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Registered number: 09410120
















EMPYREAN PROPERTIES LIMITED


UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

































EMPYREAN PROPERTIES LIMITED
REGISTERED NUMBER:09410120

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
194,222
210,474

Investment property
 6 
11,635,013
11,635,013

  
11,829,235
11,845,487

Current assets
  

Debtors: amounts falling due within one year
 7 
29,835
27,686

Cash at bank and in hand
 8 
1,248,600
657,475

  
1,278,435
685,161

Creditors: amounts falling due within one year
 9 
(658,819)
(554,508)

Net current assets
  
 
 
619,616
 
 
130,653

Total assets less current liabilities
  
12,448,851
11,976,140

Creditors: amounts falling due after more than one year
 10 
(2,940,627)
(3,114,762)

Provisions for liabilities
  

Deferred tax
 12 
(252,447)
(250,409)

Net assets
  
9,255,777
8,610,969


Capital and reserves
  

Called up share capital 
 13 
3,935,290
3,935,290

Investment property reserve
 14 
795,436
795,436

Profit and loss account
 14 
4,525,051
3,880,243

  
9,255,777
8,610,969


Page 1


EMPYREAN PROPERTIES LIMITED
REGISTERED NUMBER:09410120
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





P J Hobbs
Director

Date: 29 October 2024

Page 2


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


GENERAL INFORMATION

Empyrean Properties Limited is a private limited company incorporated in the UK and registered in England and Wales. The registered office is 10 Temple Back, Bristol, BS1 6FL.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements are prepared on the going concern basis, which assumes that the company is able to realise its assets and discharge its liabilities in the normal course of business for a period of at least 12 months from the date of approval of the financial statements. 
The company has net current assets of £619,616 (2023: net current assets of £130,653). The directors of the company have considered cash flow projections for the 12 months from the date of approval of these financial statements and remain confident that the company is able to operate in the normal course of business, and meet all of its liabilities as they fall due over that period and beyond. Based on this, the directors have prepared these financial statements on a going concern basis. 

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (continued)

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Critical judgements
Lease commitments
Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Depreciation rates
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Sources of estimation uncertainty
Valuation of investment property 
The directors have reviewed the carrying value of investment properties with regard to current market conditions. 


4.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2023: £NIL).

Page 6


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery

£



COST OR VALUATION


At 1 February 2023
303,712



At 31 January 2024

303,712



DEPRECIATION


At 1 February 2023
93,238


Charge for the year on owned assets
16,252



At 31 January 2024

109,490



NET BOOK VALUE



At 31 January 2024
194,222



At 31 January 2023
210,474

Page 7


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 February 2023
11,635,013



AT 31 JANUARY 2024
11,635,013

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

REVALUATION RESERVES


At 1 February 2023
795,436
795,436

AT 31 JANUARY 2024
795,436
795,436


2024
2023
£
£


Historic cost
10,839,577
10,839,577

10,839,577
10,839,577


7.


DEBTORS

2024
2023
£
£


Trade debtors
1,493
6,840

Other debtors
16,105
-

Prepayments and accrued income
12,237
20,846

29,835
27,686



8.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,248,600
657,475

1,248,600
657,475


Page 8


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
167,600
167,600

Trade creditors
5,700
269

Amounts owed to group undertakings
138
138

Corporation tax
209,348
116,514

Other taxation and social security
29,700
25,634

Other creditors
151,686
151,552

Accruals and deferred income
94,647
92,801

658,819
554,508


Amounts owed to group undertakings are unsecured and repayable on demand. 

The following liabilities were secured:

2024
2023
£
£



Bank loans
167,600
167,600

167,600
167,600

Details of security provided:

Bank loans are secured over the freehold property of the company to which the loans relate. Interest rates are either fixed rate or variable, subject to the bank base rate. 

Page 9


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
2,940,627
3,114,762

2,940,627
3,114,762


The following liabilities were secured:

2024
2023
£
£



Bank loans
2,940,627
3,114,762

2,940,627
3,114,762

Details of security provided:

Bank loans are secured over the freehold property of the company to which the loans relate. Interest rates are either fixed rate or variable, subject to the bank base rate. 


11.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
167,600
167,600

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
167,600
167,600

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
502,800
502,800

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Bank loans
2,270,227
2,444,362

3,108,227
3,282,362


Page 10


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(250,409)
(253,210)


Charged to profit or loss
(2,038)
2,801



AT END OF YEAR
(252,447)
(250,409)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(43,632)
(47,381)

Chargeable gains
(208,815)
(203,028)

(252,447)
(250,409)


13.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



10,000,000 (2023: 10,000,000) Ordinary shares of £0.000100 each
1,000
1,000
6,000,000 (2023: 6,000,000) B Ordinary shares of £0.655715 each
3,934,290
3,934,290

3,935,290

3,935,290



14.


RESERVES

Investment property revaluation reserve

The investment property revaluation reserve is part of the profit and loss account, but is separately identified and ring-fenced due to being non-distributable. 

Profit and loss account

The profit and loss account includes retained profits and losses, which is considered distributable, except for the ring-fenced element that relates to investment property revaluation as noted above. 

Page 11


EMPYREAN PROPERTIES LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


CONTROLLING PARTY

The immediate and ultimate parent company is Safe House Holdings Limited, a company incorporated in the United Kingdom.
There are no consolidated group accounts prepared in which the company is included.
The ultimate controlling party is Mark Woodington by virtue of his majority shareholding in Safe House Holdings Limited. 

 
Page 12