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Registered number: 13018900
Egap Estates Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Merranti Accounting Ltd
10 Scandia-Hus Business Park Felcourt Road
Felcourt
East Grinstead
Surrey
RH19 2LP
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountants' Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Egap Estates Ltd for the year ended 30 November 2023 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the directors of Egap Estates Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Egap Estates Ltd and state those matters that we have agreed to state to the directors of Egap Estates Ltd in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Egap Estates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Egap Estates Ltd . You consider that Egap Estates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Egap Estates Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
Merranti Accounting Limited
8 March 2024
Merranti Accounting Ltd
10 Scandia-Hus Business Park Felcourt Road
Felcourt
East Grinstead
Surrey
RH19 2LP
Page 1
Page 2
Balance Sheet
Registered number: 13018900
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,886,831 2,446,286
2,886,831 2,446,286
CURRENT ASSETS
Debtors 6 26,843 49,832
Cash at bank and in hand 68,074 61,321
94,917 111,153
Creditors: Amounts Falling Due Within One Year 7 (2,696,082 ) (2,399,483 )
NET CURRENT ASSETS (LIABILITIES) (2,601,165 ) (2,288,330 )
TOTAL ASSETS LESS CURRENT LIABILITIES 285,666 157,956
NET ASSETS 285,666 157,956
CAPITAL AND RESERVES
Called up share capital 13 13
Profit and Loss Account 285,653 157,943
SHAREHOLDERS' FUNDS 285,666 157,956
Page 2
Page 3
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Steven Jeffrey Page
Director
Mr Antony Brian Page
Director
8 March 2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Egap Estates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13018900 . The registered office is 10 Scandia-Hus Business Park, Felcourt Road, East Grinstead, West Sussex, RH19 2LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Building Not provided
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
Page 4
Page 5
4. Tangible Assets
Land & Property
Building Plant & Machinery Total
£ £ £
Cost
As at 1 December 2022 2,446,286 - 2,446,286
Additions 432,499 10,058 442,557
As at 30 November 2023 2,878,785 10,058 2,888,843
Depreciation
As at 1 December 2022 - - -
Provided during the period - 2,012 2,012
As at 30 November 2023 - 2,012 2,012
Net Book Value
As at 30 November 2023 2,878,785 8,046 2,886,831
As at 1 December 2022 2,446,286 - 2,446,286
Land and property building comprises of investment in land, commercial and residential property which is partially rented out and partially under development. The fair value of the investment property and land has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. 
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 20,714 18,938
Other debtors 6,129 30,894
26,843 49,832
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 46,203 9,778
Other creditors 2,613,832 2,366,508
Taxation and social security 36,047 23,197
2,696,082 2,399,483
Page 5