REGISTERED NUMBER: |
E.S.L. (BASILDON) HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
E.S.L. (BASILDON) HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 8 |
E.S.L. (BASILDON) HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
255 Green Lanes |
Palmers Green |
London |
N13 4XE |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings | 11 |
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. |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
E.S.L. (Basildon) Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the amount derived from rents receivable from properties and providing management services to group companies, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | 1,499,974 |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2003 | 497,576 |
Valuation in 2014 | 473,213 |
Valuation in 2016 | (39,790 | ) |
Valuation in 2017 | 1,371,400 |
Valuation in 2019 | (375,000 | ) |
Valuation in 2023 | 1,499,974 |
Cost | 5,005,731 |
8,433,104 |
If the investment property had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 5,005,731 | 5,005,731 |
The investment property was valued on an open market basis on 31 December 2023 by the directors . |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan repayable in more than five years | 1,182,161 | 1,540,552 |
Subsequent to the year end, the loan was repaid by way of a directors' loan. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured by a charge on the investment properties and by a fixed and floating charge over the company's assets. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 4,467 | 4,467 |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 7,773,201 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation in year | (1,020,754 | ) | 1,020,754 | - |
At 31 December 2023 | 8,561,388 |
12. | OTHER FINANCIAL COMMITMENTS |
The company has entered into a cross guarantee with its parent company to secure its bank overdraft and borrowings. |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan is repayable on demand. |
E.S.L. (BASILDON) HOLDINGS LIMITED (REGISTERED NUMBER: 03211811) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | RELATED PARTY DISCLOSURES |
ESL Group Holdings Limited |
The parent company. |
At the year end, the company was owed £118,226 (2022: £56,063) by ESL Group Holdings Limited. |
ESL Engineers (Basildon) Limited |
A company under common control. |
The company has received rent totalling £231,668 (2022 - £225,000). |
At the year end, the company owed £693,392 (2022: £521,245) to ESL Engineers (Basildon) Limited. |
ESL Partnership Limited |
A company controlled by BD Townsend and Mrs JC Townsend. |
During the year to 31 December 2021, the company sold its trading subsidiaries ESL Engineers (Basildon) Limited and Robert Pringle Engineers (UK) Limited to ESL Partnership Limited for a consideration of £3,000,000 which was considered a fair market value. |
At the year end £2,250,000 (2022: £3,000,000) remained outstanding. |
Robert Pringle Engineers (UK) Limited |
A company under common control. |
At the year end, the company owed £27,760 (2022: £27,760) to ESL Engineers (Basildon) Limited. |
15. | ULTIMATE CONTROLLING PARTY |
The controlling party is ESL Group Holdings Limited. |
The ultimate controlling parties are BD Townsend and Mrs JC Townsend |