Esco Property Ltd 09951795 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is other letting and operating of own or leased real estate Digita Accounts Production Advanced 6.30.9574.0 true true 09951795 2023-04-01 2024-03-31 09951795 2024-03-31 09951795 bus:OrdinaryShareClass1 2024-03-31 09951795 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 09951795 core:CurrentFinancialInstruments 2024-03-31 09951795 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09951795 core:Non-currentFinancialInstruments 2024-03-31 09951795 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09951795 bus:SmallEntities 2023-04-01 2024-03-31 09951795 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09951795 bus:FilletedAccounts 2023-04-01 2024-03-31 09951795 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09951795 bus:RegisteredOffice 2023-04-01 2024-03-31 09951795 bus:Director1 2023-04-01 2024-03-31 09951795 bus:Director2 2023-04-01 2024-03-31 09951795 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09951795 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09951795 countries:EnglandWales 2023-04-01 2024-03-31 09951795 2023-03-31 09951795 2022-04-01 2023-03-31 09951795 2023-03-31 09951795 bus:OrdinaryShareClass1 2023-03-31 09951795 core:CurrentFinancialInstruments 2023-03-31 09951795 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09951795 core:Non-currentFinancialInstruments 2023-03-31 09951795 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09951795

Esco Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Esco Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Esco Property Ltd

Company Information

Directors

Mr David Alain Cohen

Mrs Erika Hall

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Kajaine Accountants Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Esco Property Ltd

(Registration number: 09951795)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,564,010

929,994

Other financial assets

5

1

1

 

1,564,011

929,995

Current assets

 

Debtors

6

1,008,829

3,214,351

Cash at bank and in hand

 

803,955

32,651

 

1,812,784

3,247,002

Creditors: Amounts falling due within one year

7

(495,390)

(1,117,462)

Net current assets

 

1,317,394

2,129,540

Total assets less current liabilities

 

2,881,405

3,059,535

Creditors: Amounts falling due after more than one year

7

(567,844)

(564,946)

Provisions for liabilities

-

(56,140)

Net assets

 

2,313,561

2,438,449

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

239,336

239,336

Retained earnings

2,074,125

2,199,013

Shareholders' funds

 

2,313,561

2,438,449

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

 

Esco Property Ltd

(Registration number: 09951795)
Balance Sheet as at 31 March 2024

.........................................
Mr David Alain Cohen
Director

 

Esco Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the Board on 6 September 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Esco Property Ltd

Notes to the Unaudited Financial Statements for the 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Esco Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

4

Investment properties

2024
£

At 1 April

929,994

Additions

634,016

At 31 March

1,564,010

There has been no valuation of investment property by an independent valuer.

 

Esco Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

1

1

At 31 March 2024

1

1

Impairment

Carrying amount

At 31 March 2024

1

1

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

5,304

Other debtors

1,008,829

3,209,047

 

1,008,829

3,214,351

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

279,403

303,403

Trade creditors

 

98,444

26,251

Other creditors

 

108,499

43,649

Accrued expenses

 

3,540

9,360

Corporation tax payable

 

-

497,762

Directors current account

 

5,504

237,037

 

495,390

1,117,462

Due after one year

 

Loans and borrowings

10

567,844

564,946

Creditors: amounts falling due after more than one year

 

Esco Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

567,844

564,946

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Note

2024
 £

2023
 £

Brought forward

 

239,336

2,526,631

Unrealised fair value gain

 

-

(2,823,819)

Deferred tax

 

-

536,524

Carried forward

 

239,336

239,336

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

567,844

564,946

Current loans and borrowings

2024
£

2023
£

Other borrowings

279,403

303,403

11

Related party transactions

 

Esco Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

23,700

23,700



Related party disclosures

Other debtors include an amount of £270,389 (2023: £230,389) owed from an entity in which the company has a participating interest.

Other debtors also include an amount of £57,439 (2023: £57,439) owed from an entity in which the shareholders have a participating interest.

Other creditors include an amount of £8,295 (2023: £14,295) owed to an entity in which the shareholders have a participating interest.

Other creditors include an amount of £279,403 (2023: £303,403) owed to an entity in which the shareholders have a participating interest.

During the year, management fee of £52,221 (2023: £40,000) was paid to an enetity in which the shareholders have a participating interest.

During the year, management fee of £40,000 (2023: £40,000) was received from an enetity in which the shareholders have a participating interest.