Ethorpe Properties Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 05027046 (England and Wales)
Ethorpe Properties Limited
Company Information
Directors
D S Algar
R G Baldwin
S W Biagi
Secretary
R G Baldwin
Company number
05027046
Registered office
33 The Chase
Pinner
Middlesex
HA5 5QP
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Ethorpe Properties Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Ethorpe Properties Limited
Balance Sheet
As at 31 March 2024
31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Current assets
Stock
3
-
446,016
Debtors
4
244,000
Cash at bank and in hand
347,848
2,178
347,848
692,194
Creditors: amounts falling due within one year
5
(54,504)
(405,688)
Net current assets
293,344
286,506
Capital and reserves
Called up share capital
6
5
5
Profit and loss reserves
293,339
286,501
Total equity
293,344
286,506
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 March 2024 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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.
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
R G Baldwin
Director
Company Registration No. 05027046
Ethorpe Properties Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
Ethorpe Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33 The Chase, Pinner, Middlesex, HA5 5QP.
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 have been prepared on the historical cost convention.
1.2
Going concern
The directors confirm that the company's financial statements are prepared on a going concern basis and that the company will continue to meet its liabilities as they fall due. true
1.3
Turnover
Turnover represents the gross proceeds from property sales during the year. Turnover from property sales is recognised at the date of exchange of contract unless conditions are placed upon a contract until completion.
1.4
Stock
Stock comprises properties held for re-sale.
Stock are stated at the lower of cost, which includes the costs of improvements, and net realisable value.
Net realisable value is based on the estimated selling price less further costs expected to be incurred on disposal.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Ethorpe Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
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.
2
Employees
The average number of persons employed by the company in the year was 0 (2023: 0).
3
Stock
2024
2023
£
£
Stock
-
446,016
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
244,000
Ethorpe Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
24,404
1,979
Other creditors
25,000
398,369
Accruals and deferred income
5,100
5,340
54,504
405,688
6
Called up share capital
2024
2023
£
£
Alloted, called up and fully paid
500 Ordinary shares of 1p each
5
5
Ethorpe Properties Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
7
Related party transactions
Included within other debtors are the following amounts:
- £nil (2023: £144,000) due from Silverbridge Properties Limited, a company in which R Baldwin is a director
Included within other creditors are the following amounts:
- £25,000 (2023: £nil) due to Silverbridge Properties Limited, a company in which R Baldwin is a director
- £nil (2023: £228,369) due to D Algar, company director
- £nil (2023: £70,000) due to R Baldwin, company director
- £nil (2023: £100,000) due to S Biagi, company director
The following amounts were charged to profit and loss:
- £10,500 (2023: £nil) was charged by Knotty Green Limited in respect of consultancy fees
- £25,000 (2023: £nil) was recharged by Silverbridge Properties Limited in respect of management fees
Dividends of £25,000 each were paid to the directors.
All loans are unsecured and interest free.
8
Control
In the opinion of the directors there is no one controlling party.