104,645
1,061,707

Provisions for liabilities
  

Deferred tax
 9 
(89,793)
(89,793)

  
 
 
(89,793)
 
 
(89,793)

Net assets
  
1,014,852
971,914


Capital and reserves
  

Called up share capital 
  
1,028
1,028

Share premium account
 10 
179,772
179,772

Profit and loss account
 10 
834,052
791,114

  
1,014,852
971,914


Page 1

 
ESPLANADE INVESTMENTS LIMITED
REGISTERED NUMBER: 08519435

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.




M. Raffan
E. Raffan
Director
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ESPLANADE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares and was incorporated in England and Wales. The registered office of business is:
Kingsridge House,
601 London Road,
Westcliff-on-Sea,
Essex,
SS0 9PE.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
ESPLANADE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.8

Debtors

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

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

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

Page 4

 
ESPLANADE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2023
1,662,500
336,500
1,999,000



At 31 March 2024
1,662,500
336,500
1,999,000


Comprising


Cost
1,121,858
289,222
1,411,080

Annual revaluation surplus/(deficit):



Pre 2018
668,988
52,278
721,266

2019
(114,143)
(5,000)
(119,143)

2020
(14,203)
-
(14,203)

At 31 March 2024
1,662,500
336,500
1,999,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,411,080
1,411,080

1,411,080
1,411,080

Page 5

 
ESPLANADE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Prepayments and accrued income
3,336
4,013

3,336
4,013



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
25,385
63,592

Less: bank overdrafts
-
(5,071)

25,385
58,521



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
5,071

Bank loans
325,000
400,000

Trade creditors
2,842
2,776

Corporation tax
10,216
12,150

Directors' loan
171
130

Accruals and deferred income
4,847
4,771

Share capital treated as debt
580,000
580,000

923,076
1,004,898


The bank loan of £325,000 (2023 : £400,000) is secured on personal assets of the directors (see notes 11 and 12).

Page 6

 
ESPLANADE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
325,000
400,000




325,000
400,000


Page 7

 
ESPLANADE INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024


£






At beginning of year
(89,793)



At end of year
(89,793)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


On property revaluation
89,793
89,793

89,793
89,793


10.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits of the company. Included within this reserve is £498,127 (2023 £498,127) relating to the fair value adjustment of investment properties, net of potential deferred tax thereon, which is undistributable.


11.


Contingent liabilities

The company has agreed to indemnify the directors against any losses incurred as a result of them providing personal assets as security for this company's bank borrowings, supported by security over the company's investment property.


12.


Related party transactions

The freehold of a property costing £17,907 is let to the children of the directors at a ground rent of £100 (2023 £100) per annum.
The bank loan in note 7 is secured over assets owned personally by the directors who have also given a joint and several guarantee in respect thereof. The company has indemnified the directors in respect of any losses incurred by them in this connection as explained in note 11.


Page 8