Company registration number 11255874 (England and Wales)
ESTATES MANAGEMENT SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ESTATES MANAGEMENT SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ESTATES MANAGEMENT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
938,098
474,098
Cash at banks
5,627
18,964
943,725
493,062
Creditors: amounts falling due within one year
6
(245,386)
(54,104)
Net current assets
698,339
438,958
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
697,339
437,958
Total equity
698,339
438,958

The notes on pages 2 to 6 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr Z Al-Najafi
Director
Company Registration No. 11255874
ESTATES MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Estates Management Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Blenheim Terrace, Leeds. United Kingdom LS2 9HZ.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

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 following principal accounting policies have been applied:
1.2
Going concern

The company made a profit after tax for the year of £409,381 (2022: £378,674) and has net assets of £698,339 (2022: £438,958). The directors therefore have no doubt over the company's ability to continue as a going concern for the foreseeable future. In coming to their conclusion, the directors have considered the group profit after tax for the year of £3,950,885 (2022: £2,425,366) and net assets of £6,850,817 (2022: £3,853,125).true

 

The company has undertaken a going concern assessment considering the principal risks and current and projected financial position over the going concern period of 12 months from the date of sign-off. The Directors are therefore able to conclude that they have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the next 12 months and have accordingly prepared the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position 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.

ESTATES MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments (continued)
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, loans and loans from fellow group companies 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

 

1.6
Profit and loss account
The profit and loss represent cumulative profits and losses, net of dividends paid and other adjustments.
1.7

Dividends

Equity dividends are recognised when they become legally payable.

2
Judgements and key sources of estimation uncertainty

In preparing these financial statements, the Directors have had to make following judgements:

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor as borne by the group:
£
£
For audit services
Audit of the financial statements of the company
22,500
7,000
4
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
ESTATES MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Employees
(Continued)
- 4 -

The emoluments of the Directors are paid by a fellow group undertaking, which makes no recharge to the Company. They are Directors of a number of fellow subsidiaries and it is not possible to make an accurate appointment of their emoluments in respect of each of the subsidiaries.

 

The directors' are considered to be key management personnel.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
166,470
340
Corporation tax recoverable
-
0
30,029
Amounts owed by group undertakings
763,024
439,652
Other debtors
8,604
4,077
938,098
474,098

Amounts owed by Group undertakings are unsecured, repayable on demand and interest free.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,632
23,865
Amounts owed to group undertakings
1,374
3,828
Taxation and social security
47,230
17,411
Other creditors
187,150
9,000
245,386
54,104

Amounts owed to Group undertakings are unsecured, repayable on demand and interest free.

 

Included within 'Other creditors' is a balance owed to a related party. This balance has been referred to in note 10.

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
1,000
1,000

During the year, Dales Investments Holdings Limited (Co. Number 12765027) purchased 40% of the entire issued share capital of the Company.

 

Later in the year, the entire issued share capital of the Company was allotted to Y&D Holdco Limited (Co. Number 14984379), a Company controlled by YPP Holdings Limited.

ESTATES MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The Senior Statutory Auditor was Hamid Ghafoor.
The auditor was BDO LLP.
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
20,789
-
0
Between two and five years
50,157
-
0
70,946
-
0
10
Related party transactions

As 100% of the voting rights of the Company are controlled within the group headed by YPP Holdings Limited the Company has taken advantage of the exemption contained in section 1AC.35 of FRS 102 and has therefore not disclosed transactions or balances with entities which form part of the Group.

 

Estates Management Services Limited and MAAN Enterprises Limited are controlled by the Al-Najafi family.

 

As at 31 December 2023, a balance of £161,257 (2022: £nil) was owed to MAAN Enterprises Limited. This balance is included in ‘Other creditors’ in note 6.

ESTATES MANAGEMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Related party transactions
(Continued)
- 6 -
Turnover and cost

During the year the company entered into the following transactions with related parties who are not members of the Group:

2023
2022
Turnover
Cost
Turnover
Cost
£
£
£
£
Alphabet Enterprises Limited (Jersey No. 125831)
2,694
-
0
4,970
-
0
Black Caviar Holdings Limited (Jersey No. 141912)
62,500
-
0
-
0
-
0
Crescent Enterprises Limited (Jersey No. 126057)
3,737
-
0
2,646
-
0
Goodwood Estates Limited (Jersey No. 125297)
1,000
-
0
42,946
-
0
Jefferson Investments Limited (Jersey No. 133221)
52,300
-
0
70,300
-
0
Square Seven Property Limited (Jersey No. 119048)
18,914
-
0
17,418
-
0
St James Estates Limited (Jersey No. 128492)
-
0
-
0
524
-
0
St James Holdings Limited (Jersey No. 132622)
-
0
-
0
19,255
-
0
St. Albans Estates Limited (Jersey No. 127233)
54,375
-
0
-
0
-
0
X&X Holdings Limited (Jersey No. 127069)
7,500
-
0
9,082
-
0
Amounts due from/to related parties

The company had the following balances, outstanding at year end with related parties who are not members of the Group:

Amounts owed by
related parties
2023
2022
£
£
Black Caviar Holdings Limited (Jersey No. 141912)
75,000
-
0
Goodwood Estates Limited (Jersey No. 125297)
1,200
-
0
St. Albans Estates Limited (Jersey No. 127233)
65,250
-
0

All sales and other transactions were conducted on normal trading terms to the related parties.

 

Key management personnel are considered to be the directors. The total compensation paid to key management personnel for services provided to the group are disclosed in note 4.

 

11
Parent company
The immediate parent undertaking is Y&D Holdco Limited, a company registered in England and Wales. The registered office of Y&D Holdco Limited is 6 Blenheim Terrace, Leeds, England, LS2 9HZ.

The group in which the results are consolidated is that headed by YPP Holdings Limited. Copies of the YPP Holdings Limited consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The ultimate controlling party of YPP Holdings Limited is the Al Najafi family.
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