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REGISTERED NUMBER: 11665324 (England and Wales)















EPSTEIN FIC PROPERTY 2 LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023






EPSTEIN FIC PROPERTY 2 LIMITED (REGISTERED NUMBER: 11665324)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


EPSTEIN FIC PROPERTY 2 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: O M Black





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN





REGISTERED NUMBER: 11665324 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

EPSTEIN FIC PROPERTY 2 LIMITED (REGISTERED NUMBER: 11665324)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 1,457,076 1,075,000

CURRENT ASSETS
Debtors 5 5,957 6,306
Cash at bank and in hand 8,203 34,724
14,160 41,030
CREDITORS
Amounts falling due within one year 6 (1,056,789 ) (697,624 )
NET CURRENT LIABILITIES (1,042,629 ) (656,594 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

414,447

418,406

CREDITORS
Amounts falling due after more than one
year

7

(342,563

)

(342,563

)

PROVISIONS FOR LIABILITIES (20,908 ) (20,908 )
NET ASSETS 50,976 54,935

CAPITAL AND RESERVES
Called up share capital 360 360
Other reserves 89,132 89,132
Retained earnings (38,516 ) (34,557 )
50,976 54,935

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

EPSTEIN FIC PROPERTY 2 LIMITED (REGISTERED NUMBER: 11665324)

STATEMENT OF FINANCIAL POSITION - continued
30 NOVEMBER 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 July 2024 and were signed by:





O M Black - Director


EPSTEIN FIC PROPERTY 2 LIMITED (REGISTERED NUMBER: 11665324)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Epstein FIC Property 2 Limited is a private company, limited by shares, registered in England and Wales, The company's registered number is 11665324 and its registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company is dependent on the financial support of its parent company. It is envisaged that this support will be maintained for the foreseeable future and will not be withdrawn to the detriment of the company.

In light of the above, the director is satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Determining the fair value of investment properties at the year end date is considered to be a critical accounting judgement.

Revenue
Revenue represents rental income receivable in respect of the accounting period, allocated on a straight line basis over the period of the lease.

Investment property
Investment properties are recognised at fair value. Revaluation gains and losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.


EPSTEIN FIC PROPERTY 2 LIMITED (REGISTERED NUMBER: 11665324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 1,075,000
Additions 382,076
At 30 November 2023 1,457,076
NET BOOK VALUE
At 30 November 2023 1,457,076
At 30 November 2022 1,075,000

The investment property has been valued by the director on an open market basis at the year end date.

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2021 25,256
Valuation in 2022 84,785
Cost 1,347,035
1,457,076

EPSTEIN FIC PROPERTY 2 LIMITED (REGISTERED NUMBER: 11665324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,957 6,306

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 695,529 695,529
Other creditors 361,260 2,095
1,056,789 697,624

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 342,563 342,563

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 342,563 342,563

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 342,563 342,563

The bank loan is secured over one of the properties.