Company registration number 00831969 (England and Wales)
ESKDALE INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ESKDALE INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ESKDALE INVESTMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
282
485
Investment properties
4
2,040,427
2,040,427
2,040,709
2,040,912
Current assets
Debtors
5
61,695
58,307
Cash at bank and in hand
25,734
123,731
87,429
182,038
Creditors: amounts falling due within one year
6
(61,568)
(71,179)
Net current assets
25,861
110,859
Total assets less current liabilities
2,066,570
2,151,771
Creditors: amounts falling due after more than one year
7
(165,205)
(277,457)
Provisions for liabilities
(84,600)
(84,600)
Net assets
1,816,765
1,789,714
Capital and reserves
Called up share capital
1,516
1,516
Share premium account
53,504
53,504
Profit and loss reserves
1,761,745
1,734,694
Total equity
1,816,765
1,789,714
ESKDALE INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
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 March 2024 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 16 August 2024 and are signed on its behalf by:
R G Sharp
Director
Company Registration No. 00831969
ESKDALE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Eskdale Investments Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is Great Gable, 1 Hutton Park, Kendal, Cumbria, LA8 OBE.
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 represents rents received from investment properties.
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:
Office furniture & fittings
10% reducing balance
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ESKDALE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
ESKDALE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
2,094
Depreciation and impairment
At 1 April 2023
1,609
Depreciation charged in the year
203
At 31 March 2024
1,812
Carrying amount
At 31 March 2024
282
At 31 March 2023
485
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
2,040,427
The valuations of investment properties were made on an open market basis. No depreciation is provided in respect of these properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,637
3,391
Other debtors
59,058
54,916
61,695
58,307
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,734
23,132
Corporation tax
14,286
15,720
Other taxation and social security
1,258
6,115
Other creditors
30,290
26,212
61,568
71,179
ESKDALE INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due within one year
(Continued)
- 6 -
The aggregate amount of creditors for which security has been given amounted to £15,734 (2023 - £23,132).
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
165,205
277,457
The aggregate amount of creditors for which security has been given amounted to £165,205 (2023 - £277,457).
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
102,270
184,949
8
Revaluation reserve
Included within profit and loss reserves is an amount of £351,265 (2023 - £351,265) in relation to revaluation of investment properties. This amount is non distributable until such a time that the properties are sold and the gain realised.