Company registration number 00770754 (England and Wales)
Estate Acquisition & Development Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Estate Acquisition & Development Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Estate Acquisition & Development Limited
BALANCE SHEET
As At 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,003
5,575
Investment property
4
1,464,993
1,270,353
1,471,996
1,275,928
Current assets
Stocks
128,730
128,730
Debtors
5
40,970
35,172
Cash at bank and in hand
758,189
665,807
927,889
829,709
Creditors: amounts falling due within one year
6
(696,018)
(603,171)
Net current assets
231,871
226,538
Net assets
1,703,867
1,502,466
Capital and reserves
Called up share capital
47,744
47,744
Other reserves
34,152
34,152
Profit and loss reserves
1,621,971
1,420,570
Total equity
1,703,867
1,502,466
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.
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Mr M Scott
Director
Company registration number 00770754 (England and Wales)
Estate Acquisition & Development Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023
- 2 -
1
Accounting policies
Company information
Estate Acquisition & Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration of rental income receivable and lease extensions provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
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:
Leasehold land and buildings
2% Straight Line
Fixtures and fittings
10% Straight Line
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Estate Acquisition & Development Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
Financial instruments
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
Estate Acquisition & Development Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2023
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,838
27,470
30,308
Additions
3,469
3,469
At 31 December 2023
2,838
30,939
33,777
Depreciation and impairment
At 1 January 2023
2,837
21,896
24,733
Depreciation charged in the year
2,041
2,041
At 31 December 2023
2,837
23,937
26,774
Carrying amount
At 31 December 2023
1
7,002
7,003
At 31 December 2022
1
5,574
5,575
4
Investment property
2023
£
Fair value
At 1 January 2023
1,270,353
Additions
194,640
At 31 December 2023
1,464,993
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,390
28,356
Other debtors
9,580
6,816
40,970
35,172
Estate Acquisition & Development Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,019
25,145
Corporation tax
82,090
63,402
Other taxation and social security
2
2
Other creditors
582,907
514,622
696,018
603,171
7
Related party transactions
Balances with related parties
In the opinion of the directors these amounts arise in the ordinary course of the business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Jalside Ltd
572,724
504,948