REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ECONOMIC PROPERTY INVESTMENTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ECONOMIC PROPERTY INVESTMENTS LTD |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Non distributable reserves | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Economic Property Investments Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The results are presented for the company as a single entity only. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Investment property |
Investment property is carried at fair value and revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the directors, would be misleading. |
Stocks and work in progress |
Stocks and work in progress are stated at the lower of cost and net realisable value. Costs include overheads which have been incurred in bringing the stock to its present location and condition. Net realisable value represents sales value less appropriate selling expenses. |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised 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. |
Basic financial assets, which include 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. Financial assets classified as receivable within one year are not amortised. |
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 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 are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Fixed asset investments |
Fixed asset investments are stated at cost less provision for permanent impairment. |
Going concern |
This year and in prior years, the company has incurred net losses. Despite these losses the company has significant net assets and the directors believe that the company will continue as a going concern for the foreseeable future. The directors have indicated they would support the company if needed to meet its obligations as they fall due. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
PROVISIONS |
Provision for year | 50,000 |
At 31 December 2023 | 50,000 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Associated company |
Registered office: Scotland |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
In the opinion of the directors, the aggregate value of the assets of the company consisting of shares in or amounts owing from the associate, is not less than the amounts at which those assets are stated or included in the company's balance sheet. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | (80,000 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 1,978,440 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stock of trading properties |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
VAT | 2,611 | - |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 2-5 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The loan is secured by the property The Harbourside, Fort Road, Newhaven, BN9 9EL. |
ECONOMIC PROPERTY INVESTMENTS LTD (REGISTERED NUMBER: 00361410) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 107 | 107 |
12. | RESERVES |
Non |
distributable |
reserves |
£ |
At 1 January 2023 |
Transfer between reserves | (80,000 | ) |
At 31 December 2023 |
13. | RELATED PARTY DISCLOSURES |
During the year, the company paid advisory fees of £14,000 (2022: £14,000) to JREA Investments Limited, a company J Andrew is also a director of . |
14. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Economic Holdings Limited, a company incorporated in England and Wales. The ultimate controlling party is the Alexandra Andrew Settlement, a trust in which Mrs A Andrew is a beneficiary. |