Company registration number 09705681 (England and Wales)
ENSIGN ESTATES (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ENSIGN ESTATES (LONDON) LIMITED
COMPANY INFORMATION
Directors
Mr T J B Davis
Mr J C F Davis
Mr J C Davis
Company number
09705681
Registered office
24 Park Road South
Havant
Hampshire
England
PO9 1HB
Accountants
Azets
24 Park Road South
Havant
Hampshire
United Kingdom
PO9 1HB
ENSIGN ESTATES (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ENSIGN ESTATES (LONDON) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,875
1,980
Investment property
4
3,458,856
3,454,663
Investments
5
328,415
308,415
3,791,146
3,765,058
Current assets
Debtors
6
83,446
51,109
Cash at bank and in hand
1,104,156
993,816
1,187,602
1,044,925
Creditors: amounts falling due within one year
7
(305,129)
(312,134)
Net current assets
882,473
732,791
Total assets less current liabilities
4,673,619
4,497,849
Creditors: amounts falling due after more than one year
8
(3,598,802)
(3,635,793)
Provisions for liabilities
(12,222)
(11,747)
Net assets
1,062,595
850,309
Capital and reserves
Called up share capital
100
100
Fair value reserve
9
124,829
124,829
Distributable profit and loss reserves
937,666
725,380
Total equity
1,062,595
850,309

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ENSIGN ESTATES (LONDON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr T J B Davis
Director
Company Registration No. 09705681
ENSIGN ESTATES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Ensign Estates (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Park Road South, Havant, Hampshire, England, PO9 1HB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The financial statements relate to Ensign Estates (London) Limited as an individual entity.

The financial statements have been prepared under the historical cost convention, modified to include investment properties fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received or receivable, excluding VAT.

Turnover represents rental and similar income receivable on properties within the UK, together with other fees due during the year.

 

Where a rent-free period or stepped rent agreement is included in a lease, the rental income foregone is allocated evenly over the term of the lease.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ENSIGN ESTATES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value. Any aggregate surplus or deficit arising from changes in fair value are recognised in profit or loss.

 

Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. Unrealised gains, net of associated deferred tax, are transferred to a non-distributable revaluation reserve.

 

Investment property is shown at most recent valuation.

1.5
Fixed asset investments

Interests in subsidiaries, associates and joint ventures are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

The company has entered into joint venture arrangements with third parties to acquire investment properties. Ensign Estates (London) Limited has provided 50% of the financing by means of interest free loans which will be repaid, along with any additional profit, upon the sale of each property.

 

The Company receives income from the investments, based upon 50% of net rental income. Net rental income is rent receivable from each property after deduction of management and other property related costs. This is included in other income.

 

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

ENSIGN ESTATES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ENSIGN ESTATES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Leases

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.13

Fair value reserve

Gains or losses on fair value of investment property have been transferred from retained earnings to a specific non-distributable reserve; a fair value reserve. Similarly, all deferred tax relating to these fair value movements have been transfered to the same reserve.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
3,350
Additions
3,562
Disposals
(1,788)
At 31 December 2023
5,124
Depreciation and impairment
At 1 January 2023
1,370
Depreciation charged in the year
1,153
Eliminated in respect of disposals
(1,274)
At 31 December 2023
1,249
Carrying amount
At 31 December 2023
3,875
At 31 December 2022
1,980
ENSIGN ESTATES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Investment property
2023
£
Fair value
At 1 January 2023
3,454,663
Additions
4,193
At 31 December 2023
3,458,856

The investment property was valued on an open market value basis on 31 December 2023 by the directors.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
3,322,774
3,318,581
Accumulated depreciation
-
-
Carrying amount
3,322,774
3,318,581
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
308,415
308,415
Other investments other than loans
20,000
-
0
328,415
308,415
Movements in fixed asset investments
Shares in associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
308,415
-
308,415
Additions
-
20,000
20,000
At 31 December 2023
308,415
20,000
328,415
Carrying amount
At 31 December 2023
308,415
20,000
328,415
At 31 December 2022
308,415
-
308,415
ENSIGN ESTATES (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,381
33,773
Other debtors
52,065
17,336
83,446
51,109
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,126
2,134
Taxation and social security
97,448
91,926
Other creditors
202,555
218,074
305,129
312,134
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,598,802
3,635,793
9
Fair value reserve
2023
2022
£
£
At the beginning of the year
124,829
127,530
Transfer of non-distributable profits relating to current periods
-
(2,701)
At the end of the year
124,829
124,829
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
11,386
-
0
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