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Earlsgate Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 09920488

 

Earlsgate Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Earlsgate Properties Limited

Company Information

Directors

Mr A J A Dunn

Mr N D Parker

Registered office

The Estate Office
Wield Park
Upper Wield
Alresford
England
SO24 9FX

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Earlsgate Properties Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

720

Tangible assets

5

-

191

 

-

911

Current assets

 

Stocks

2,501,928

1,525,491

Debtors

6

9,275

851,991

Cash at bank and in hand

 

369

26,137

 

2,511,572

2,403,619

Creditors: Amounts falling due within one year

7

(1,114,924)

(969,495)

Net current assets

 

1,396,648

1,434,124

Total assets less current liabilities

 

1,396,648

1,435,035

Provisions for liabilities

-

(48)

Net assets

 

1,396,648

1,434,987

Capital and reserves

 

Called up share capital

8

1,000

1,000

Profit and loss account

1,395,648

1,433,987

Shareholders' funds

 

1,396,648

1,434,987

 

Earlsgate Properties Limited

Balance Sheet

31 March 2024

For the financial year 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 year 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr N D Parker
Director

Company Registration Number: 09920488

 

Earlsgate Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kindom.

The address of its registered office is:
The Estate Office
Wield Park
Upper Wield
Alresford
England
SO24 9FX

These financial statements were authorised for issue by the Board on 2 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Group accounts not prepared

The company has taken advantage of the exemption under section 99 of Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not its about its group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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;
and specific criteria have been met for each of the company's activities.

 

Earlsgate Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

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

Furniture, fittings and equipment

25% straight line

Intangible assets

Intangible assets acquired seperately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised seperately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and fair value of the asset can be measured reliably, the intangible asset arises from contractual or other legal rights, and the intangible asset is separable from the entity.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Investments

Interests in subsidaries are intially 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Earlsgate Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• loans from fellow companies; and
• Cash and bank balances.


All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments, unless the arrangement constitues a financing transaction.



 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Earlsgate Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1,200

1,200

Disposals

(1,200)

(1,200)

At 31 March 2024

-

-

Amortisation

At 1 April 2023

480

480

Amortisation eliminated on disposals

(480)

(480)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

720

720

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

382

382

Disposals

(382)

(382)

At 31 March 2024

-

-

Depreciation

At 1 April 2023

191

191

Eliminated on disposal

(191)

(191)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

191

191

 

Earlsgate Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

6

Debtors

Note

2024
£

2023
£

Amounts due from group undertakings

9

-

850,000

Other debtors

 

9,275

1,991

 

9,275

851,991

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

25,522

2,850

Amounts due to group undertakings

1,089,402

893,531

Other creditors

-

73,114

1,114,924

969,495

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Related party transactions

Summary of transactions with parent

The company has an amount of £Nil (2023- 893,531) due to its immediate parent, Thornwood Investments Limited and an amount of £1,089,402 due to its ultimate parent (2023- £850,000 due from its ultimate parent) ,Thornwood Group Holdings Limited.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Thornwood Investments Limited, incorporated in England.

 The ultimate parent is Thornwood Group Holdings Limited, incorporated in Jersey.