Company No:
Contents
Note | 30.04.2024 | 30.04.2023 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
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385,000 | 348,272 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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2,179 | 6 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (112,357) | (111,050) | ||
Total assets less current liabilities | 272,643 | 237,222 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities | (
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | 9 |
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Total shareholder's funds/(deficit) |
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Director's responsibilities:
The financial statements of Esslemont Properties Limited (registered number:
A E Tozzi
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Esslemont Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Flat 3 19 Gipsy Hill, London, SE19 1QG, England, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net assets of £19,729. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
These financial statements cover from 1 May 2023 to 30 April 2024. The previous financial statements cover from incorporation on 1 April 2022 to 30 April 2023. Therefore, the comparative amounts are not entirely comparable.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by the director, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Year ended 30.04.2024 |
Period from 01.04.2022 to 30.04.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Investment property | |
£ | |
Valuation | |
As at 01 May 2023 |
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Fair value movement | 36,728 |
As at 30 April 2024 |
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Valuation
The 2024 valuations were made by the director, on an open market value for existing use basis and was arrived at taking account of information from publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Historic cost | 348,272 | 348,272 |
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Amounts owed by related parties |
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Amounts owed to director |
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Accruals |
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Amounts owed to Group undertakings are repayable on demand and do not bear interest.
Amounts owed to the director are repayable on demand and do not bear interest.
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Bank loans (secured) |
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30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with entities in which the entity itself has a participating interest
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Amounts owed by company under common control | 2,010 | 2,010 | |
Amounts owed to company under common control | 41,195 | 41,195 |
Amounts owed by and to company under common control are repayable on demand and do not bear interest.
Transactions with the entity's director
30.04.2024 | 30.04.2023 | ||
£ | £ | ||
Amounts owed to director | 70,568 | 67,461 |
The amounts owed to the director are repayable on demand and do not bear interest.
The profit and loss reserve balance of £19,728 contains a non-distributable unrealised gain of £36,728 less the estimated associated deferred tax charge of £6,576.