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Registration number: 10562155

Elizabeth Blackwell Properties Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 February 2023 to 31 March 2024

 

Elizabeth Blackwell Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Elizabeth Blackwell Properties Limited

(Registration number: 10562155)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

34,993

10,596

Investment property

5

23,302,721

22,883,283

 

23,337,714

22,893,879

Current assets

 

Debtors

6

57,801

439,392

Cash at bank and in hand

 

578,357

858,336

 

636,158

1,297,728

Creditors: Amounts falling due within one year

7

(8,827,171)

(9,358,808)

Net current liabilities

 

(8,191,013)

(8,061,080)

Total assets less current liabilities

 

15,146,701

14,832,799

Creditors: Amounts falling due after more than one year

7

(8,669,288)

(8,807,226)

Provisions for liabilities

(814,291)

(826,407)

Net assets

 

5,663,122

5,199,166

Capital and reserves

 

Called up share capital

1

1

Retained earnings

5,663,121

5,199,165

Shareholders' funds

 

5,663,122

5,199,166

 

Elizabeth Blackwell Properties Limited

(Registration number: 10562155)
Balance Sheet as at 31 March 2024

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

M Toussimanesh
Director

   
     
 

Elizabeth Blackwell Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5-6 Clifton Down Road
Clifton
Bristol
BS8 4AG
UK

These financial statements were authorised for issue by the Board on 12 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rents and service charges.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably; and
- specific criteria have been met for each of the company's activities.

 

Elizabeth Blackwell Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Elizabeth Blackwell Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 4 (2023 - 4).

 

Elizabeth Blackwell Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

13,495

13,495

Additions

31,000

31,000

At 31 March 2024

44,495

44,495

Depreciation

At 1 February 2023

2,899

2,899

Charge for the period

6,603

6,603

At 31 March 2024

9,502

9,502

Carrying amount

At 31 March 2024

34,993

34,993

At 31 January 2023

10,596

10,596

5

Investment properties

2024
£

At 1 February 2022

22,883,283

Additions

467,625

Disposals

(48,187)

At 31 March 2023

23,302,721

The Investment Properties have been revalued by the directors at £22,302,721 as at the 31st January 2024.

 

Elizabeth Blackwell Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

10

-

384,830

Prepayments and accrued income

 

57,801

54,562

 

57,801

439,392

7

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

8

131,496

129,241

Amounts due to related parties

10

8,544,769

8,944,769

Other creditors

 

197

183

Accruals

 

3,812

3,630

Corporation tax liability

145,247

118,045

Deferred income

 

1,650

162,940

 

8,827,171

9,358,808

Due after one year

 

Loans and borrowings

8

8,669,288

8,807,226


The bank has fixed and floating charges over a number of properties held by the company.

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

131,496

129,241

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,669,288

8,807,226

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are outstanding pension liabilities of £197 (2023 - £183).

 

Elizabeth Blackwell Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 February 2023 to 31 March 2024

10

Related party transactions

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

384,830

384,830

Repaid

(384,830)

(384,830)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

184,830

184,830

Advanced

1,250,000

1,250,000

Repaid

(1,050,000)

(1,050,000)

At end of period

384,830

384,830

Terms of loans to related parties

Interest at 2.75% is charged on amounts loaned to other related parties, with the interest appearing within accrued income. There are no formal agreements in place and the loans are repayable on demand.

Loans from related parties

2024

Key management
£

Total
£

At start of period

8,944,769

8,944,769

Repaid

(400,000)

(400,000)

At end of period

8,544,769

8,544,769

2023

Key management
£

Total
£

At start of period

9,644,769

9,644,769

Repaid

(700,000)

(700,000)

At end of period

8,944,769

8,944,769

Terms of loans from related parties

The loan from key management is interest free and repayable on demand