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Company No: 14019968 (England and Wales)

ESSLEMONT PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

ESSLEMONT PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

ESSLEMONT PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
ESSLEMONT PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 30.04.2024 30.04.2023
£ £
Fixed assets
Investment property 3 385,000 348,272
385,000 348,272
Current assets
Debtors 4 2,010 0
Cash at bank and in hand 169 6
2,179 6
Creditors: amounts falling due within one year 5 ( 114,536) ( 111,056)
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 ( 246,338) ( 246,338)
Provision for liabilities ( 6,576) 0
Net assets/(liabilities) 19,729 ( 9,116)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 9 19,728 ( 9,117 )
Total shareholder's funds/(deficit) 19,729 ( 9,116)

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Esslemont Properties Limited (registered number: 14019968) were approved and authorised for issue by the Director on 10 October 2024. They were signed on its behalf by:

A E Tozzi
Director
ESSLEMONT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
ESSLEMONT PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation


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.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
30.04.2024
Period from
01.04.2022 to
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 May 2023 348,272
Fair value movement 36,728
As at 30 April 2024 385,000

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

4. Debtors

30.04.2024 30.04.2023
£ £
Amounts owed by related parties 2,010 0

Amounts owed by company under common control are repayable on demand and do not bear interest.

5. Creditors: amounts falling due within one year

30.04.2024 30.04.2023
£ £
Trade creditors 372 0
Amounts owed to related parties 41,195 41,195
Amounts owed to director 70,568 67,461
Accruals 2,401 2,400
114,536 111,056

There are no amounts included above in respect of which any security has been given by the small entity.

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.

6. Creditors: amounts falling due after more than one year

30.04.2024 30.04.2023
£ £
Bank loans (secured) 246,338 246,338

The bank loan is secured on the property held by the company.

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) 246,338 246,338

The bank loan is secured on the property held by the company.

7. Called-up share capital

30.04.2024 30.04.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

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.

9. Profit and loss reserve

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.